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Title: Is this the biggest threat to BTC? Post by: cafucafucafu on October 10, 2014, 03:54:43 PM Governments making their own blockchains. They are already thinking about it and will want to get all the benefits of BTC while having their own currency. SO e.g. the dollar will become digital with its own blockchain.
Do you think this is a real threat? Title: Re: Is this the biggest threat to BTC? Post by: chenka563 on October 10, 2014, 03:56:23 PM no people will use that so that BTC will be safe!
Title: Re: Is this the biggest threat to BTC? Post by: DannyHamilton on October 10, 2014, 03:57:44 PM Do you think this is a real threat? No. There is no benefit to a government to publish their own blockchain completely under their control. If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. Title: Re: Is this the biggest threat to BTC? Post by: cafucafucafu on October 10, 2014, 04:05:14 PM Do you think this is a real threat? No. There is no benefit to a government to publish their own blockchain completely under their control. If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. Limiting fraud is a benefit. Title: Re: Is this the biggest threat to BTC? Post by: Mr Crabs on October 10, 2014, 04:07:45 PM Are alt coins a big threat to bitcoin? Not really. Maybe they would be if they can offer something much better or get more people to use them, but they don't. I think btc is safe from governments this way.
Title: Re: Is this the biggest threat to BTC? Post by: Beliathon on October 10, 2014, 04:10:33 PM Maybe they would be if they can offer something much better... Even then, altcoins still wouldn't be a threat. Bitcoin is organic, evolving software. I'll let Garzik explain (https://www.youtube.com/watch?v=vaPgfErzeu0). You should also read this: http://trilema.com/2014/the-woes-of-altcoin-or-why-there-is-no-such-thing-as-cryptocurrencies/ Title: Re: Is this the biggest threat to BTC? Post by: drrussellshane on October 10, 2014, 04:11:05 PM Do you think this is a real threat? No. There is no benefit to a government to publish their own blockchain completely under their control. If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. Limiting fraud is a benefit. Not for the fraudsters. Title: Re: Is this the biggest threat to BTC? Post by: Beliathon on October 10, 2014, 04:12:35 PM Not for the fraudsters. Always surprises me how many people, in 2014, STILL haven't figured out that governments and their banksters pals are fraudsters (https://www.youtube.com/watch?v=iFDe5kUUyT0).Title: Re: Is this the biggest threat to BTC? Post by: cafucafucafu on October 10, 2014, 04:25:46 PM Are alt coins a big threat to bitcoin? Alt coins are not government backed. A national digital coin would be a greater incentive for the masses. Title: Re: Is this the biggest threat to BTC? Post by: DannyHamilton on October 10, 2014, 04:26:57 PM Are alt coins a big threat to bitcoin? Alt coins are not government backed. A national digital coin would be a greater incentive for the masses. But a national digital coin does not require a blockchain. As I said, there is no benefit to a government to implement their own blockchain. Title: Re: Is this the biggest threat to BTC? Post by: RodeoX on October 10, 2014, 04:27:42 PM No threat at all. A coin that is controlled by the government and can only be used in one country vs. Bitcoin? No threat at all.
Title: Re: Is this the biggest threat to BTC? Post by: DannyHamilton on October 10, 2014, 04:29:34 PM There is no benefit to a government to publish their own blockchain completely under their control. Limiting fraud is a benefit.If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. There is nothing about a blockchain that makes it easier for a government to prevent the fraud of others. The only thing a blockchain does is take control of the currency away from the creator. Title: Re: Is this the biggest threat to BTC? Post by: cafucafucafu on October 10, 2014, 05:26:57 PM There is no benefit to a government to publish their own blockchain completely under their control. Limiting fraud is a benefit.If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. There is nothing about a blockchain that makes it easier for a government to prevent the fraud of others. It stops counterfeit money. Title: Re: Is this the biggest threat to BTC? Post by: ruletheworld on October 10, 2014, 05:48:59 PM There is no benefit to a government to publish their own blockchain completely under their control. Limiting fraud is a benefit.If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. There is nothing about a blockchain that makes it easier for a government to prevent the fraud of others. It stops counterfeit money. Title: Re: Is this the biggest threat to BTC? Post by: DannyHamilton on October 10, 2014, 07:53:37 PM There is no benefit to a government to publish their own blockchain completely under their control. Limiting fraud is a benefit.If they want a digital currency, they can do so in a centralized way. Doing so has no need of a blockchain at all. The purpose of the blockchain is to provide a decentralized consensus among the users. It stops counterfeit money. You aren't paying attention. The purpose of a blockchain is to establish a decentralized consensus. A government operated digital currency has no use for decentralized consensus. A centralized digital currency without a blockchain stops counterfeit money just as well as a blockchain based one. Please take some time to learn a bit and ask some reasonable questions before making assumptions about things you don't understand. I won't be repeating this again here. |