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Author Topic: What if the government starts hoarding BTC?  (Read 1201 times)
Minor Miner
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April 03, 2013, 05:44:38 AM
 #21

Governments cant destroy bitcoin.

1.) They dont have the hardware to gain it themselves (supercomputers my ass).
2.) Since BTC Raised over 110 yesterday, they cant afford to buy them in mass anymore.
3.) People wont sell BTC cheap anymore, its raising and raising.
4.) Even if finance authorities want to control BTC, they could never get a hold of transactions at all.
5.) The amout of Bitcoins is limited, therefore you cant melt it with any fiat money system (no inflation/interests).

And even "if" the Bitcoin system was in danger, it would take a week, maybe 2 weeks - and those dangers would be fixed.
If necessary - within a new BC system - thats the way to go, no one shall be able to stop it.

governments destroy by regulating.   like the poker sites.....


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wopwop
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April 03, 2013, 05:47:14 AM
 #22

Bitcoin will destroy itself

Bitcoin requires permanent feed of Energy
USD does not

Ok it won't destroy itself but it can't grow more than there are people willing to feed it with increasingly higher USD/Energy forever
Minor Miner
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April 03, 2013, 05:47:45 AM
 #23

Bitcoin will destroy itself

Bitcoin requires permanent feed of Energy
USD does not

what?


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wopwop
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April 03, 2013, 05:49:42 AM
 #24

Bitcoin will destroy itself

Bitcoin requires permanent feed of Energy
USD does not

what?
Well destroy might be exaggerated but what I'm saying is that Bitcoin requires an permanent stream of ingoing USD/Energy to keep it alive and well, USD's don't need that at all (gold neither for that matter)

Like mentioned elsewhere on this forum, Energy is the 'anti-value' of bitcoin

PS: this doesn't mean the BTC price in USD can't go up from here
molotov
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April 03, 2013, 11:49:44 AM
 #25


governments destroy by regulating.   like the poker sites.....

Thanks!


Bitcoin will destroy itself

Bitcoin requires permanent feed of Energy
USD does not

what?
Well destroy might be exaggerated but what I'm saying is that Bitcoin requires an permanent stream of ingoing USD/Energy to keep it alive and well, USD's don't need that at all (gold neither for that matter)

Like mentioned elsewhere on this forum, Energy is the 'anti-value' of bitcoin

PS: this doesn't mean the BTC price in USD can't go up from here

If you mean energy to mine a bitcoin if it rises it would just rise the price of btc again. Not make it impossible to mine and shut it down.
FarmerGreene
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April 03, 2013, 12:49:44 PM
 #26

I can come up with three money-is-no-object scale attacks that would significantly reduce the value of Bitcoins.

Overt:
  • Raids and account freezes on two or three major exchanges.
Covert:
  • Spin up massive amounts of mining hardware (well in excess of the current mining capacity of the network) and push the Difficulty out to where transactions won't be processed in a timely manner.
  • Spin up massive amounts of mining hardware (well in excess of the current mining capacity of the network) and load the blockchain with junk transactions.

There are also some inexpensive attacks:
  • Denial of service attacks against Bitcoin nodes that distribute transactions and the blockchain.
  • FUD operations.
  • Attacks (guys with guns) on two or three major exchanges.
  • Get a backdoor committed to the official bitcoind client.

Scullyking
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April 03, 2013, 12:54:07 PM
 #27

Less 'public' bitcoins = Higher scarcity = Higher Demand = Higher Price

 Grin
BlackBison
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April 03, 2013, 01:20:09 PM
 #28

Buy all the coins? I'm sick of this moronic argument over and over again.

How are they going to buy all the coins when most of them are hoarded in offline cold storage wallets, by anonymous people alot of which will probably never be sold at any price?

Maybe the US government should buy all the gold in the world and then hoard it so it becomes worthless.. yea good luck with that too.

Probably the worst argument in the history of the internet and thats saying something.

leverage010
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April 03, 2013, 02:11:32 PM
 #29

Can the Government destroy the Bitcoin by hoarding them?

if the government would start hoarding, the value of the dollar would go down in relation to the bitcoin, so they would fuck themselves over.
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