Could a government supplant Bitcoin?

[AnonyMint]

Answer to OP.

Guaranteed.

I couldn't say guaranteed but I think there would be mass adoption.

I was referring to guaranteed that the government will take over Bitcoin. If you read my linked post, I explain why.

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[AnonyMint]

Answer to OP.

Guaranteed.

3. Bitcoin stops giving coin rewards to miners in 2040

Kinda hard to take someone serious when they have been around for at least six months and don't have even the "Bitcoin top 10 basic facts" down right.

What "fact" do you have in mind sir?

Perhaps you didn't read carefully what I wrote about transaction fees and the withholding transactions attack. Also note that debasement rewards will be below 1% per annum by 2033 roughly.

I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.

[Mike Christ]

Answer to OP.

Guaranteed.

3. Bitcoin stops giving coin rewards to miners in 2040

Kinda hard to take someone serious when they have been around for at least six months and don't have even the "Bitcoin top 10 basic facts" down right.

What "fact" do you have in mind sir?

Perhaps you didn't read carefully what I wrote about transaction fees and the withholding transactions attack. Also note that debasement rewards will be below 1% per annum by 2033 roughly.

I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.

You mean you couldn't care less.  Kinda hard to take someone seriously when they've been around for decades and still can't figure out how words work.

[AnonyMint]

You mean you couldn't care less.  Kinda hard to take someone seriously when they've been around for decades and still can't figure out how words work.

When all you can do is attack someone's character, because you can't attack the objective facts, then you've lost the debate.

Typos are part of life when we are typing fast.

Can you refute the objective substance? I don't think so! 

[DeathAndTaxes]

What "fact" do you have in mind sir?

I'm not a sir, I work for a living.  There is only one fact and I quoted it.

Also note that debasement rewards will be below 1% per annum by 2033 roughly.

I didn't dispute or quote that.

I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.

Well no, the "objective outcome" is only a prediction.  When you make mistakes on the very basics of the initial distribution it is hard to take your "objective" stance seriously.  I mean it would be like someone saying they solved a complex Physics proof and on the first line they had a basic math error (1+1= pineapple).  There isn't much point in reading further, although I did in this case and I disagree but I won't say your opinion is wrong, it is your opinion.  However the quote above is a fact and it can only be correct or incorrect, and in this case is incorrect.

[RodeoX]

Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  

[AnonyMint]

What "fact" do you have in mind sir?

I'm not a sir, I work for a living.  There is only one fact and I quoted it.

So stop acting like a pompous ass then.

Your quote was "coin rewards stop 2040". And that is true because of transactions can be withheld by a cartel.

So what fact do I have incorrect?

Also note that debasement rewards will be below 1% per annum by 2033 roughly.

I didn't dispute or quote that.

Yes you did, because you quoted out-of-context and tried to imply that I don't know that transaction fees are awarded to miners indefinitely. The problem I explained is that transactions fees can be withheld by a cartel (e.g. Amazon.com) which offers 0% fees to whomever will send their txs to them.

I careless if you take me seriously. That is irrelevant. The objective outcome is coming whether you like it or not.

Well no, the "objective outcome" is only a prediction.

It is an unavoidable outcome of the economic design.

When you make mistakes on the very basics of the initial distribution it is hard to take your "objective" stance seriously.

You have not shown any such mistake.

The rest of your blahblah is thus irrelevant.

[AnonyMint]

Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  

How Bitcoin transitions to a government coin is entirely different.

[DeathAndTaxes]

Your quote was "coin rewards stop 2040". ...  So what fact do I have incorrect?

Simple coin "rewards" (generation) don't stop in 2040.

[AnonyMint]

Your quote was "coin rewards stop 2040". ...  So what fact do I have incorrect?

Simple coin "rewards" (generation) don't stop in 2040.

Clearly you can see that the debasement rate as of 2040 is 0.2% (0.002) per annum, i.e. roughly 41,000 / 21 million.

If I offer to pay you a pension which you are solely dependent on of $1 a year, did I stop the pension or not?

You've just wasted my time, the time of readers, and caused the thread to be cluttered with useless nonsense. Why can't you argue the actual substance of the discussion?

Do you really expect me to bore the readers of the post you quoted with endless minutia about how the miniscule token coin rewards continue on but it is irrelevant any way.

[RodeoX]

Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  

How Bitcoin transitions to a government coin is entirely different.

That is different. However any change in the protocol would mean a fork. At that point it would no longer be bitcoin. It would also not likely be adopted. Are you willing to burn up your home wiring to generate money for the federal reserve?
Also what would keep China from then creating the lion share of the coins and charging Americans a premium. If it is not open source and beyond manipulation, then it has zero appeal.

[DeathAndTaxes]

If I offer to pay you a pension which you are solely dependent on of $1 a year, did I stop the pension or not?

Stupid analogy.  What will 41,000 BTC a year be worth in 27 years?  It is entirely possible it will be worth more than the block reward is now.

[AnonyMint]

If I offer to pay you a pension which you are solely dependent on of $1 a year, did I stop the pension or not?

Stupid analogy.  What will 41,000 BTC a year be worth in 27 years?  It is entirely possible it will be worth more than the block reward is now.

And that statement shows a complete lack of understanding of economics and basic math of relative value, which is what I expect from a low IQ person.

If Bitcoin is worth the required 100X more than it is now, then Bitcoin will be a significant portion of the real economy. Thus the profit motive  for a complete takeover of Bitcoin (by cartel) will have increased by at least 100X too.

So thus you spend 100X less relatively speaking on mining. Thus as I said, the cartels can take over.

Do you have more 60 Hz noise to add to this discussion?

[DeathAndTaxes]

Thus as I said, the cartels can take over.

"Can",  I thought it was guaranteed?

[AnonyMint]

Thus as I said, the cartels can take over.

"Can",  I thought it was guaranteed?

Cripes man. Do you have anything intelligent to say other than trolling?

[AnonyMint]

Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  

How Bitcoin transitions to a government coin is entirely different.

That is different. However any change in the protocol would mean a fork. At that point it would no longer be bitcoin. It would also not likely be adopted. Are you willing to burn up your home wiring to generate money for the federal reserve?
Also what would keep China from then creating the lion share of the coins and charging Americans a premium. If it is not open source and beyond manipulation, then it has zero appeal.

You haven't really thought this through.

[ajax3592]

Let's imagine the US government is in real financial crisis. It's aware that it can no longer afford to pay off it's debts and can no longer print more and more currency.

It decides it needs a way out and it sees Bitcoin as the solution. Unfortunately, Bitcoin isn't under it's control so they see this as a risk and not one they're willing to take.

They decide to issue their own digital currency instead - USCoin. It's identical in every way except the government controls the codebase and also accepts USCoin for tax payments.

Would you exchange all your Bitcoins for USCoins immediately and ditch Bitcoin or would you hold on and hope that Bitcoin can also compete as a currency?

Hold onto the bitcoins
Because then bitcoins value would be in gold because they are limited, unlike US Coin that would be just another form of fiat
The uniqueness of BTC is their limited number

[RodeoX]

Your idea has been tried. You are describing MintChip, Canada's virtual money. Ever heard of it? ... exactly.  

How Bitcoin transitions to a government coin is entirely different.

That is different. However any change in the protocol would mean a fork. At that point it would no longer be bitcoin. It would also not likely be adopted. Are you willing to burn up your home wiring to generate money for the federal reserve?
Also what would keep China from then creating the lion share of the coins and charging Americans a premium. If it is not open source and beyond manipulation, then it has zero appeal.

You haven't really thought this through.

It would not be the first thing I said without thinking. But I'm not sure here what I am missing. If anyone changes the protocol, it will not be bitcoin. What was outlined earlier is the government creating an alt-coin. Which would have no value to me.

[btcforall777]

The demise of the US Empire in all of its forms, (military, financially, politically) began a decade or 2 ago. It is now in full swing.

If the gov announcement of USCoin follows a collapse, no one will ever have a reason to trust the US GOV again.  As the colapse ensues, bitcoin explodes!

If they announce PRIOR to a collapse, it may have a chance...

Plan accordingly.

[amano]

1.It's impossible to stop printing money . FED is a greedy sucking vampire . They would die if there's no blood to suck
2.Virtual currency 's value is backed by people's trust which based on P2P mechanism , they dont give a fk on FED's UScoin
 

Don't people trust the US dollar in the same way?

Yes .. but since the US is printing money like it's Monopoly money, this trust is fading. The Chinese Yuan is well on it's way to replace the US dollar as a Global Reserve Currency.
Bitcoin is gaining ground everywhere, so in due time .. who knows, bitcoin might become a Global Reserve Currency.