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Author Topic: [2013-12-10] GlobalResearch.ca - Will Digital Currency Replace the US Dollar?...  (Read 590 times)
tugvarish
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January 13, 2014, 07:44:41 AM
 #1

Interesing point of view...
... with a little of conspiracy theory undertones, but that could actually happen!!

http://www.globalresearch.ca/will-digital-currency-replace-the-us-dollar-wall-street-strategy-to-make-bitcoin-the-global-currency/5361021

The all article is interesting, and I would like to start some discussion on the points it brings up, starting with:

Quote
Just imagine watching your computer digits VAPORISED BEFORE YOUR EYES and there is nothing you can do about it.


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TraderTimm
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January 13, 2014, 08:00:31 PM
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You often see this duality on Zerohedge. The argument has one of two flavors:

"Bitcoin isn't being accepted by businesses or recognized by the government, so it must be crap."

And...

"Bitcoin is being accepted by businesses and recognized by the government, so it must be their creation."

And other variations on the theme. Wonderful example of rationalization instead of logic, with the ultimate outcome being the demonizing of Bitcoin in both scenarios. I wish they'd just pick one and be consistent with it. Don't forget the double-edged sword of Satoshi himself - they frequently use his anonymity as part of the secret tinfoil sauce in their theories.

Thing is, if Satoshi was known, he'd be going through a hotairbags hearing meatgrinder by now, having every aspect of his life picked apart - using the choicest bits for arguments against Bitcoin itself - before throwing him into solitary confinement for creating something that would challenge the status quo.


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January 15, 2014, 04:29:54 AM
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You often see this duality on Zerohedge. The argument has one of two flavors:

"Bitcoin isn't being accepted by businesses or recognized by the government, so it must be crap."

And...

"Bitcoin is being accepted by businesses and recognized by the government, so it must be their creation."

And other variations on the theme. Wonderful example of rationalization instead of logic, with the ultimate outcome being the demonizing of Bitcoin in both scenarios. I wish they'd just pick one and be consistent with it. Don't forget the double-edged sword of Satoshi himself - they frequently use his anonymity as part of the secret tinfoil sauce in their theories.

Thing is, if Satoshi was known, he'd be going through a hotairbags hearing meatgrinder by now, having every aspect of his life picked apart - using the choicest bits for arguments against Bitcoin itself - before throwing him into solitary confinement for creating something that would challenge the status quo.



I see your point and I read many article, during the years, trying to demonize in one way or the other crypto-currencies, but one of the points that got my attention in this one, is the possibility of external forces trying to alter it and control it.

We already know that the currency is now considered 'like money' by many government including the US, even if for the sole purpose of regulating on it.
We also know that NSA is building a mega data centers and ultra fast computer (ex.: http://www.wired.com/threatlevel/2012/03/ff_nsadatacenter/all/, http://nsa.gov1.info/utah-data-center/)
While we also know that China has the most powerful (as for now: http://www.top500.org/blog/lists/2013/11/press-release/) and we may assume that it will build even one more powerful soon, perhaps beating the projected NSA one.
We know that most of the main critical internet nodes are in the hand of few controllers.

My point been, if those resources fall in control of the wrong hands with a dark agenda, they could always filter the packets of the BitCoin network and even shutdown/cripple the internet for a while, allowing only whichever communication they want through the a side network, perhaps encrypted.
And with that processing power, once the network is controlled and purposely filtered, it would skew the block-chain.

What would be the network defense? Create an emergency ad-oc WiFi cell network? Like a wireless mesh, or WDS, or  over radio ham packet radio??
How would be decided which one are the legitimate peers?
Would there be a response?

... Or would it succumb and everybody looses?... except the attacker!
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