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Author Topic: bitcoin popularity made it vulnerable to governments  (Read 1731 times)
ayurvedicurea2growtaller
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July 07, 2017, 04:40:33 PM
 #1

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
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July 07, 2017, 04:42:42 PM
 #2

Nobody owns a "master key". This isn't a bank. Please read more... There's a Bitcoin wiki where you can start.
ayurvedicurea2growtaller
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July 07, 2017, 04:46:18 PM
 #3

Nobody owns a "master key". This isn't a bank. Please read more... There's a Bitcoin wiki where you can start.

yeah that's what I am telling , since nobody owns the masterkey how could the government ask for a masterkey?
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July 07, 2017, 04:48:52 PM
 #4

Nobody owns a "master key". This isn't a bank. Please read more... There's a Bitcoin wiki where you can start.

yeah that's what I am telling , since nobody owns the masterkey how could the government ask for a masterkey?

They can't.
They won't try to control it, but they will regulate it..

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July 07, 2017, 04:55:34 PM
 #5

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?

yeah that's what I am telling , since nobody owns the masterkey how could the government ask for a masterkey?

If your post had irony, sorry, I didn't see it.

No government asked for a "master key", as they know that this is impossible. However, governments might try to regulate Bitcoin usage in a way that hinders its acceptance.
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July 07, 2017, 05:02:05 PM
 #6

Nobody owns a "master key". This isn't a bank. Please read more... There's a Bitcoin wiki where you can start.

yeah that's what I am telling , since nobody owns the masterkey how could the government ask for a masterkey?

Morgan Stanley recently made a statement about blockchain master key

Quote
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.

Bitcoin is an open source protocol, no such thing as master key exists which would give power to a single entity to control the whole network.

People who believe a master key exists are either too dumb or clueless about how bitcoin works or they are just fooling around hoping that such a thing would exist or they are simply convincing themselves that they would be able to control bitcoin network with an imaginary master key.

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July 07, 2017, 05:03:18 PM
 #7

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
No, if the government on the world's and international bank interesting with Bitcoin, they can creating new coin with technology blockchain and banned using Bitcoin, then released their coin and use as a digital cash online for replace visa, internet banking ... it will easy and better than control Bitcoin


     
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July 07, 2017, 05:06:30 PM
 #8

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?

You need not worry government indulgence in bitcoin until and unless government bans it which I didn't hear a case till now.
Regulating bitcoin will going to contribute in increase spread of bitcoin rather than limiting it. People need to understand when it comes to bitcoin regulations, it doesn't mean traditional regulations.
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July 07, 2017, 05:10:41 PM
 #9

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?

You don't expect something that is not successful attract the attention of government and its agencies and I think for bitcoin to command attention from them, then its good news all the way which also points to the fact that they cannot do anything about it because if they can, then we wont be having anything near this discussion the best they can do is to regulate and stop chasing the shadows of controlling.

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July 07, 2017, 05:22:15 PM
 #10

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?

As the poster below mentioned, without going into too much detail there is no such thing as a "master key" of the blockchain. As a matter of fact, it is the exact opposite.

The only way the government could do anything to stop Bitcoin is by shutting down the entire internet.

This is EXTREMELY unlikely, because if it were to happen there would be mass riots in the streets the likes of which have never been seen before and will never be seen again.

People are really addicted to Facebook... they would never let it happen. xD

But in all seriousness - that is the only way to stop cryptocurrencies at this point. In my opinion, at least.

The only other possibility is someone like Jihan Wu who has so much influence and control due to his mining network.
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July 07, 2017, 05:27:58 PM
 #11

Nobody holds the masterkey. There is a question is such person as Satoshi Nakamone exist at all?! Government can't take the control on bitcoin, but it can regulate it's use with necessary laws, such as open use on all theretorry or banning.

   
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July 07, 2017, 06:00:56 PM
 #12

lolz, this topic made me laugh so hard that my heart will some right from my mouth. common government became so helpless that they are trying to take over on it. seems like the government does play Minecraft. what if they actually are given the master key of blockchain that only allows them on the new transactions but they can not change new transactions without changing the old once so if they changed any old transaction then we have to mine all the old blocks again or else they will become invalid.


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July 07, 2017, 08:38:48 PM
 #13

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?
They can not, maybe they will try to get backdoors in the code by trying to bribe the devs, it is the same they have done with microsoft and apple, but they will soon discover such methods are infective in open source code, the moment a change like that was proposed then everyone will reject that new code and it will go nowhere.



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July 07, 2017, 08:44:17 PM
 #14

Bitcoin is growing and booming. The governments are watching it, they waited and now they have figured out that it's time to takeover this cryptocurrency. Now they want the masterkey of blockchain but the problem is who really owns the masterkey? Satoshi Nakamato?

The government doesn't care much about Bitcoins popularity, it care about its taxes that it can make people pay by regulating It. Their existing earnings are effected, but putting taxes on Bitcoin gives them a whole new scope and that's what they have intended to do. No as people have pointed out to you there is no such thing as a master key and so no one can control it, this was all thanks to the idea of satoshi who had for seen this problem could arise in the near future.

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xuan87
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July 07, 2017, 11:30:43 PM
 #15

Yes it is booming and growing and the transaction made by Bitcoin is pretty huge everyday, the government is looking for a way to taxed Bitcoin and the government want to regulate Bitcoin, but the government can't take over Bitcoin because it's belong to all of us, and the government can't control it

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July 08, 2017, 03:14:05 AM
 #16

Nobody owns a "master key". This isn't a bank. Please read more... There's a Bitcoin wiki where you can start.

yeah that's what I am telling , since nobody owns the masterkey how could the government ask for a masterkey?

They can't.
They won't try to control it, but they will regulate it..

What is regulation if not control? While Bitcoin started off as a completely unregulated entity/ecosystem, the more people who get involved, the more likely regulation is. People will demand it, out of a sense for their own protection. Regulation is not automatically bad.


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July 08, 2017, 03:26:43 AM
 #17

It is true that the government is really eyeing the btc, but it is very difficult to acquire and manage it because btc features are not suitable for concentration in one place and are taxed by the organization.

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July 08, 2017, 03:27:20 AM
 #18

Satoshi Nakamoto might not even be a single person. Good luck to them.

But I think even if they want to bring bitcoin down, they simply won't succeed. And, one more thing, they are actually studying bitcoin and the crypto world real hard. They trying to adapt to it considering that the crypto world is embraced by many people in so short a time. They will have to learn some important lessons from the existence of these cryptos.



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HabBear
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July 08, 2017, 03:28:25 AM
 #19

Morgan Stanley recently made a statement about blockchain master key

Quote
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.

Bitcoin is an open source protocol, no such thing as master key exists which would give power to a single entity to control the whole network.

People who believe a master key exists are either too dumb or clueless about how bitcoin works or they are just fooling around hoping that such a thing would exist or they are simply convincing themselves that they would be able to control bitcoin network with an imaginary master key.

And Morgan Stanley isn't saying there is a master key, they're trying to convey the level of singular control or access Regulators need to know exists (a single throat to choke if things go bad) before they offer their endorsement of accessing bitcoin and the blockchain through the channels they regulate.

Here's the article where Morgan Stanley made that comment: https://news.bitcoin.com/morgan-stanley-regulators-looking-for-a-master-key-to-the-blockchain/

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July 08, 2017, 03:28:35 AM
 #20

Lol the whole master key thing is hilarious. How stupid would you feel if you publicly asked for this. Every bitcoiner knows you're an idiot but everyone who is as clueless as him go zomg bitcoins have a master key to shut the whole thing down. Oh noes! I'll buy shitpple instead.














 

 

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