U.S. Government Mining Bitcoins

[Light]

Banning BTC would only bring more attention to it. It could potentially hurt it mainstream adoption wise, but it will forever be alive as a sort of cryto anarchy currency and keep growing infinitely in the deep web.

It would also hurt it significantly in terms of usage. Imagine if all corporations or businesses in the US couldn't accept Bitcoin and all Bitcoin-based businesses were banned? Bitcoin's origins were as an anarchist tool and a means of privacy and reduced government control but it's growth in the long term requires adoption by more people - people that don't care about all that but just want a currency that is convenient for them. Having bans imposed is the exact opposite of convenient TBH.

[Febo]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins?  

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

Why should country doing business? That sounds like a socialist country. You think USA will join Cuba and China on their road to Socialism? It proved many times in past private owned companies does much better then country owned, since actual politic elite will always do first for their good then for country good.

Japan, South Korea, and Singapore's governments were heavily involved in business during the industrialization of those countries. I wouldn't call it socialist. It's more like state capitalism as they were using state resources to try to actually make money.

Yes but that is a big failure. Actual government then sets managers in those companies. So when government changes thy change them altho old were doing well.  Efficiency of those companies is much lower as it would be with private owners and state of corruption in that country is much higher.

[Clint]

I highly doubt t, the US government is in total control, they don't need to mine bitcoin if they wanted it, but your theory some what makes sense to me. I don't think the US government will ever get involved with bitcoin.

[blablaace]

I don't see why they would bother .. they can just print money

[evenlydistributingfuture]

Is the U.S. government mining bitcoin? Nope.

Is the U.S. government monitoring what goes on? Absolutely.

DARPA and other government entities are or will be conducting studies and projects that utilize blockchains, so, yes, the government is definitely watching and learning from Bitcoin.

I would expect one or more U.S. federal agencies to be using some sort of blockchain application within 3-4 years.

[Amph]

I don't see why they would bother .. they can just print money

because they want to control everything, and fight those who evade taxes, if they were controlling the network it would be far easy for them to manipulate the price and scare investors to use bitcoin, before it become too big

[tyrexs]

I don't see why they would bother .. they can just print money

because they want to control everything, and fight those who evade taxes, if they were controlling the network it would be far easy for them to manipulate the price and scare investors to use bitcoin, before it become too big

but if bitcoin under control government maybe easy to bitcoin accept as a payment and everybody not know about bitcoin will be accept bitcoin as a payment.

[ikydesu]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins?  

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

They still have a 66666 problems and 999999 conspiracy, propaganda which they need to handle, they don't have time for setup equipment for mining.
But if this happen, of course they will do sabotage, manipulation and ect.


~iki

[WhatTheGox]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins? 

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

Maybe but the US gov also sold the silkroad coins when they didnt have to unless im mistaken.  So unless they mined so many that the sale was some type of hedge? which seems unlikely since china are the biggest miners.

[S4VV4S]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins? 

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

OK, ask yourself this:
Why on earth would they go through all that expense and trouble instead of creating their own coin?
What do you think the average American citizen would use?
Bitcoin or the US-DollarCoin?

[nextgencoin]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins? 

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

OK, ask yourself this:
Why on earth would they go through all that expense and trouble instead of creating their own coin?
What do you think the average American citizen would use?
Bitcoin or the US-DollarCoin?

One you clearly don't know the lengths governments particularly the U.S. Gov would go to control the currency.
Two you seem not to understand the human race. Of course the average American citizen would choose the Government made coin. Do you really think the mainstream is that smart?

[ALXBOB]

Why mine bitcoin if they seize them

[nextgencoin]

Why mine bitcoin if they seize them

Please go into detail how one goes about 'seizing Bitcoin'



*Are people aware that there are other countries in the world than America?

[ALXBOB]

Why mine bitcoin if they seize them

Please go into detail how one goes about 'seizing Bitcoin'



*Are people aware that there are other countries in the world than America?

Silk road / mtgox

[S4VV4S]

Does anyone think that the U.S. Government would ever get involved in mining bitcoins? 

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network.  They wouldn't sit by idle while China does the majority of the mining.  Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

OK, ask yourself this:
Why on earth would they go through all that expense and trouble instead of creating their own coin?
What do you think the average American citizen would use?
Bitcoin or the US-DollarCoin?

One you clearly don't know the lengths governments particularly the U.S. Gov would go to control the currency.
Two you seem not to understand the human race. Of course the average American citizen would choose the Government made coin. Do you really think the mainstream is that smart?

Why would they go to any length to control something useless to them?
Instead they prefer to regulate and tax it.
If they truly cared they wouldn't auction seized coins.

I don't get your second statement: "Two you seem not to understand the human race."
How so?

[Amph]

I don't see why they would bother .. they can just print money

because they want to control everything, and fight those who evade taxes, if they were controlling the network it would be far easy for them to manipulate the price and scare investors to use bitcoin, before it become too big

but if bitcoin under control government maybe easy to bitcoin accept as a payment and everybody not know about bitcoin will be accept bitcoin as a payment.

they will probably kill it, because transactions are a pain in the ass to track back, and could lead to any sort of illecit activity

the revenue they would get from taxing it should not be that high to justify its adoption from the government, but there could be cases of poor government that could benefit..

every case must be examinated by its own story

[Mellnik]

This is totally ridiculous. Why should the United States government mine bitcoins? I can't even find a single reason.

To have more control over Bitcoin when it gets big of course. You aren't a big thinker arent you.

[ranochigo]

This is totally ridiculous. Why should the United States government mine bitcoins? I can't even find a single reason.

To have more control over Bitcoin when it gets big of course. You aren't a big thinker arent you.

They can't control Bitcoin unless they gain significant portion of the hashrate. The only few attacks I an think of is the 51% attack which requires 51% of the hashrate to 100% succeed. Impossible since half of the network hashrate is already 170PH. They can blacklist addresses and exclude them but they have to get at least 50% to slow them down significantly given that on average, they have a chance of finding 1 block per 2 blocks mined unless majority of the network collaborate which is impossible.