zpply (OP)
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September 11, 2013, 04:06:39 PM |
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Just a complete hypothetical but what if Google started mining Bitcoin. If there are only 21 million bitcoins and Google placed a fraction of there computing power to mine them wouldn't they own bitcoin and the economy.
Thoughts?
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DennisD7
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September 11, 2013, 04:47:43 PM |
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They probably only have CPU power. It would be tough for them to compete with all the ASICs flooding out right now, also they already have a business to run right?
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Proud ASIC miner and long term Bitcoin investor
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rrvk
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September 11, 2013, 05:11:56 PM |
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you got a point
but i think the servers of google are optimsted for data transerfed etc
not for hashing
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zpply (OP)
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September 11, 2013, 05:31:36 PM |
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With the resources they have they could put up $100 million as a 'side project' and hash the crap out of everyone else.
It seems like everyone around here is trying to get into Bitcoin by putting up a few hundred or thousand dollars.
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zy0n
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September 11, 2013, 06:08:27 PM |
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Honestly, if Google wanted to get into BTC they would have no trouble doing so. They have the tech, the code monkeys and the financial backing. IF they were going to, they would have done it by now. Pretty sure they could develop chips with 100th/s capability, and run entire server farms of it. They make too much damn money the way it is. And another thing is the current legality of btc to usd, pretty sure they don't want to get their fingers dirty until all the mud is washed away.
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MoneyGod
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September 11, 2013, 06:31:59 PM |
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they will never try to do this its hurt them too much and then back to business with empty hands  |
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zeta1
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September 11, 2013, 07:21:41 PM |
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I think the value would plummet
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dragonkid
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September 11, 2013, 07:36:12 PM |
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Just a complete hypothetical but what if Google started mining Bitcoin. If there are only 21 million bitcoins and Google placed a fraction of there computing power to mine them wouldn't they own bitcoin and the economy.
Thoughts?
I think they might get into Litecoin. Since they have so much CPU power. I was lucky enough to visit one of their data centre. It is HUGH!! I also have seen some of the major bank's data centre they are tiny compare with 1 Google Data Centre. |
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pacojones
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September 11, 2013, 07:43:04 PM |
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The benefit of bitcoin is decentralization - if google or (insert mega hasher here) took up all the hashing power and horded all the coins, I think there would be a mass exodus to an alt-coin... it's an interesting idea though... I wonder if it would be easier to just buy the coins... don't develop custom hardware and software, just put that money into buying bitcoin.
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myner
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September 11, 2013, 07:53:58 PM |
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Google will be involved with bitcoin in one way or another soon enough. They company is too massive for this to not happen. But will google begin mining bitcoin? I highly doubt that. Will Google begin to accept BTC as a form of payment in the near future? Possibly. Google might even decide to accept XRP instead. So many things going on in the crypto world right now.
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delpart
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September 11, 2013, 07:56:58 PM |
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Considering Google is still expanding their own middleman tech to help with regular fiat transactions, its very unlikely they'd do anything but support a transport inside of Google Wallet.
Now of the things they could to expand the usability of that product would be to work with which ever standard comes out in crypto currency long term. They've more than likely considered this already but like many who work with large fiat backing, they are waiting on all the court decisions etc before adopting.
Largest concern is more of a fly-by night billionaire getting bored and dropping money in the wrong hands than a company with more "better" things to do jumping into this.
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monbux
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September 11, 2013, 08:29:21 PM |
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They probably only have CPU power. It would be tough for them to compete with all the ASICs flooding out right now, also they already have a business to run right?
But they've got the money o.O If they WERE to want to get into it, they would for sure try to start a 51% attack. They love owning stuff |
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TheRealSteve
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September 11, 2013, 09:38:50 PM |
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Pretty sure they could develop chips with 100th/s capability, and run entire server farms of it. They make too much damn money the way it is. This. The first part is because mining with CPUs and even GPUs just isn't (very) profitable. While Google only has CPUs (in great numbers - they do have other hardware, but those have specific tasks), consider Hollywood: a few dozen companies with more GPU power than any one entity should be comfortable with, accelerating computation of visual effects, 3D animation, etc. And yet they, too, aren't mining in their off-peak hours (and they certainly have the infrastructure to let mining only occur when no other computation is required, and the accounting people to throw it as a line item onto any contracts). They seem almost uniquely fit for the task. So why don't they? That's where the second part comes in. Google, and Hollywood, make far more money doing what they do than they have factored they would stand to gain from mining. I do think dedicated mining companies will pop up, especially once transaction fees become the primary reason to do so, rather than the mining effort - and Google may well become one of those companies. Until that time, though, they'd probably prefer to throw money at buying Bitcoin than mining it. |
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jjmicmic
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September 12, 2013, 03:05:48 PM |
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Just a complete hypothetical but what if Google started mining Bitcoin. If there are only 21 million bitcoins and Google placed a fraction of there computing power to mine them wouldn't they own bitcoin and the economy.
Thoughts?
I think they might get into Litecoin. Since they have so much CPU power. I was lucky enough to visit one of their data centre. It is HUGH!! I also have seen some of the major bank's data centre they are tiny compare with 1 Google Data Centre. litecoin is based on GPU memory... |
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MitchMonsta
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September 12, 2013, 05:12:51 PM |
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Honestly, if Google wanted to get into BTC they would have no trouble doing so. They have the tech, the code monkeys and the financial backing. IF they were going to, they would have done it by now. Pretty sure they could develop chips with 100th/s capability, and run entire server farms of it. They make too much damn money the way it is. And another thing is the current legality of btc to usd, pretty sure they don't want to get their fingers dirty until all the mud is washed away.
This is exactly it. Especially when it comes to the legality of bitcoin to usd transactions. If bitcoins equals money and money equals a source of income, then technically, living in the United States at least, it should be taxed. The problem is is that the government doesn't control bitcoin so thousands and thousands of people get away with profiting from a virtual currency. If a company like google decided they wanted to start capitalizing on bitcoin and were profiting in the tens of millions off of it, the government would see those profit reports and want their taxable share of that income. Then it would probably slippery slope it's way towards bitcoins becoming at least partially regulated by the government in the USA at least.. |
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