Can the US Govt buy bitcoin and mothball it ?

[erk]

I am theorizing that they would control 99%+ of the BTC in existance. This would inevitably leave 118,540.75 BTC in the economy.

Utter nonsense. How would they buy 99% of the BTC when only a small percentage is on exchanges?

If there was the slighted hint that the US gov were going to start buying up all the BTC the price would go though the roof to such a point they the US gov would run out of money to buy it, so what would they buy it with, worthless $USD that people don't want?

How would the buy the 9mill BTC that haven't been mined yet.

Get real.

[BitChick]

They can keep confiscating Bitcoin.  They will get a few coins that way.   Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

[erk]

They can keep confiscating Bitcoin.  They will get a few coins that way.  Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

Confiscating, lol, most Bitcoin wallets are not in the US. I am sure the ASIC vendors would like government clients. The diff rate may not.


I thought this thread was a serious discussion for a moment, but it's seems to have attracted people that don't understand bitcoin at all.

[peonminer]

They can keep confiscating Bitcoin.  They will get a few coins that way.  Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

Confiscating, lol, most Bitcoin wallets are not in the US. I am sure the ASIC vendors would like government clients. The diff rate may not.


I thought this thread was a serious discussion for a moment, but it's seems to have attracted people that don't understand bitcoin at all.

unless we are looking at "The Great BTC Confiscation of 2014". I would be amazed if someone could develop a code to 'confiscate' the majority of BTC.

Don't have an asinine look at it all. It is all theoretical from my point of view. YES, THERE ARE HUNDREDS OF THOUSANDS OF COINS TRAPPED IN DORMANT WALLETS RANGING FROM 2009-PRESENT. The comment simply suggests something that can be thought, can be produced. If people can code well enough to hack literally anything given enough time, there isn't much stopping a Government with a money printing machine at their finger tips. If you want to be closed minded feel free. I think someone could produce a private key brute forcer and meticulously hunt down every wallet and rape all of their BTC. Yes, offline wallets, I get it. You have so many arguments you want to rebuttal, but I could care less with your piss poor sportsmanship.

[hulk]

They can keep confiscating Bitcoin.  They will get a few coins that way.  Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

Confiscating, lol, most Bitcoin wallets are not in the US. I am sure the ASIC vendors would like government clients. The diff rate may not.


I thought this thread was a serious discussion for a moment, but it's seems to have attracted people that don't understand bitcoin at all.

They just need microsoft and apple's help to inject something as in update. Then bye bye wallet.

[erk]

[Don't have an asinine look at it all. It is all theoretical from my point of view. YES, THERE ARE HUNDREDS OF THOUSANDS OF COINS TRAPPED IN DORMANT WALLETS RANGING FROM 2009-PRESENT. The comment simply suggests something that can be thought, can be produced. If people can code well enough to hack literally anything given enough time, there isn't much stopping a Government with a money printing machine at their finger tips. If you want to be closed minded feel free. I think someone could produce a private key brute forcer and meticulously hunt down every wallet and rape all of their BTC. Yes, offline wallets, I get it. You have so many arguments you want to rebuttal, but I could care less with your piss poor sportsmanship.

This issue has been discussed here many time, you would need a quantum computer to crack Bitcoin, as explained here: http://bitcoinmagazine.com/6021/bitcoin-is-not-quantum-safe-and-how-we-can-fix/

The devs can simply release an update with a different encryption, more coins whatever is agreed upon by the Bitocoin community.

US Government money printing machines are irrelevant. As I said most BTC wallets are not in the US, do you think the Chinese really care about getting more increasingly worthless USD? If you want the worlds BTC you have to be prepared to trade something of value for it, not fiat. Try gold perhaps, even better trade goods and services for BTC.

[theonewhowaskazu]

They can keep confiscating Bitcoin.  They will get a few coins that way.  Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

Confiscating, lol, most Bitcoin wallets are not in the US. I am sure the ASIC vendors would like government clients. The diff rate may not.


I thought this thread was a serious discussion for a moment, but it's seems to have attracted people that don't understand bitcoin at all.

They just need microsoft and apple's help to inject something as in update. Then bye bye wallet.

I'm willing to bet the vast majority of all coins in existence are either held in paper wallets, offline machines, or machines using open source software for an OS / virtual OS.

[peonminer]

Erk, you're correct in your sense. I was referring that the endless supply of $ would finance the quantum computer and the government controlled hackers. I thought this would be obvious from the theoretical situation.

[Kaiji]

Somebody mentioned this before on bitcointalk.
1) They just push prices to $1000 making everyone rich and we all just go on to LTC and wait for it to happen again.

2) No one in the government will agree to wasting billions of dollars to destroy a cryptocoin that isn't harming anyone.

It's because it's not harming innocents that the totalitarians want it destroyed.

Oh I'm aware of that but they would use some other means other than throwing away a billion dollars. They just can't sell it like the war on drugs.

[BitChick]

They can keep confiscating Bitcoin.  They will get a few coins that way.  Or they could pay government employees to mine them too.  Maybe I should not give them any ideas.

Confiscating, lol, most Bitcoin wallets are not in the US. I am sure the ASIC vendors would like government clients. The diff rate may not.


I thought this thread was a serious discussion for a moment, but it's seems to have attracted people that don't understand bitcoin at all.

I was kidding.  I guess it wasn't funny.  Sorry.  But the government supposedly already has a nice amount of confiscated coin.  Granted they probably cannot do anything with them.