Bitcoin's achilles

[vandeam]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

[humanpsychedelic]

I think the Chinese government has proven over and over and over again that they love bitcoin.

[crazy_rabbit]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

[vandeam]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

well if everyone adopt bitcoin and use it instead of Credit cards i think this sexy fantasy can happen.
but focus on how we can overcome this scenario

[beetcoin]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

in present day terms, that would mean 1 bitcoin = $1 million.. it's so far out in the future that it's not even worth speculating over.

[niothor]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

well if everyone adopt bitcoin and use it instead of Credit cards i think this sexy fantasy can happen.
but focus on how we can overcome this scenario

Credit cards?  hmmm , enlighten me please!
How would Bitcoin replace CREDIT cards?

[vandeam]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

in present day terms, that would mean 1 bitcoin = $1 million.. it's so far out in the future that it's not even worth speculating over.

dont Mind the price.. its not about that.. it can happen on 1 trillion, or on 100 billion, thats not the point.

[vandeam]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

they wont have to shut down the whole internet but only certain parts of it (mining one's).

i think the solution of it is difficult but it can be done,
everyone who supports this this technology and bitcoin will have to buy and addition to their PC, a small mining equipment even 5GH is enough just to support the network.

what do you think ?

I think the premise bitcoin will be worth 10 trillion dollars is ridiculous fantasy.

well if everyone adopt bitcoin and use it instead of Credit cards i think this sexy fantasy can happen.
but focus on how we can overcome this scenario

Credit cards?  hmmm , enlighten me please!
How would Bitcoin replace CREDIT cards?

hmm i dont know.. pay with u'r smartphone scan the code send the satoshi's and u'r done?

[niothor]

hmm i dont know.. pay with u'r smartphone scan the code send the cash and u'r done?

Ok , let me rephrase that!
How are you going to spend some bitcoins that you don't have ?
CREDIT CARD!
You know what a credit card is?

[eternaluniverse]

Even if government banned bitcoins, wouldnt users still be able to transfer over LAN, or in person via smart phone. In theory it could still work with underground exchanges handling the money moving from country to country.

[beetcoin]

Even if government banned bitcoins, wouldnt users still be able to transfer over LAN, or in person via smart phone. In theory it could still work with underground exchanges handling the money moving from country to country.

well it could crash the market, and probably by a significantly wide margin.. i don't think BTC would die, but its utility would be hurt big time.

[vandeam]

hmm i dont know.. pay with u'r smartphone scan the code send the cash and u'r done?

Ok , let me rephrase that!
How are you going to spend some bitcoins that you don't have ?
CREDIT CARD!
You know what a credit card is?

bro "well if everyone adopt bitcoin and use it instead of Credit cards".. if everyone bought some satoshi's and paid with it instead of fiat..
by then i think alot of businesses will accept btc.

[freethink2013]

For me the Achilles is an emp attack or massive solar flares

[niothor]

hmm i dont know.. pay with u'r smartphone scan the code send the cash and u'r done?

Ok , let me rephrase that!
How are you going to spend some bitcoins that you don't have ?
CREDIT CARD!
You know what a credit card is?

bro "well if everyone adopt bitcoin and use it instead of Credit cards".. if everyone bought some satoshi's and paid with it instead of fiat..
by then i think alot of businesses will accept btc.

Wikipedia:
A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them
You understand that?
You can't replace a credit card with bitcoins. maybe the debit cards.
Credit cards are used to spend money you don't have.You can't buy something with bitcoins you don't have.


In future there could even be credit cards loaded with bitcoins.
But for that we would need a bank , and all the shit will come back again.

[vandeam]

hmm i dont know.. pay with u'r smartphone scan the code send the cash and u'r done?

Ok , let me rephrase that!
How are you going to spend some bitcoins that you don't have ?
CREDIT CARD!
You know what a credit card is?

bro "well if everyone adopt bitcoin and use it instead of Credit cards".. if everyone bought some satoshi's and paid with it instead of fiat..
by then i think alot of businesses will accept btc.

Wikipedia:
A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them
You understand that?
You can't replace a credit card with bitcoins. maybe the debit cards.
Credit cards are used to spend money you don't have.You can't buy something with bitcoins you don't have.


In future there could even be credit cards loaded with bitcoins.
But for that we would need a bank , and all the shit will come back again.

ok so debit cards.. but its not the main issue

[ivroer]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

...

I think you'll find that a lot of the people with a decent amount of (personal) hashing power have their miners configured with multiple pools, AND a "fail-safe" of solo mining as a last resort.

What might happen is, as you describe, "cutting off the head" of big mining pools will definitely disrupt block generation - confirmation time will increase (slow down), but solo miners will still mine blocks eventually. And if the pools fail to revive themselves, the difficulty will eventually adjust based on how many people are still solo mining.

In the long term, this type of attack against Bitcoin would probably just make it stronger by emphasizing the de-centralized nature of the protocol.

Even if the attacker(s) started targeting people utilizing specific Bitcoin related TCP ports, people will start changing their software to use non standard ports to hamper the attacker's efforts.

TL;DR: The network would "find a way" to survive.

[niothor]

ok so debit cards.. but its not the main issue

The issue is that people think bitcoin will bring utopia , and unfortunately it's not.
Bitcoin can't replace banks or credit cards.
It can wipe the floor with WU or maybe Paypal but that's it.

And about that... mass adoption , it will still take some years...so don't rush to buy a Ferrari with 1 BTC ... yet

[niothor]

Guys lets say bitcoin will get 10 Trillion market cap and all the governments decide to "shut down" bitcoin because they will be scared that
they can't control or regulate it.

i think the best scenarios for them will be that All countries secretly make a meeting in order to shut down bitcoin.
it will break down like this, they will find them BIG pools IP's, big mining pools in each country and disconnect them all at once from the internet retaking over mining and disrupting the bitcoin network.

...

I think you'll find that a lot of the people with a decent amount of (personal) hashing power have their miners configured with multiple pools, AND a "fail-safe" of solo mining as a last resort.

What might happen is, as you describe, "cutting off the head" of big mining pools will definitely disrupt block generation - confirmation time will increase (slow down), but solo miners will still mine blocks eventually. And if the pools fail to revive themselves, the difficulty will eventually adjust based on how many people are still solo mining.

In the long term, this type of attack against Bitcoin would probably just make it stronger by emphasizing the de-centralized nature of the protocol.

Even if the attacker(s) started targeting people utilizing specific Bitcoin related TCP ports, people will start changing their software to use non standard ports to hamper the attacker's efforts.

TL;DR: The network would "find a way" to survive.

There is a p2p pool , ...problem solved:)

[Lauda]

I think the Chinese government has proven over and over and over again that they love bitcoin.

It even looks like the USA likes it, and that says something.
The thread is obsolete.

[beetcoin]

I think the Chinese government has proven over and over and over again that they love bitcoin.

It even looks like the USA likes it, and that says something.
The thread is obsolete.

i'm not sure if it's quite obsolete. if governments have trouble taxing bitcoin, they will definitely not like it. they want their damn share. and the truth is that BTC is a good way of evading taxes.