Government & Bitcoin

[Jmild1]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

[Maslate]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Exactly, but the moment we will achieve massive adoption the power of the whales will decrease in terms of manipulating the price of bitcoins. The volume of users is very important and that will help to protect the interest of majority and that would be the time that major merchants will also adopt due to stable price which might takes place.

[pitham1]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Whales might control the price, but what happens when there is a hard fork?
Miners might decide which version they want to run. This gives them power.

[MingLee]

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Whales might control the price, but what happens when there is a hard fork?
Miners might decide which version they want to run. This gives them power.

Whales control the price, miners can say we're switching but no-one has to care; someone can always come and fill the void that'll exist if they opt to go to another chain. Especially if not everyone leaves the "original" blockchain.

Miners can always say "we want to run version B" and switch but if everyone stays on version A and only a small amount of users switch to version B, someone can come and fill the void the miners left. The network always scales to the hashing power available.

[avw1982]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Lol I think it is impossible if the government did legalization in bitcoin. accept bitcoin tantamount to suicide or killing their own currency. because if they accept bitcoin bitcoin course will grow very rapidly from the local currency. and may have the possibility to take over their own local currency

The banks have been showing interest in Bitcoin for a while, but they still haven't figured out how it fully works, otherwise they wouldn't be constantly separating the blockchain from bitcoin every single time so don't feel about government. The people that write those news are even more clueless, so what you end up is with a piece of news that is giving the impresion to clueless readers that Bitcoin is some geeky internet crap while the blockchain is awesome.

[phreaky]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Lol I think it is impossible if the government did legalization in bitcoin. accept bitcoin tantamount to suicide or killing their own currency. because if they accept bitcoin bitcoin course will grow very rapidly from the local currency. and may have the possibility to take over their own local currency

The banks have been showing interest in Bitcoin for a while, but they still haven't figured out how it fully works, otherwise they wouldn't be constantly separating the blockchain from bitcoin every single time so don't feel about government. The people that write those news are even more clueless, so what you end up is with a piece of news that is giving the impresion to clueless readers that Bitcoin is some geeky internet crap while the blockchain is awesome.

Banks are like snakes. On one hand they are attacking bitcoin openly, but silently they are working on
The problem is banks have money and they have a good lobby with many governments

[yayayo]

Banks are like snakes. On one hand they are attacking bitcoin openly, but silently they are working on
The problem is banks have money and they have a good lobby with many governments

Even with a lot of money and good ties to the establishment, banks won't be able to fight progress. In a Bitcoin world, there is no place for banks as we used to know them. The decentralized properties of Bitcoin are just too convincing to allow for any competing centralized system to exist. Banks could still become wallet service providers or insurance companies - however their days as actors in a fractional reserve system are counted.

Bitcoin (if used for native payments without conversion to fiat) leaves no place for controlling entities or intermediaries, because transfers go straightly wallet-to-wallet. There is nothing to earn for banks in such a seamless process.

ya.ya.yo!

[Bitcotalk]

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Lol I think it is impossible if the government did legalization in bitcoin. accept bitcoin tantamount to suicide or killing their own currency. because if they accept bitcoin bitcoin course will grow very rapidly from the local currency. and may have the possibility to take over their own local currency

The banks have been showing interest in Bitcoin for a while, but they still haven't figured out how it fully works, otherwise they wouldn't be constantly separating the blockchain from bitcoin every single time so don't feel about government. The people that write those news are even more clueless, so what you end up is with a piece of news that is giving the impresion to clueless readers that Bitcoin is some geeky internet crap while the blockchain is awesome.

I think the banks will not adopt bitcoin until they get permission from their respective governments and also tey do not like the system of anonymity, I think if that features altered then they will feel interest in there.

[deisik]

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Most likely, you may want to reconsider your stance and change your point of view. You may start from here

Life isn't all beer and skittles

[mirakal]

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Most likely, you may want to reconsider your stance and change your point of view. You may start from here

Life isn't all beer and skittles

Yes! and this time around that holders are the majority and cannot be controlled by the whales alone, the continues adoption of the new players in the market is a good sign that bitcoin will becoming more  and more stable in the years to come.

[nevi111]

Bitcoin is the first enemy of great Banks , if bitcoin growth without the banks cooporate or found
solutions to use it to earn more , there will be a big problem and i think the first reaction is
that the government make high fees on bitcoin holders .

[HatakeKakashi]

Government will never go at par with the Bitcoin network.
They know how people will escape tax with their private wallet.
Again, Bitcoin will remove the power of the Central authority and shift it to the hands of the users.
Anonymity will make it  hard to track the economic growth of the government. They have no choice but to ban BTC.
They can never really profit with BTC around.

[romero121]

Only few governments were focussing much over the growth of bitcoin as well other digital currencies, as it had some major impact over the country's economy. Also there are government's which were planning to make their own country's digital currency. Possibly bitcoin growth is found to overcome several governments and various other oppositions.

[Jimbola3]

Bitcoin is the first enemy of great Banks , if bitcoin growth without the banks cooporate or found
solutions to use it to earn more , there will be a big problem and i think the first reaction is
that the government make high fees on bitcoin holders .

yeah it seems they are always getting more against bitcoin when it is spreading more and more and they are scared that in future people will be using only bitcoin and saving all their money in their bitcoin wallet rather in banks, Government seems to support banks as without each other they are nothing !

[Yakamoto]

Bitcoin is the first enemy of great Banks , if bitcoin growth without the banks cooporate or found
solutions to use it to earn more , there will be a big problem and i think the first reaction is
that the government make high fees on bitcoin holders .

yeah it seems they are always getting more against bitcoin when it is spreading more and more and they are scared that in future people will be using only bitcoin and saving all their money in their bitcoin wallet rather in banks, Government seems to support banks as without each other they are nothing !

The government always wants something to control and maintain and make sure that they always get to call the shots with, and that is primarily why Bitcoin is such a problem for them and why they are typically negative when it comes down to it. It's true when you say that without the government banks are nothing, and that's probably my favourite part of all of it.

[oHnK]

The government always wants something to control and maintain and make sure that they always get to call the shots with, and that is primarily why Bitcoin is such a problem for them and why they are typically negative when it comes down to it. It's true when you say that without the government banks are nothing, and that's probably my favourite part of all of it.

Every decentralized thing is a problem for goverment, instead of trying to control it which they cant do unless they spend huge investment on mining equipment and mine everything until they get over 51 % hashrate then they wont be able to do it so the simplest way would be to bann it from their country

[elDano]

Banks got the government in their pocket and thus bitcoins will get a lot of resistance from the banks.
It will take decades before that battle is won.

[ImHash]

I bet governments are already profiting from bitcoin and alt coins, while normal people working hard doing mining and trading.
If you think the most powerful organisations in the world are just by standers you are dead wrong.

[Xester]

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.

Well governments accepting bitcoins is not far from reality. The government of the republic of China has already made some policies, declaring the ownership of bitcoin as a civil rights. It just means that a certain government is different from each other. And that their treatment of bitcoins as a currency is different, some may declare it as legal but others as illegal.

[mirakal]

The sharing economy is just going to continue to grow, and governments will be challenged to understand and manage its implications while embracing its benefits. However, governments will be at a significant disadvantage if they wait too long and newer technologies and markets will have already been developed that do not follow traditional models. Think of the following: Uber is the world’s largest taxi service and owns no cars. Airbnb provides lodging yet does not own real estate.

How will local governments adapt to these new ways of doing business that are disrupting traditional business models? All we know now is that governments are a long way from even contemplating and accepting this new reality.

Well governments accepting bitcoins is not far from reality. The government of the republic of China has already made some policies, declaring the ownership of bitcoin as a civil rights. It just means that a certain government is different from each other. And that their treatment of bitcoins as a currency is different, some may declare it as legal but others as illegal.

And since china is a big country, I would say that other countries will follow especially those countries with allies on china. I wish our country will also consider legalizing bitcoins so we could see so much adopters in the future to come.