MykelSilver
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June 05, 2013, 05:57:56 PM |
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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
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cypherdoc
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June 05, 2013, 06:01:14 PM |
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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
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DAN444
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June 05, 2013, 06:05:33 PM |
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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
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jaywaka2713
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aka 7Strykes
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June 05, 2013, 06:06:13 PM |
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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.
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acoindr
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June 05, 2013, 06:08:11 PM |
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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.
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MykelSilver
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June 05, 2013, 06:08:52 PM |
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Well, if the Hashrate explodes than I know the IMF has joined the mining business .... They can buy whole nuclear plants as power supply......
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jaywaka2713
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aka 7Strykes
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June 05, 2013, 06:10:20 PM |
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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.
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MykelSilver
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June 05, 2013, 06:13:00 PM |
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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)
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acoindr
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June 05, 2013, 06:16:48 PM |
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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.
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jaywaka2713
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aka 7Strykes
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June 05, 2013, 06:17:43 PM |
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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.
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MykelSilver
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June 05, 2013, 06:19:29 PM |
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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
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Tuxavant
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June 05, 2013, 06:21:05 PM |
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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.
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MykelSilver
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June 05, 2013, 06:21:38 PM |
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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.
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MykelSilver
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June 05, 2013, 06:22:41 PM |
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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
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acoindr
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June 05, 2013, 06:24:14 PM |
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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?
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harposox (OP)
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June 05, 2013, 06:24:50 PM |
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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!
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MykelSilver
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June 05, 2013, 06:26:00 PM |
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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.
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Elwar
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Viva Ut Vivas
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June 05, 2013, 06:26:41 PM |
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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...
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First seastead company actually selling sea homes: Ocean Builders https://ocean.builders Of course we accept bitcoin.
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acoindr
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June 05, 2013, 06:29:33 PM |
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...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...
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niko
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June 05, 2013, 06:31:20 PM |
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Ah, the chicago school of economics... Fascist scumbags, brainwashed idiots, and psychopathic criminals.
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They're there, in their room. Your mining rig is on fire, yet you're very calm.
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