Ladies and Gentlemen, Bitcoin is about to be Centralized

[RodeoX]

Obviously there will be no master key. So any system will rely on self reporting. I'm not sure I have met a bitcoin user who would do that. So that is the end of that idea. lol

[jbreher]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

[The_Dark_Knight]

"Regulators Needs the Blockchain Master Key" — Morgan Stanley
http://internetmarketing.freedombucks.ws/morgan-stanley-regulators-need-the-blockchain-master-keys-3/

Insecured Elites are about to takeover the Blockchain. It's more like few people taking over the Internet.
For the first time in my life I am very terrified of our future. This people are not government, I know what they are capable of. They claim that regulating the New Internet (Blockchain) will increase the price of Bitcoin, this is a big lie.
 
Why are you not worried brothers? . How can you create a beautiful technology only for a few dangerous people to hijack it.
The people we are about to entrust the Blockchain network on are capable of wiping out a whole community. They are dangerous people.
Wake up everybody, we are about to be enslaved. Wake up.

It is irrelevant what they want the real question is, if they are capable of it? The chances of it are very low but one of the things with cryptocurrencies is that, cryptos are like a hydra, if they take over bitcoin, what is stopping someone from creating a fork and create a FreeBTC or we could move to LTC.

[deisik]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Just disagreeing will certainly not suffice

Otherwise, we could just overrule your disagreement without much ado and get done with that. I can only add to what I said earlier that government people are very good at playing the good cop bad cop game. The community actually comes down to major exchanges, and if these are made an offer which they cannot refuse, we will essentially get a Bitcoin with a master key in the hands of some powerful entity. By the way, isn't that what we already have right now with Bitcoin mining been centralized beyond any hope?

[bitex.in]

monopoly of financial institutions are going to end this is why they are worried ......it show fear .......

[jbreher]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Just disagreeing will certainly not suffice

Otherwise, we could just overrule your disagreement without much ado and get done with that. I can only add to what I said earlier that government people are very good at playing the good cop bad cop game. The community actually comes down to major exchanges, and if these are made an offer which they cannot refuse, we will essentially get a Bitcoin with a master key in the hands of some powerful entity. By the way, isn't that what we already have right now with Bitcoin mining been centralized beyond any hope?

Well, no. Do you speak for the entire governmental structure of all the nations of the world? Or are you just some low-level functionary?

I know you're smarter than your stupid statement - what gives? Bitcoin has no master key.

[Wind_FURY]

Regulators are looking to have a master key so all transactions are visible to them

Even now all transactions are visible on the distributed ledger. Master key. Really?

Permissioned blockchains—a digitally distributed ledger where authorized users can record, process and verify transactions—to streamline their own operations and costs.

Guess this is where they need the key to access centralized blockchain to grant permission to authorized users only to record, process, and verify transactions.

The bank implied bitcoin and its ecosystem would need to submit itself to regulation prior to seeing any future growth.

Bitcoin was created solely to get rid of the banking system. And now they expect it to team up with them. Ridiculous.

If the banks want to try, test, and implement centralized blockchain technology on their banking operations, it is good for them, but they would not be able to enforce it on bitcoins.

They miss the point of having a blockchain. Why don't they use a shared database and run that through regularly using Opentimestamps and then submit the hash as a message in the Bitcoin blockchain? At least with that they would have the best of both worlds.

[romero121]

Bitcoin getting a centralized functioning will affect the entire growth of bitcoin community and the same will help in the growth of altcoins that are in hard competence with bitcoin. Being centralized will make it function similar to the banking ystem and the corporate keep hold of the control and Profiting. So there won't be any added benefit on using bitcoin.

[Hydrogen]

The quote in OP about acquiring bitcoin's "master key" reminds me of american politicians proposing a "kill switch" for the internet after globalists realized china had one. They also proposed a "great firewall" similar to the one china has. 

They have no background in technology & have no clue what is or isn't possible.

[deisik]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Just disagreeing will certainly not suffice

Otherwise, we could just overrule your disagreement without much ado and get done with that. I can only add to what I said earlier that government people are very good at playing the good cop bad cop game. The community actually comes down to major exchanges, and if these are made an offer which they cannot refuse, we will essentially get a Bitcoin with a master key in the hands of some powerful entity. By the way, isn't that what we already have right now with Bitcoin mining been centralized beyond any hope?

Well, no. Do you speak for the entire governmental structure of all the nations of the world? Or are you just some low-level functionary?

I know you're smarter than your stupid statement - what gives? Bitcoin has no master key

Everything has a master key

It is more a question of finding one, not about its existence as such. Regarding "all the nations of the world", more specifically, these are irrelevant. Basically, only three countries can decide the fate of the entire world, these are China, Russia, and the US. Or do you really think that if they can decide the ultimate fate of the entire world, they won't be able to decide the fate of such a minute thing called Bitcoin? Bitcoin is just too small to make these giants bothered about its existence (and that's good for us, small players), but if it becomes a real pain in their ass, they will quickly find a dozen master keys (note that I'm not talking about banning Bitcoin)

[Ucy]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Just disagreeing will certainly not suffice

Otherwise, we could just overrule your disagreement without much ado and get done with that. I can only add to what I said earlier that government people are very good at playing the good cop bad cop game. The community actually comes down to major exchanges, and if these are made an offer which they cannot refuse, we will essentially get a Bitcoin with a master key in the hands of some powerful entity. By the way, isn't that what we already have right now with Bitcoin mining been centralized beyond any hope?

Well, no. Do you speak for the entire governmental structure of all the nations of the world? Or are you just some low-level functionary?

I know you're smarter than your stupid statement - what gives? Bitcoin has no master key

Everything has a master key

It is more a question of finding one, not about its existence as such. Regarding "all the nations of the world", more specifically, these are irrelevant. Basically, only three countries can decide the fate of the entire world, these are China, Russia, and the US. Or do you really think that if they can decide the ultimate fate of the entire world, they won't be able to decide the fate of such a minute thing called Bitcoin? Bitcoin is just too small to make these giants bothered about its existence (and that's good for us, small players), but if it becomes a real pain in their ass, they will quickly find a dozen master keys (note that I'm not talking about banning Bitcoin)

 If China cannot completely censor the internet what makes you think less dictatorial countries can successfully control the Blockchain and Cryptocurrencies. I have strong feeling they will fail completely unless they rewire the Internet and install Spyware on every gadgets in the World. Censorship is totally unnatural. No concious being has the right to spy on your every moves. It extremely dangerous practice. Ideology Rogues can always use this datas to their advantage. Law abiding people should never be spied on. A country can be 100% secure and crime free without spying on Citizens.
BLOCKCHAIN CANNOT HARM PEOPLE. GOVERNMENT SHOULD INVESTIGATE AND GO AFTER ANYONE ABUSING THE BLOCKCHAIN NOT HIJACKING IT. IT IS EXTREMELY DANGEROUS PRACTICE

[The One]

“Regulators are looking to have a master key so all transactions are visible to them,” the bank noted.

It's already visible... however it is a pity that nosey buggers can not connect the person with the address unless the person reveal the address belongs to them. However who is The One? You don't know.. bye bye nosey buggers.

To think the Americans celebrate Independence Day, a joke event, think their President is the "Leader of the Free World", another joke that foreign people don't give a toss, banging on about the so-called "American Dream", most laughable as it is more like "American Nightmare", waving "Make America Great" placards, oh ha ha ha.

Americans have the cheek to label other countries dictatorships, communists, etc... what is America these days = totalitarian union of 50 countries.

[jbreher]

Why are you not worried brothers?

Why am I not worried? How about the fact that there is no such thing as Bitcoin blockchain master key? Duh.

They claim to seek the impossible. Not sure if they are stupid, or just engaged in some public misdirection. Probably the latter...

We'll just have to agree to disagree with your assertion. To wit:

they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Just disagreeing will certainly not suffice

Otherwise, we could just overrule your disagreement without much ado and get done with that. I can only add to what I said earlier that government people are very good at playing the good cop bad cop game. The community actually comes down to major exchanges, and if these are made an offer which they cannot refuse, we will essentially get a Bitcoin with a master key in the hands of some powerful entity. By the way, isn't that what we already have right now with Bitcoin mining been centralized beyond any hope?

Well, no. Do you speak for the entire governmental structure of all the nations of the world? Or are you just some low-level functionary?

I know you're smarter than your stupid statement - what gives? Bitcoin has no master key

Everything has a master key

If that is your position, then yes, simply disagreeing will more than suffice. For you do not understand basic mathematics.

[btctousd81]

i didnt know that there is master key to blockchain.,

“Regulators are looking to have a master key so all transactions are visible to them,”

aren't all transactions to visible to everybody ? thats how bitcoin works, ledger on every computer where bitcoind is running.,

maybe they want to know who is doing which transaction., anyhow , i dont think its going to happen, any time soon.

[cpfreeplz]

There's obviously no master key so these idiots should spend their time on something more worthwhile. If they rely on self reporting then I don't own any bitcoins. If I don't know the private key and/or I lost it, do I really own bitcoins? Nope.

[dihari]

Thank God no one knows where is Satoshi now, so they could not do anything with this future asset. I think people are smart enough to believe that lie about increasing price. If we can't deal with the government, why we have to deal with people who don't have any earlier contributions.

By the way bitcoin is visible and trackable for anyone from the first time.

[jerry23]

This can't be happen bitcoin is identified as decentralized if we just change them into centralized or change it into centralized by their,,well it'll be cause a massive decreasing of bitcoin also the government will just corrupt it for sure because you know bitcoin is the most valuable coin in the crypto currencies right now.

[DoublerHunter]

Bitcoin will not become centralized because it is not that necessary and bitcoin is created as a decentralized currency and government doesn't have rights to control bitcoin in fact they are just accepting and adopting bitcoin because they think and believe that they can take advantage of growing price of it because they can tax transactions and also get some bitcoins for their own plans but they will never control bitcoin or any cryptocurrency unless they make their own cryptocurrency.

[Jherek]

"Regulators Needs the Blockchain Master Key" — Morgan Stanley
http://internetmarketing.freedombucks.ws/morgan-stanley-regulators-need-the-blockchain-master-keys-3/

Insecured Elites are about to takeover the Blockchain. It's more like few people taking over the Internet.
For the first time in my life I am very terrified of our future. This people are not government, I know what they are capable of. They claim that regulating the New Internet (Blockchain) will increase the price of Bitcoin, this is a big lie.
 
Why are you not worried brothers? . How can you create a beautiful technology only for a few dangerous people to hijack it.
The people we are about to entrust the Blockchain network on are capable of wiping out a whole community. They are dangerous people.
Wake up everybody, we are about to be enslaved. Wake up.

This is probably not going to happen but the fact that they are even trying to do this is pretty horrific. They definitely are very insecure about their position right now, and they want to stop this rise in bitcoin adoption as well as price before it goes to the moon. The fact that they are even attempting to do this, no matter possible or not, means that they are evil, evil human beings. Not even exaggerating/joking here. They have no respect for privacy and anonymity, obviously.

But don't worry, there is no magical key that will let them be able to control the whole bitcoin network. Closest they are going to get to controlling bitcoin is taking full control of bitcoin exchanges, in which case bitcoin trading will just go to p2p mode. It won't affect us that much because a lot of exchanges are already under heavy governmental influence anyways.

[BTCforJoe]

This article just goes to show how little bankers know about cryptocurrency. There is really no way to privatize a public ledger, which is essentially what they want to do, according to my understanding of the article. Impossible.

Think about it for a moment. This would mean that anyone, no, everyone that owns any amount of Bitcoin have to give up their information to keep the private ledgers balanced. Simply impossible. I don't know about you, but there is no way I'm giving up any information regarding my personal information or public addresses.

Besides, don't these twats know that there is no such thing as a "master key"?

Idiots.