Ladies and Gentlemen, Bitcoin is about to be Centralized

[Jherek]

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.

Agreed. I swear these people just quickly skimmed through the wikipedia page for bitcoin and went onto youtube and searched for "what is bitcoin" and clicked on the first link that popped up. They probably saw something related to private keys and public keys and said to themselves, if there is a private key and there is a public key... Then why not a master key that opens up the whole network??

These idiots want us to hand over bitcoin. That's very abstract. How exactly should we do so? Even if the consensus were to hand our blockchain to the central bankers(which will never happen), there will no way for us to do that  Do we hand them the code that btc runs on? Oh wait, it's already open source. Or do we hand him the "master key"? Oh wait, nobody knows what the hell a master key is!

[hatshepsut93]

"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.

Your title is too alarmist, no one is going to hijack Bitcoin, because it's inherently impossible. There are no "master keys" to Bitcoin, and in order to create them, the hardfork would be required, but obviously no one is going to support it. It also would be extremely hard to gain 50% of hashing power, and even if they can, Bitcoin devs can propose fork of their own and change algo. No government or bank can win a war against Bitcoin.

[deisik]

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

They don't need to fail completely

They will just have not to fail in sufficient degree.  I basically agree that no conscious being has the right to spy on their neighbor but that's what they love to do most of all. So it is deep inside human nature. Regarding law abiding citizens, this just doesn't sound quite right. Whenever there are laws involved, there will always be someone more equal than others. In essence, laws are created specifically with that aim in mind, i.e. to make people equal and some of them more equal

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

This has nothing to do with mathematics. It is more about making an offer which you can't refuse. And no, I don't mean every Bitcoin holder out there

[CryptoBry]

They will miserably fail if they have the ambition to control the main driving part of Bitcoin. What they can control are service providers working with Bitcoin like exchanges and sellers...they can require so many regulatory documents and screening for their users. But as to the whole of Bitcoin they can not control it entirely.

[AicecreaME]

I don't know what is the real meaning of this post because i don't think that bitcoin will be centralized because there is a lot of users that are used to feature of being decentralized currency of bitcoin which it doesn't have any kind of controllers or dictators that control the movement and the possible things that might happen in bitcoin. I don't believe in this and i think it is impossible for bitcoin to be centralized.

[TrumpD]

No need to panic, my understanding of the article is that they need blockchains that they control and can fork whenever it pleases them. This already exists with coins like eth and ripple. There will be many centralised blockchains in the future, this is only the beginning, it is up to the user to decide if they want a centralised or decentralised version.

[jbreher]

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

This has nothing to do with mathematics. It is more about making an offer which you can't refuse. And no, I don't mean every Bitcoin holder out there

When discussing a master key for Bitcoin, it has everything to do with mathematics. If you want to discuss some other weakness you perceive in the overarching bitcoin sphere, then speak plainly about it. If you can't even label the weakness you think exists, it is likely you don't really understand what you're talking about.

[squatz1]

This isn't going to happen in the least when it comes to Bitcoin becoming centralized, because just if some regulators want something to happen it doesn't mean it's going to happen in the least. They may want it to, they may make our lives a living hell for using BTC and supporting it but they're not going to be able to take over the network UNLESS they pump a ton of money into BTC and try to takeover the network. Which probably wouldn't happen because all they're going to want is to pull as much tax from BTC as humanly possible without killing the entire thing.

So, Bitcoin isn't going to be centralized don't fright. This is simply a marketing site link, nice job OP on hiding it so well though.

[bitbunnny]

Some form of regulation of Bitcoin doesn't necessary mean centralization. But on the other hand aren't exchangers some way of centralization and control of Bitcoin? And every news like this that appears always causes panic with users before even they checked if it's true. Be rational.

[JofryTheKing]

Some form of regulation of Bitcoin doesn't necessary mean centralization. But on the other hand aren't exchangers some way of centralization and control of Bitcoin? And every news like this that appears always causes panic with users before even they checked if it's true. Be rational.

Negative news always appears when the price of bitcoin goes up. I have already learned not to pay attention to them. Personally, it seems to me that bitcoin can not be centralized. This system was created in such a way that no one could become the "master" of bitcoin

[deisik]

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

This has nothing to do with mathematics. It is more about making an offer which you can't refuse. And no, I don't mean every Bitcoin holder out there

When discussing a master key for Bitcoin, it has everything to do with mathematics. If you want to discuss some other weakness you perceive in the overarching bitcoin sphere, then speak plainly about it. If you can't even label the weakness you think exists, it is likely you don't really understand what you're talking about.

You must be kidding, dude

In fact, I somehow expected that I wouldn't have to explain my point. Obviously, I refer to human factor here, but if you feel that you can't fully grasp my point, I can reiterate it for you:

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

It should be obvious that coins that are circulating today (i.e. coins that are not hoarded or stashed away) are mostly accumulated in Bitcoin exchanges, so the latter (essentially, a few major ones) represent Bitcoin community. Indeed, there are Bitcoin holders who keep their coins in their personal wallets, but since they are just idly sitting on them, we can safely discard them altogether. Exchanges are a weak link, and they will remain that until decentralized blockchain based exchanges kick off for real. Those who control exchanges essentially control Bitcoin. In this way, the control over exchanges could be interpreted as a master key to Bitcoin. More generally, human factor is a universal master key, that's why I said that everything which involves human activity in some way has it

[btcney]

They will miserably fail if they have the ambition to control the main driving part of Bitcoin. What they can control are service providers working with Bitcoin like exchanges and sellers...they can require so many regulatory documents and screening for their users. But as to the whole of Bitcoin they can not control it entirely.

Indeed. What they can control is merely a very small part of what bitcoin is. Exchanges and stuff like that. They can tighten their laws around exchanges all they want but they can do nothing to change the code that bitcoin runs on.

They can even invent their own version of bitcoin, but nobody will use it anyways, making it a redundant effort.

Point being that bitcoin is p2p, meaning that it simply can't be shut down. Trading activities will go p2p mode as well as soon as exchanges are down. Take a look at China, which is a prime example. Localbitcoins trading is exploding after central bank implemented new rules with exchanges.

[virasog]

There are too many games in town to deal with a group like that and they will never get anywhere.  A store can always open in town and charge outrageous prices, offer low quality items and/or make impossible transaction issues for each customer.  As long as there are others that offer like services, then those places will die quick.  Same thing here, why deal with that when ten other sites/services demand less.

[Pettuh4]

They will miserably fail if they have the ambition to control the main driving part of Bitcoin. What they can control are service providers working with Bitcoin like exchanges and sellers...they can require so many regulatory documents and screening for their users. But as to the whole of Bitcoin they can not control it entirely.

Yes, they will be able to control in part through the exchanges and other bureaucratic processes BU not the entire blockchain. Administratively they've managed to develop some biting tooth but it's even going to be extremely difficult for them to control that little part. Decentralization has come to stay.

[khufuking]

It has been fun to watch the banksters go from:
You can't just make money you fools, only we can do that.  
to:
It can't work! because... well... it's not allowed!!!  
to:
Stop it! Just stop it now or give me a master key!!! It's not allowed!! Our monopoly is crumbling... Nooooo.  

Hhahahhaaha this post made me laugh hard . that is exactly what is happening but them asking for the master key ( possible or not ) that

does  not means they will get it .

[Deluzi]

OMG if that happens I'm going on altcoins only... :/
but really, is that even possible? I don't think they could get control over bitcoin so eazy...

[Yakamoto]

"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.

Quoting the article:

They want regulators involved so the blockchain can be `adequately´ controlled. “Regulators are looking to have a master key so all transactions are visible to them,” the bank noted.

Adequately controlled means probably what you think it does when it comes from a banker or anyone who is involved in any government body, so basically a bad thing if you ever follow what the government does at basically any point in time. They also have a "master key" available to them, it is any blockchain explorer they want to use. It's not like that's something not possible for them.

This article makes me want to bash my head in. The autism is astounding.

[Kriptex]

If bitcoin gets centralized, I will forget about my future dreams. Honestly, I will not expect anything from bitcoin if this happens.

The bitcoin itself is a decentralized structure. This is against its natüre.

[Cruxer]

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

this will never happen, this is pure FUD
i hope ideas like that will pop more in heads of politics because they are impossible to introduce

[U2]

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...

But you certainly should be

It is not that their claim is impossible to fulfill as such (that goes without saying), it is precisely because they can't have such a master key that they can demand Bitcoin to be banned. They can't simply ban Bitcoin after it has been around for so many years. They can't just ban it on the pretext of it being used for "terrorism financing" (since that would be outright bullshit), but it is another story if the authorities claim that they can't see who is behind a certain transaction. They don't even need to ban Bitcoin out of hand, they could just force the developers to change the code and community to accept these change under the threat of banning Bitcoin altogether

Sure, sure I'd have to agree with most of that BUT only if you add ... "in that particular country"  to the end. Oh no, the USA bans bitcoins!? ... and the world keeps on turning.