Ruh Roh, bitcoin on the radar of the IMF?

[MykelSilver]

They can buy mining hardware  equipment for unlimited amount of funds and mine the rest of the coins to corner / control the market

They would need clearance and no committee would agree to wasting that much money.

The US can print as much as it wants so "wasting" is impossible.
I suppose the IMF could benefit from US money printing
The FED is currently printing 85 billion a month (quantitative easing)

Well,
If this is true then it is not the question IF this will be the end of Bitcoin, but When.... :-( Very sad. Bad guys always win

[cypherdoc]

Thoughts?

This gives me warm fuzzies; a University of Chicago professor speculating about how a wildly successful Bitcoin might affect the International Monetary Fund!

I don't really care what is said, just the fact that Bitcoin is being talked about in the elite Ivory Towers is a very good thing.

Amen. You have to fly high to be on radar.

Cash with Wings

[DAN444]

They can buy mining hardware  equipment for unlimited amount of funds and mine the rest of the coins to corner / control the market

They would need clearance and no committee would agree to wasting that much money.

The US can print as much as it wants so "wasting" is impossible.
I suppose the IMF could benefit from US money printing
The FED is currently printing 85 billion a month (quantitative easing)

Well,
If this is true

From the mouth of (at the time) FED chairman Alan Greenspan:
http://www.youtube.com/watch?v=q6vi528gseA

[jaywaka2713]

Ugh read more government crap about Bitcoin. Look at it this way, we got our name into IMF reports. We should see this as marketing success.

[acoindr]

They can buy mining hardware  equipment for unlimited amount of funds and mine the rest of the coins to corner / control the market

That's like trying to corner the market on winning the lottery.

Also, I don't know why we're seeing so many people talk about "mining all the bitcoins" like anyone could actually do it. It doesn't matter how much computing power you put toward mining. Coins will only come into existence at a limited rate until around 2030.

[MykelSilver]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

[jaywaka2713]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hash rate will already explode from ASIC lines. Will be impossible to calculate if IMF mines or not.

[MykelSilver]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hash rate will already explode from ASIC lines. Will be impossible to calculate if IMF mines or not.

By explode: I mean really explode. Think about hashrate of these numbers:

Quadrillion has 15 zeros
Quintillion has 18 zeros
Sextillion has 21 zeros
Septillion has 24 zeros
Octillion has 27 zeros
Nonillion has 30 zeros
Decillion has 33 zeros
Undecillion has 36 zeros
Duodecillion has 39 zeros
Tredecillion has 42 zeros
Quattuordecillion has 45 zeros
Quindecillion has 48 zeros
Sexdecillion has 51 zeros
Septendecillion has 54 zeros
Octodecillion has 57 zeros
Novemdecillion has 60 zeros
Vigintillion has 63 zeros
Googol has 100 zeros.
Centillion has 303 zeros (except in Britain, where it has 600 zeros)

[acoindr]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hence the beauty of Bitcoin.

If the forces that want to control/stop it actually try it contributes to speeding Bitcoin's wide scale adoption and success as they legitimize it.

[jaywaka2713]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hash rate will already explode from ASIC lines. Will be impossible to calculate if IMF mines or not.

By explode: I mean really explode. Think about hashrate of these numbers:

Quadrillion has 15 zeros
Quintillion has 18 zeros
Sextillion has 21 zeros
Septillion has 24 zeros
Octillion has 27 zeros
Nonillion has 30 zeros
Decillion has 33 zeros
Undecillion has 36 zeros
Duodecillion has 39 zeros
Tredecillion has 42 zeros
Quattuordecillion has 45 zeros
Quindecillion has 48 zeros
Sexdecillion has 51 zeros
Septendecillion has 54 zeros
Octodecillion has 57 zeros
Novemdecillion has 60 zeros
Vigintillion has 63 zeros
Googol has 100 zeros.
Centillion has 303 zeros (except in Britain, where it has 600 zeros)

OK Nobody will invest the HUNDREDS OF BILLIONS of dollars into making a device that has 1 quadrillion GH/s.

[MykelSilver]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hence the beauty of Bitcoin.

If the forces that want to control/stop it actually try it contributes to speeding Bitcoin's wide scale adoption and success as they legitimize it.

Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

[Tuxavant]

Not if they mine the remainder of ALL bitcoins... Within seconds they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

Pretty sure this would result in a unanimous consensus to roll back the blockchain and instantly invalidate those billions of dollars spend on the hardware.

[MykelSilver]

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hence the beauty of Bitcoin.

If the forces that want to control/stop it actually try it contributes to speeding Bitcoin's wide scale adoption and success as they legitimize it.

Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......

Hash rate will already explode from ASIC lines. Will be impossible to calculate if IMF mines or not.

By explode: I mean really explode. Think about hashrate of these numbers:

Quadrillion has 15 zeros
Quintillion has 18 zeros
Sextillion has 21 zeros
Septillion has 24 zeros
Octillion has 27 zeros
Nonillion has 30 zeros
Decillion has 33 zeros
Undecillion has 36 zeros
Duodecillion has 39 zeros
Tredecillion has 42 zeros
Quattuordecillion has 45 zeros
Quindecillion has 48 zeros
Sexdecillion has 51 zeros
Septendecillion has 54 zeros
Octodecillion has 57 zeros
Novemdecillion has 60 zeros
Vigintillion has 63 zeros
Googol has 100 zeros.
Centillion has 303 zeros (except in Britain, where it has 600 zeros)

OK Nobody will invest the HUNDREDS OF BILLIONS of dollars into making a device that has 1 quadrillion GH/s.

They can FREE print any amount of money they want.

[MykelSilver]

Not if they mine the remainder of ALL bitcoins... Within seconds they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

Pretty sure this would result in a unanimous consensus to roll back the blockchain and instantly invalidate those billions of dollars spend on the hardware.

Is that possible? Nice thought.... Very interesting . Thanks for sharing

[acoindr]

Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

What part of fixed inflation rate don't you understand?

[harposox]

The IMF couldn't take down Bitcoin if it tried. It's too late for that now. It will cost hundreds of millions of dollars to do such a feat, and they'd need to pay a developer that understands Bitcoin enough to write code that launches hostile blocks. Also, they will have essentially deflated the US Dollar by almost 1 Billion dollars because of the amount invested in Bitcoin. Don't worry about this.

I'm not technically savvy enough to have a credible opinion whether an organization like the IMF can possibly threaten bitcoin as a concept, currency, or protocol; I'll leave that to smarter folks than I. However, I am definitely concerned with the influence that something as powerful as the IMF can have on making day-to-day bitcoin usage nearly impossible for laypersons such as myself—by demonizing it globally, turning politicians and political/legal systems against it, polluting academia and media with anti-bitcoin propaganda, shutting down exchanges, etc. In my mind these are bitcoin's weak links and the idea that it's immune to such assaults is extremely naive.

Remember, the global banking cartel does not fuck around—this group (the IMF, World Bank, BCCI, BIS, and their satellite network of central banks) has decades of experience bringing entire economies to their knees. Despite their laughable protestations to the contrary, they have virtually unlimited resources to bring to bear should they choose to do so... they own the printing presses!

[MykelSilver]

Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

What part of fixed inflation rate don't you understand?

I give up. You tell me.

[Elwar]

Their best solution would be to court the Bitcoin Foundation with promises of main player status in world currency decisions.

In exchange, the Bitcoin Foundation would need to reserve a good chunk of bitcoins for currency manipulation.

Or they could call the Winklevoss twins...

[acoindr]

...by demonizing it globally, turning politicians and political/legal systems against it, polluting academia and media with anti-bitcoin propaganda, shutting down exchanges, etc. ...

Then they fight you, then you win...

[niko]

Ah, the chicago school of economics...  Fascist scumbags, brainwashed idiots, and psychopathic criminals.