jumpercrypto (OP)
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September 20, 2017, 03:44:22 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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Schocksen
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September 20, 2017, 03:46:22 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
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tiggytomb
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September 20, 2017, 03:46:51 PM |
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So you mean like Eth is lol  |
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Taki
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September 20, 2017, 03:49:40 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now. |
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Emoclaw
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September 20, 2017, 03:53:57 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now. There's really no 'what if' here. Should an entity (let's say Bitcoin Core) take control of Bitcoin by forcing their changes without consensus, then the community forks and the centralized version dies instantly. There can only be a decentralized Bitcoin. There is no room for centralization even hypothetically. |
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patrik1012
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Blockchain the future of democratic payment!
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September 20, 2017, 04:27:32 PM |
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The goal of BTC can't e attained if that's the case. It's like a beautiful girl but you can't bang it. |
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xx-man
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September 20, 2017, 04:51:24 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now. I do not think it's possible for the government to take over Bitcoin, because Bitcoin is not a legitimate payment to buy any item, maybe if it really happened, it would be difficult to get Bitcoin and no one will give Bitcoin free for everyone. |
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stompix
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Blackjack.fun
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September 20, 2017, 04:54:19 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
One of the following will happen 1) Pigs will fly 2) Unicorns will fart cheescakes 3) Dragons will rule the UK 4) Somalia will become a G7 member And if somehow somebody will manage to get the 51% mining and a total control over nodes, bitoin will turn into ripple. Which is not doing that bad .... |
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Karpeles
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September 20, 2017, 04:55:35 PM |
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There are several centralized Bitcoins. They are called banks, credit cards, paypals, etc... Only difference in essence tis that BTC is decentralized and others aren't.
Maybe to formulate your question better.
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skorupi17
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September 20, 2017, 05:00:48 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
Then that particular entity will have the power to dictate what the price is. That is the basic principle of centralization, since you can control and manipulate the market, you can easily dictate what the price is. Also, you can block anyone's transaction because you made it centralized, there is a main or center point so every transaction will pass through the center point and you can easily block or redirect transactions. Though these are the worst case scenario, it might be possible. |
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Wipro
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September 20, 2017, 05:08:47 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
I really won't support for bitcoin to become a centralized money because if it is been centralized in any place then taxation will be applicable to use bitcoins and service tax to trading site and many more things have been initialized. Banks will try to regulate and they will increase the fees to send the bitcoins to internationally transferred address. |
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Crypto_Profits
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-->BUY-->HODL-->SELL-->REPEAT-->
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September 20, 2017, 05:09:39 PM |
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it would defeat the purpose of bitcoin
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chesegrinder
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September 20, 2017, 05:10:52 PM |
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What if some one take control of BTC? It means being Centralized, All transaction will be track together with identification and value will not increase or decrease like fiat money. No one will invest on it, It will lose it character and investors, it will dump by many people holding on it. Centralization of bitcoin can lead to downfall of it.
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amacar2
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September 20, 2017, 05:22:27 PM |
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It will be nothing more than another competitor of paypal in online payment gateway and price of bitcoin will not be like right now. 1 bitcoin might have tied up with some $ and it might remain at those level always. There will be also possibility like total shutdown of the service like crack down of liberty reserve few months back if it will be controlled by one one person or a group of people.
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MostHigh
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September 20, 2017, 05:32:33 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
That is not possible because the system was built on decentralization and unless maybe other currency overthrow btc and that currency is decentralized meaning that is what the world wants then it will not happen. |
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HeRetiK
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Cashback 15%
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September 20, 2017, 05:38:34 PM |
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We'd just hardfork it or move to a new alt coin. Bitcoin is more than just the sum of its miners. If it were centralized it would lose its value and whoever seized Bitcoin would be king of nothing. So you mean like Eth is lol Zzzing!  |
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bamboylee
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September 20, 2017, 05:55:41 PM |
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Bitcoin economy will probably collapse because of lack of support. Bitcoin is based on the idea that it is decentralized and no one will have autonomy to control it. That is what we want from bitcoin. If it gets removed from the equation, a lot of people will dump their bitcoin and go to another crypto.
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webtricks
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September 20, 2017, 06:01:43 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
The whole ecosystem of Bitcoin has been designed so no one appears to be in center alone. Over the period of 8 years, now it is assured that nor supply, neither the mining could be centralized. Even with the best of hacking skills, no one could steal the considerable part of supply as it is already fragmented to large audience. On the other hand, crypto algorithm ensures that mining also can't be centralized. |
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hasmukh_rawal
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★777Coin.com★ Fun BTC Casino!
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September 20, 2017, 06:11:14 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
I think it will be bad for us,you will not able to see the great volatility of bitcoin as it is moving now, it will be moving in some standard average trading range.Next you will see the High Fess, high premium and high taxes that you need to pay to the Bitcoin owner or to the ruling government.You wont see that much amount of craze and popularity,as it now because of high price and high amount of participation. It wont be a good investment if it is ruled by one single management, because it will be hard for you to see those 100 and 1000 amount of returns. |
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michkima
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September 20, 2017, 06:15:16 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
Well this is another stupid thread, if bitcoins were centralized then don't even thing it would have reached where it is now. Bitcoin's main selling point is being decentralized and that played a huge part in its success. Removing a valuable trait would result to a completely different scenario. If it was centralized I don't think it would have even lifted an inch off the ground. |
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