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Author Topic: Staff from PBC suggests taking control of bitcoin network.  (Read 9572 times)
finway
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December 11, 2011, 02:36:00 AM
 #1

http://bitebi.cc/?p=1112

PBC = the People's Bank of China = Chinese Central Bank

1.政府和中央银行应正视比特币的存在,主动出击,动用国家巨大的计算能力,抑制私人挖掘的动力,将绝大多数比特币集中在国家手中。

1.Government and central bank should face up to the existence of Bitcoin,
take control of most bitcoins by using the computing power of supercomputers all over the country.

 Shocked Shocked Shocked

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December 11, 2011, 02:40:30 AM
 #2

I'd like to see them try. They'd need a lot of computers to do that.

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December 11, 2011, 02:41:11 AM
 #3

That would be so cool if true.

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December 11, 2011, 02:52:56 AM
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I'd like to see them try. They'd need a lot of computers to do that.


If China wanted to, they could easily outhash everything working on bitcoin.  You really want to see them try?

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December 11, 2011, 02:56:13 AM
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Parasites, the whole lot of them.

I dare you all of you to try! You can have the Bitcoin network and just as quickly we will start another!

@HarveyAlpha (https://twitter.com/#!/HarveyAlpha) | It would be foolish to assert that there is no power above mine. Only the attitude that I take toward it will be quite another than that of the religious age: I shall be the enemy of every higher power.
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December 11, 2011, 02:56:38 AM
 #6

I'd like to see them try. They'd need a lot of computers to do that.


If China wanted to, they could easily outhash everything working on bitcoin.  You really want to see them try?

YES! Then Bitcoin will be taken seriously. It wouldn't be long before there is a Bitcoin Cold War.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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December 11, 2011, 02:58:18 AM
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I'd like to see them try. They'd need a lot of computers to do that.


If China wanted to, they could easily outhash everything working on bitcoin.  You really want to see them try?

YES! Then Bitcoin will be taken seriously. It wouldn't be long before there is a Bitcoin Cold War.
It'd make the network stronger Wink

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December 11, 2011, 03:03:00 AM
 #8

Retweet if you know what's good for you:

Tweet

@HarveyAlpha (https://twitter.com/#!/HarveyAlpha) | It would be foolish to assert that there is no power above mine. Only the attitude that I take toward it will be quite another than that of the religious age: I shall be the enemy of every higher power.
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December 11, 2011, 03:03:11 AM
 #9

China should hire The Manipulator to buy up as much Bitcoin as they can using bots that won't raise any alarms.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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December 11, 2011, 03:13:32 AM
 #10

Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?

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finway
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December 11, 2011, 03:14:18 AM
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?

I think he suggests mining.  Wink

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December 11, 2011, 03:14:27 AM
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Retweet if you know what's good for you:

Tweet
I just did it Grin

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December 11, 2011, 03:15:42 AM
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Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?

I think he suggests mining.  Wink

If this happens, difficulty will be in the tens of millions soon :O

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December 11, 2011, 03:26:17 AM
 #14

http://www.feedzebirds.com/8zksj

Alright, I am out of Bitcoins but if somebody is willing to get a mass FeedZeBirds campaign going for this with a donation, you will have my reverence.

@HarveyAlpha (https://twitter.com/#!/HarveyAlpha) | It would be foolish to assert that there is no power above mine. Only the attitude that I take toward it will be quite another than that of the religious age: I shall be the enemy of every higher power.
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December 11, 2011, 03:32:34 AM
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What was the context of the statement? Is that their official website?
finway
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December 11, 2011, 03:38:40 AM
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What was the context of the statement? Is that their official website?

It's a paper from <<Chinese Credit Card>> magzine,
the author is working for PBC,  low-level class officer.



http://www.cnki.com.cn/Article/CJFDTotal-XYKZ201110018.htm


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December 11, 2011, 03:47:24 AM
 #17

Courtesy of Google translate:

Quote
Six recommendations
1 Governments and central banks should face the existence of bit money, take the initiative, the use of the country's massive computing power, suppression of private mining power, the vast majority of money concentrated in the hands of the state bits.
(2) of setting up a bit coin banks, currency trading in the implementation of the middle bit body to eliminate the anonymity that it can be regulated.
3 bits of currency-based international joint issue credit currency, thus contributing to the establishment of non-sovereign monetary system. With this new international settlement currency to challenge the U.S. hegemony, the international financial system more harmonious and stable.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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cbeast
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December 11, 2011, 03:54:15 AM
 #18

Courtesy of Google translate:


 Six recommendations
1 Governments and central banks should face the existence of bit money, take the initiative, the use of the country's massive computing power, suppression of private mining power, the vast majority of money concentrated in the hands of the state bits.
(2) of setting up a bit coin banks, currency trading in the implementation of the middle bit body to eliminate the anonymity that it can be regulated.
3 bits of currency-based international joint issue credit currency, thus contributing to the establishment of non-sovereign monetary system. With this new international settlement currency to challenge the U.S. hegemony, the international financial system more harmonious and stable.

I wonder if "suppression of private mining power" is an accurate translation. I also wonder if he is suggesting an alternate block chain.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
finway
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December 11, 2011, 03:58:21 AM
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I wonder if "suppression of private mining power" is an accurate translation. I also wonder if he is suggesting an alternate block chain.
I think that's exact translation. And i bet he has no idea what alt chain is.

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December 11, 2011, 04:00:05 AM
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Courtesy of Google translate:

Quote
Six recommendations
1 Governments and central banks should face the existence of bit money, take the initiative, the use of the country's massive computing power, suppression of private mining power, the vast majority of money concentrated in the hands of the state bits.
(2) of setting up a bit coin banks, currency trading in the implementation of the middle bit body to eliminate the anonymity that it can be regulated.
3 bits of currency-based international joint issue credit currency, thus contributing to the establishment of non-sovereign monetary system. With this new international settlement currency to challenge the U.S. hegemony, the international financial system more harmonious and stable.

Let's put this in clearer English!  I hate it when google translate's crappy output makes me read more slowly. Tongue

Section 6. Recommendations
1. The government and central bank should acknowledge the existence of Bitcoin and deal with it proactively.  Using the top-notch supercomputers at its disposal and using state power to ensure a monopoly on mining power, the central bank could acquire the vast majority of bitcoins.
2. The central bank should set up a Bitcoin bank and an official Bitcoin exchange and become the middleman in Chinese Bitcoin transactions to eliminate Bitcoin's relative anonymity and ensure that Bitcoin commerce can be regulated.
3. The government should push for international acceptance of a Bitcoin-backed currency, establishing a non-sovereign monetary system, to challenge the supremacy of the US dollar and to make the international financial system more harmonious and stable.

(BFL)^2 < 0
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