Ruh Roh, bitcoin on the radar of the IMF?

[alexeft]

I quote from the document:

In order to mitigate the potential impact of Bitcoin, the meaning of Article IV, Section 5 could be expanded to include digital currencies. Rather than limiting its scope to currencies used by colonies or overseas territories, the IMF could use Article IV Section 5 to label Bitcoin—or other digital currencies like it—a “separate currency.”159 As such, the IMF could require member nations to pay part of their subscription quota with Bitcoins.160 This would require member nations to purchase Bitcoins independently. They would then contribute that amount to the IMF’s general fund as part of their quota, receiving an amount of their own currency or special drawing rights equal to the value of the Bitcoins paid in exchange.161 In short, expanding the meaning of Article IV, Section 5 would grant the IMF a means of indirectly accumulating Bitcoins through its members.

...which means that IMF's member countries (ie the world over, the exception being North Korea) would have to buy ... you guessed it ... bitcoins!!!

$1mil per bicoin anyone?

[bluemeanie1]

Why does the Impossible Mission Force care about Bitcoin?    

Agreed, that any news is good news.

My thought exactly. There is an easy way for them to deal with bitcoin, all they have to do is buy them all and erase the wallets.

But alt currencies are like potato chips, we'll make more.

so if I hold out and don't sell, my coins will be worth big $$$$!

[alexeft]

Further down in the document, another solution is discussed. That the IMF might incorporate bitcoin and make it a member.

I quote the possible outcome from the document:

This solution is not, however, without its drawbacks. Collecting Bitcoins via a quasi-membership scheme creates a collective action problem. Because Bitcoin operates through a decentralized network of users, aggregating the necessary amount of Bitcoins would be difficult. There is no centralized institution for the IMF to go to, and no easy way for the IMF to contact Bitcoin users directly. The IMF would have to enter online Bitcoin exchanges like any other prospective Bitcoin user. Even if the IMF were able to transact with Bitcoin users directly, the recognition-in-exchange-for-trading scheme creates a tragedy of the commons: all Bitcoin users benefit from the increased legitimacy of IMF recognition, but no one individual user has an incentive to transact with the IMF. In fact, Bitcoin users might very well have incentive not to transact with the IMF right away. Recall that Bitcoin’s mining software is programmed to cap the generation of Bitcoins by approximately 2025.168 Once the availability of Bitcoins becomes finite, we can expect the value of Bitcoins to increase. Thus, Bitcoin users have a short-term incentive to hold on to their Bitcoins rather than trade them. Since the proposed system relies on the completely voluntary participation of Bitcoin users, the incentive to hold on to Bitcoins creates a serious problem.

I raise you!!! $10mil per coin!!!!  

[Tuxavant]

There is a difficulty target which recalculates about every two weeks to see whether the difficulty should rise or be lowered. A single retarget never changes by more than a factor of 4 to prevent large changes in difficulty.

Difficulty is recalculated every 2016 blocks regardless of the time it took to make them. It's *suppose* to be 2 weeks, but in the context of some cryptographic super horsepower device that can do googolhashing, it only lasts a very short while. only about 8000 blocks can be generated in a short time before it goes back to 10 minute blocks at that hash power.

[telemaco]

What if the "peak oil extraction" has been already left behind and we find that more and more and more electricity is just too expensive? What would happen? ASICs would have to be more power efficient and many miners would be left behind. Mining companies could get too centralized and at one point be infiltrated by states? Even banksters could have a big share of many mining companies (like jpmorgan and similars now own a great slide of the world) and decide to perform constant 51% attacks.

Another issue. What would happen on a war economy. We have been living a long period without wars but that won't continue for long (i hope that is not true). On a war economy and under war laws states could exert extreme violence to anyone using bitcoin or entire regions of countries could just shutdown the internet like north korea or lybia during revolts. What would happen? many forks?

Other possibility. What happens with bitcoin when there is no internet, when 3G lines are switched off and there are not even mobile lines for failing infrastructures or in zones with inhibitors? What would happen with Bitcoin?

Just some thoughts

[wachtwoord]

The internet is designed to survive in a global war.

[crumbcake]

Other possibility. What happens with bitcoin when there is no internet, when 3G lines are switched off and there are not even mobile lines for failing infrastructures or in zones with inhibitors? What would happen with Bitcoin?

Just some thoughts

You'll have to purchase one of these...https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTLi8CdGTTAIWryt1aSoOXs2zJcMIB_zHeeqnQqi9yiOM0f1mHtYw

[telemaco]

Other possibility. What happens with bitcoin when there is no internet, when 3G lines are switched off and there are not even mobile lines for failing infrastructures or in zones with inhibitors? What would happen with Bitcoin?

Just some thoughts

You'll have to purchase one of these...

Yes, then i recommend to new users they start to download the blockchain now.

I think bitcoin would be far more secure if there were some kind of open wifi or similar project around the world to provide internet no matter what happens. Who knows, one of those computers for 10 bucks for underdeveloped countries that appear sometimes in the news. Maybe would be nice to have one of those in case of war.

[crumbcake]

Other possibility. What happens with bitcoin when there is no internet, when 3G lines are switched off and there are not even mobile lines for failing infrastructures or in zones with inhibitors? What would happen with Bitcoin?

Just some thoughts

You'll have to purchase one of these...https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTLi8CdGTTAIWryt1aSoOXs2zJcMIB_zHeeqnQqi9yiOM0f1mHtYw

Yes, then i recommend to new users they start to download the blockchain now.

And getting a nice pots line.  And swapping ips for phone numbers.

[bitzox]

Another issue. What would happen on a war economy. We have been living a long period without wars but that won't continue for long (i hope that is not true). On a war economy and under war laws states could exert extreme violence to anyone using bitcoin or entire regions of countries could just shutdown the internet like north korea or lybia during revolts. What would happen? many forks?

Haven't we been at war for the last 12 years?

[telemaco]

I recommend one of this for your backpack



http://www.voltaicsystems.com/

and then with a laptop you can be a moving bitcoin ATM ... (you can get part of the blockchain on a usb to speed things up and sell that data to others or leave them suffering the modem speed for ages)

[Mageant]

I'm wondering what they are actually going to do?

So far its just scaremongering (and taking down other vulnerable systems like LR).

 

[telemaco]

Another issue. What would happen on a war economy. We have been living a long period without wars but that won't continue for long (i hope that is not true). On a war economy and under war laws states could exert extreme violence to anyone using bitcoin or entire regions of countries could just shutdown the internet like north korea or lybia during revolts. What would happen? many forks?

Haven't we been at war for the last 12 years?

well that is not my case. If you are american, you haven't suffered one in your home land (i think), disrupting electricity, comunications, bombings, health problems, etc that would be severe enough to disrupt bitcoin. If you are on a civil war on Congo you probably would have problems using bitcoins.

[bitzox]

I'm wondering what they are actually] going to do?

So far its just scaremongering (and taking down other vulnerable systems like LR).

I would like to seem them actually try something (and fail).

Getting a little bit boring...  

Given the IMF's track record...(http://online.wsj.com/article/SB10001424127887324299104578527202781667088.html) They will probably wait until its too late and then do the wrong thing

[crumbcake]

I recommend one of this for your backpack

https://dl.dropboxusercontent.com/u/7609612/pictures/2013-06-06_002112.jpg

http://www.voltaicsystems.com/

and then with a laptop you can be a moving bitcoin ATM ... (you can get part of the blockchain on a usb to speed things up and sell that data to others or leave them suffering the modem speed for ages)

Now you're gettin' it!  We'll set up a p2p network of solar-powered laptops!!  We'll bring back can-tennas too!

[bitzox]

well that is not my case. If you are american, you haven't suffered one in your home land (i think), disrupting electricity, comunications, bombings, health problems, etc that would be severe enough to disrupt bitcoin. If you are on a civil war on Congo you probably would have problems using bitcoins.

Fair enough. I have this stupid American habit of assuming that everyone who types in English must by American...forgive me I'm working on it.

But ya that wont ever really be a problem in my lifetime, we have two very large oceans that do a damn good job of protecting us from wars on our land. Barring an EMP from some terrorist/China/NK(hahahahaha ya right, you need a functioning ICBM for that)/Russia/Iran?all-the-other-palces-that-hate-us we should be ok.

As to other parts of the world that have a much higher likelihood of having a disruptive conflict within their boarders I really don't know. Even with the backpack and the laptop you still need internet access. Some sort of SAT phone connection maybe? trying to think of things that will work w/o local infrastructure and having a hard time.

[telemaco]

I recommend one of this for your backpack



http://www.voltaicsystems.com/

and then with a laptop you can be a moving bitcoin ATM ... (you can get part of the blockchain on a usb to speed things up and sell that data to others or leave them suffering the modem speed for ages)

Now you're gettin' it!  We'll set up a p2p network of solar-powered laptops!!  We'll bring back can-tennas too!

yes we just need to divide the terrain between us and don't get too close.

[telemaco]

well that is not my case. If you are american, you haven't suffered one in your home land (i think), disrupting electricity, comunications, bombings, health problems, etc that would be severe enough to disrupt bitcoin. If you are on a civil war on Congo you probably would have problems using bitcoins.

Fair enough. I have this stupid American habit of assuming that everyone who types in English must by American...forgive me I'm working on it.

But ya that wont ever really be a problem in my lifetime, we have two very large oceans that do a damn good job of protecting us from wars on our land. Barring an EMP from some terrorist/China/NK(hahahahaha ya right, you need a functioning ICBM for that)/Russia/Iran?all-the-other-palces-that-hate-us we should be ok.

As to other parts of the world that have a much higher likelihood of having a disruptive conflict within their boarders I really don't know. Even with the backpack and the laptop you still need internet access. Some sort of SAT phone connection maybe? trying to think of things that will work w/o local infrastructure and having a hard time.

yeah i am working on it, some kind of antenna for the helmet ...

damn! this guy was faster

https://www.youtube.com/watch?v=NIHzz6PtwCo

[telemaco]

well that is not my case. If you are american, you haven't suffered one in your home land (i think), disrupting electricity, comunications, bombings, health problems, etc that would be severe enough to disrupt bitcoin. If you are on a civil war on Congo you probably would have problems using bitcoins.

Fair enough. I have this stupid American habit of assuming that everyone who types in English must by American...forgive me I'm working on it.

But ya that wont ever really be a problem in my lifetime, we have two very large oceans that do a damn good job of protecting us from wars on our land. Barring an EMP from some terrorist/China/NK(hahahahaha ya right, you need a functioning ICBM for that)/Russia/Iran?all-the-other-palces-that-hate-us we should be ok.

As to other parts of the world that have a much higher likelihood of having a disruptive conflict within their boarders I really don't know. Even with the backpack and the laptop you still need internet access. Some sort of SAT phone connection maybe? trying to think of things that will work w/o local infrastructure and having a hard time.

yeah i am working on it, some kind of antenna for the helmet ...

damn! this guy was faster

https://www.youtube.com/watch?v=NIHzz6PtwCo

Now seriously on a war economy bitcoin wouldn't be allowed probably. There would be a fair suspicion of people using it to send anonimously funds to the other party. There would be barriers and firewalls bigger than those on china or north korea to block and filter internet connections. Only a few chosen could probably use internet during a serious war conflict (i mean an all out war effort, not just a war against a small country) Possible for them? maybe not but bitcoin would probably be a hidden economy (at national scale) then and there could be forks from parts of the world not connecting to the rest of the network?

[dmartig]

Another issue. What would happen on a war economy. We have been living a long period without wars but that won't continue for long (i hope that is not true). On a war economy and under war laws states could exert extreme violence to anyone using bitcoin or entire regions of countries could just shutdown the internet like north korea or lybia during revolts. What would happen? many forks?

Haven't we been at war for the last 12 years?

we the US,  has been at war since ww2