They are coming with a new way to attack Crypto currencies!

[Kakmakr]

https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#7153f03b1bca

Their strategy is simple :

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

Your typical BankCoins and GovCoins will be Permissioned Blockchains and they will be controlled by centralized authorities. These coins will adhere to all AML/KYC regulations and they will have full control over what transactions will be mined. They will be able to "blacklist" and "reverse" transactions and even block certain addresses, because they control the Blockchain.

We will see them banning "Public" Blockchains and allowing government verified "Private" Blockchains soon. This is coming, because a lot of people are pushing for this.

Let's educate people on the dangers of these "Private" / "Permissioned" Blockchains and stop investing in them.   

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[Pursuer]

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

supported by whom?
bitcoin which is THE permission-less system is supported by peers aka its users. and the real bitcoin users will never give up the decentralized bitcoin for a centralized altcoin that the government creates. if they wanted to do that, they would have continued using banks and never even looked at bitcoin twice.

and that was the whole purpose of bitcoin. it was never created to be supported by the government, or be listed on exchanges or have the option to be bought/sold with fiat. these are all things we added later because we wanted to make profit.

[Kakmakr]

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

supported by whom?
bitcoin which is THE permission-less system is supported by peers aka its users. and the real bitcoin users will never give up the decentralized bitcoin for a centralized altcoin that the government creates. if they wanted to do that, they would have continued using banks and never even looked at bitcoin twice.

and that was the whole purpose of bitcoin. it was never created to be supported by the government, or be listed on exchanges or have the option to be bought/sold with fiat. these are all things we added later because we wanted to make profit.

You are missing my point. The governments will support/allow Permissioned Blockchains and they will ban Permissionless Blockchains. Your choice to support Permissionless Blockchains will not matter to them, because they will regulate it. They cannot stop it, because it is a decentralized technology, but they can make a clear division between the two types of technologies and how to regulate it.

Decentralized Public Permissionless Blockchains will still exist, but it's use will be severely restricted by these governments. People will still be able to choose which one they will be using and investing in, but regulated exchanges and merchants will not have a choice.

We should concentrate more on the development of decentralized services like OpenBazaar and decentralized exchanges, because these services will be the future of Permissionless Crypto currencies. <You have to be able to trade and use coins on services that cannot be taken down>  

[Jeff333]

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

supported by whom?
bitcoin which is THE permission-less system is supported by peers aka its users. and the real bitcoin users will never give up the decentralized bitcoin for a centralized altcoin that the government creates. if they wanted to do that, they would have continued using banks and never even looked at bitcoin twice.

and that was the whole purpose of bitcoin. it was never created to be supported by the government, or be listed on exchanges or have the option to be bought/sold with fiat. these are all things we added later because we wanted to make profit.

Totally agree with you
but thanks to this, many people have learned about bitcoin and other cryptocurrency and crypto community has become larger.

[jjacob]

If governments do make this distinction, they would be effectively be banning the use/exchange of truly decentralized cryptocurrencies like Bitcoin. I doubt if any major, liberal western government can take that step without appearing to be a Luddite. They can regulate the hell out of exchanges and institutions using Bitcoin, but to ban them would look to be a regressive step. And let us face it, governments are worried about their image.

Even in the extreme case, if this does happen, people are not stupid. They will see through the permissioned blockchains for what they are - an extension of the current fiat system, with all its associated problems.

[1020kingz]

https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#7153f03b1bca

Their strategy is simple :

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

Your typical BankCoins and GovCoins will be Permissioned Blockchains and they will be controlled by centralized authorities. These coins will adhere to all AML/KYC regulations and they will have full control over what transactions will be mined. They will be able to "blacklist" and "reverse" transactions and even block certain addresses, because they control the Blockchain.

We will see them banning "Public" Blockchains and allowing government verified "Private" Blockchains soon. This is coming, because a lot of people are pushing for this.

Let's educate people on the dangers of these "Private" / "Permissioned" Blockchains and stop investing in them.   

according to this link you provide permissionless blockchain will be shut down entirely, or just switch our investment into permissioned blockchain like ripple and other centralized coins out there, this is great threat n the crypto world, if this will be implemented the transaction fees will increase and maybe ban the permissionless coins, but the KYC system is likely solve some issues. and the most worse about it the profitable coins is the permissionless coins and if being regulated it will be a great loss of profit.

[Ranly123]

https://www.forbes.com/sites/jasonbloomberg/2018/03/10/we-need-to-shut-bitcoin-and-all-other-cryptocurrencies-down-heres-why/#7153f03b1bca

Their strategy is simple :

Make a clear division between Permissionless vs. Permissioned Blockchains and act accordingly. This will effectively mean that all Permissionless Blockchains will get targeted and Permissioned Blockchains will be supported.

Your typical BankCoins and GovCoins will be Permissioned Blockchains and they will be controlled by centralized authorities. These coins will adhere to all AML/KYC regulations and they will have full control over what transactions will be mined. They will be able to "blacklist" and "reverse" transactions and even block certain addresses, because they control the Blockchain.

We will see them banning "Public" Blockchains and allowing government verified "Private" Blockchains soon. This is coming, because a lot of people are pushing for this.

Let's educate people on the dangers of these "Private" / "Permissioned" Blockchains and stop investing in them.   

This could be a bad news coming for cryptocurrencies. Educating people to not support this kind of program means we need to have a full force to spread it's disadvantages most especially on our anonymous transactions. If ever this new program is successful then it would start a chaos between decentralized blockchain and centralized one.

[spadaccino]

Like the core devs are creating and solving problems - in the other hands Govs and other organizations are coding to track you down.
And the way I see it - they're doing good job.
So if you0're thinking to hide from big brother's eye I warn you that BTC is not the solution.

You'd better go and grab your cash and stash them under a surveliance area like criminals used to. Or like banks still do.

BTC or other crypto will overtake sooner or later the digital ecosystem payment and be the only ecommerce's gataway.

[Kakmakr]

If governments do make this distinction, they would be effectively be banning the use/exchange of truly decentralized cryptocurrencies like Bitcoin. I doubt if any major, liberal western government can take that step without appearing to be a Luddite. They can regulate the hell out of exchanges and institutions using Bitcoin, but to ban them would look to be a regressive step. And let us face it, governments are worried about their image.

Even in the extreme case, if this does happen, people are not stupid. They will see through the permissioned blockchains for what they are - an extension of the current fiat system, with all its associated problems.

I am not going to sit on my hand and hope that the public would know what is good or bad for them. I am going to warn/educate them about the dangers of these Permissioned Blockchains and how this will give full control to centralized authorities to take their investments.

A Permissioned Blockchain is a great threat to people's financial freedom. We have seen what happened when a government had full control over Banks. <another form of centralized private ledger technologies> They closed Banks in Greece and blocked/restricted their access to their money. Also :  https://www.usatoday.com/story/money/business/2013/07/29/bank-of-cyprus-depositors-lose-savings/2595837/

The government will have the control to do what they want with your funds. <everything is digital and saved on their Permissioned Blockchain>  

"Bitcoin is a game where everybody watches everybody else to make sure nobody cheats." - https://twitter.com/lopp/status/976921570013859841

---<< They mine it, they own it, so they can cheat >>---

[coinmaster241]

I disagree with Permissions Blockchains, this is very far from the goal blockchain itself is decentralized. This possibility will entirely be controlled by the government / one institution not by ourselves.
Another case if the problem is anonymity I agree to show my identity in detail. Because of this anonymity that begins to make a lot of crime by using blockchain technology

[cynical]

The vast majority of people will support permissioned blockchains just as it is with FIAT NOW
because that is how the financial infastructure is set up and that will continue.
But permissionless blockchains will exist and survive just as they are now.
They may regulate them but people will always find a way around that.

[bitbunnny]

At the moment I don't see some real danger for Bitcoin and other cryptocurrencies.
These new coins might be supported by governments but that doesn't mean they will have the support of users. And that doesn't mean you will not have the choice to use the cryptocurrency you want.
It's understandable that governments want to control currencies but that still doesn't mean this will be successful project that will actualy live.

[TheQuin]

Their strategy is simple :

But who are they?

I do agree with the premise of your argument but I don't see much political pressure or action in this direction yet. I even recall a former head of the SEC saying 'We're not in the business of banning assets'.

It is something worth watching out for, but I think the attack vector is more on the exchange of crypto for fiat than banning Permissionless Blockchains.

[Xavofat]

You are missing my point. The governments will support/allow Permissioned Blockchains and they will ban Permissionless Blockchains.

There's no difference between attempting to ban permissionless blockchains and attempting to ban permissionless blockchains with an alternative available.  Either way it would be a pretty futile endeavour.

That said, there's no decent reason why a government would attempt to ban permissionless blockchains, which is why it hasn't been happening in most countries.  The only reason that someone would believe they're trying to do so is because of their persecution complex.

Even if they created a permissioned blockchain, which they haven't, it would serve an entirely different purpose to permissionless blockchains and that would be obvious to anyone with half a brain.

[boboking]

I hope this will not happen but if it going to happen i will be selling all my coins and will not use and support that permissioned block chain.

They are missing why bitcoin is attractive and that is decentralization. If they ignore this fact i think less people will be using crypto currency.

[swissgang]

It makes me think that monero and such privacy coins will decrase too much eventually, most people care about financial privacy but if government dislikes it, how will it be used by average people?

[Donceng]

sometimes in this business many competitors, sometimes people always plagiarize what is being famous, but sometimes they compete with unhealthy. you better do not leave the blockchain that has run smoothly, because the blockchain they offer it is always deceptive.

[jseverson]

It could be an attack angle in the future, but I don't see it happening. No one ever talks about the issue, and governments seem far more occupied with taxation rules and regulating exchanges. Decentralization, on the other hand, is a hot topic, so I'm fairly sure permissioned blockchains won't make it very far.

The article made it sound like a big deal, but it's really just some guy making a mountain out of a molehill, saying illicit cryptomining is going to take over entire networks. Viruses that can do that have been in the wild for decades now. No one should be taking what he wrote seriously.

[TheQuin]

The article made it sound like a big deal, but it's really just some guy making a mountain out of a molehill, saying illicit cryptomining is going to take over entire networks. Viruses that can do that have been in the wild for decades now. No one should be taking what he wrote seriously.

That aspect of the article made the guy seem very new to the whole thing. It was as you say very big when BTC was minable using a CPU and recently made a comeback due to CPU minable altcoins being available now. After the Coinhive JavaScript Monero miner was released it took the antivirus vendors and Microsoft a couple of weeks to block it. That's not a reason to ban blockchains.

[cryptorTUX]

Nah it's just forbes trying to catch an eye and make people to read something!

The problem with permissionless, public blockchains is that anybody can sign up as a miner

Thats the whole point lol, centralization and premissioned blockchain = gives power to the ones who host it. Bitcoin and others were made to be trust-less system that works according to protocol. Of course that some people don't like this and they are scared for what will future bring, they are scared because they know what this can do to financial sector where banks and others got comfortable to be in the control of money = being in control of everything. Now with open protocols since they can't control them they are trying to beat them up to death and only present to you the possible bad sides and not the true side for what it was made for. Even there are cryptocurrencies that are open but don't use mining, what about those? Writer is clearly not educated enough