Bitcoin Forum
December 05, 2016, 08:44:06 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 [4] 5 6 7 »  All
  Print  
Author Topic: Staff from PBC suggests taking control of bitcoin network.  (Read 9583 times)
BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
December 11, 2011, 03:13:59 PM
 #61

All good.  China really gets into this and starts mining, buying and hoarding, price goes up, more miners come on board, more security for the chain.  Price goes up more.  More publicity, etc.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
1480927446
Hero Member
*
Offline Offline

Posts: 1480927446

View Profile Personal Message (Offline)

Ignore
1480927446
Reply with quote  #2

1480927446
Report to moderator
1480927446
Hero Member
*
Offline Offline

Posts: 1480927446

View Profile Personal Message (Offline)

Ignore
1480927446
Reply with quote  #2

1480927446
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480927446
Hero Member
*
Offline Offline

Posts: 1480927446

View Profile Personal Message (Offline)

Ignore
1480927446
Reply with quote  #2

1480927446
Report to moderator
BitcoinPorn
Hero Member
*****
Offline Offline

Activity: 560


Posts: 69


View Profile WWW
December 11, 2011, 04:27:26 PM
 #62

I like the path this is going down.  Cheesy  I hope China DOES "take" the network.  Watch the value drop before their eyes as everyone jumps on Namecoin, Litecoin, or hell, even possibly SolidCoin.    Then when another country tries to take a dip in this pool, watch the hydra of digital currencies fly.    I love it, go for it China.

jwzguy
Hero Member
*****
Offline Offline

Activity: 868



View Profile
December 11, 2011, 05:34:35 PM
 #63

The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.

I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.

19wXnWTeGuraN9g5UsMAi119sWzDCQcr7S
Bitcoin Logo shirts!
ineededausername
Hero Member
*****
Offline Offline

Activity: 784


bitcoin hundred-aire


View Profile
December 11, 2011, 05:36:34 PM
 #64

The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.

I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.

Right now, yes.  However, a mining farm built for a takeover would not cost very much (to a government).

(BFL)^2 < 0
Shawshank
Legendary
*
Offline Offline

Activity: 1058



View Profile
December 11, 2011, 05:46:58 PM
 #65


Right now, yes.  However, a mining farm built for a takeover would not cost very much (to a government).


True, because they have the control of their own fiat currency supply. They can fabricate as many yuans as they want, out of thin air, and buy real Bitcoins to buy real GPUs. 

Once Bitcoin is understood, the consequences of a bank-only system are evident: your wallet is your national identity card and all private keys are handed to the government
Phinnaeus Gage
Legendary
*
Offline Offline

Activity: 1302


Bitcoin: An Idea Worth Spending


View Profile
December 11, 2011, 05:52:13 PM
 #66

I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
JohnOliver
Newbie
*
Offline Offline

Activity: 28


View Profile
December 11, 2011, 06:09:39 PM
 #67

I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.

If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover).

It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin.
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
December 11, 2011, 06:10:48 PM
 #68

The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.

I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers.

While we use GPUs

farfiman
Legendary
*
Offline Offline

Activity: 1449



View Profile
December 11, 2011, 06:57:57 PM
 #69

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

Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...

Basically any goverment or reasonable sized entity  could do  it if they wanted to kill Bitcoin.

"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
jwzguy
Hero Member
*****
Offline Offline

Activity: 868



View Profile
December 11, 2011, 07:02:14 PM
 #70

The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.

I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers.

While we use GPUs



Did you bother to check the list? Because you're wrong.

19wXnWTeGuraN9g5UsMAi119sWzDCQcr7S
Bitcoin Logo shirts!
ineededausername
Hero Member
*****
Offline Offline

Activity: 784


bitcoin hundred-aire


View Profile
December 11, 2011, 08:18:46 PM
 #71

I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.

If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover).

It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin.

Successful troll is successful.
http://translate.google.com/

(BFL)^2 < 0
evoorhees
Legendary
*
Offline Offline

Activity: 994


Democracy is the original 51% attack


View Profile
December 11, 2011, 08:35:07 PM
 #72

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

Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...

Basically any goverment or reasonable sized entity  could do  it if they wanted to kill Bitcoin.

False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.
tvbcof
Legendary
*
Offline Offline

Activity: 1974


View Profile
December 11, 2011, 08:50:18 PM
 #73

The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.

I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers.

While we use GPUs


Just a guess, but I would imagine that most GPU's and FPGA's are cultivated in fields which are distinctly in the Chinese sphere of influence.

FPGA's, at least, have been at one time contemplated as a device who's use had national security implications (although not for hashing.)  In the (seemingly unlikely) event that hashing became a matter of national security, I have little doubt that availability of GPUs, FPGA's, and eventually ASICs could and would be controlled to the extent which would be as effective as deemed necessary.


proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
December 11, 2011, 09:02:37 PM
 #74

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

Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...

Basically any goverment or reasonable sized entity  could do  it if they wanted to kill Bitcoin.

False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.

I don't even think anyone could buy a few million right now.  MtGox only has 190,000 or so on offer.  There's undoubtably a large stash sitting in exchanges off the order books, but I'd be very surprised to discover that there are a few million sitting in the exchanges counting what's on the books and what's not.
BurtW
Legendary
*
Offline Offline

Activity: 1778

All paid signature campaigns should be banned.


View Profile WWW
December 11, 2011, 09:05:10 PM
 #75

China will not stop the flow of semiconductors OUT of China, they export goods - that is what they do.  If they ever did stop the flow of any of these technologies the price would go up and fabs in other countries would start making them.  China could only temporarily stop these things from being make.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
Piper67
Legendary
*
Offline Offline

Activity: 1008



View Profile
December 11, 2011, 09:14:04 PM
 #76

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

Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...

Basically any goverment or reasonable sized entity  could do  it if they wanted to kill Bitcoin.

False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.

True, Evor, but if they time it right, and do it in a calculated way, they could control enough of it, even as the price shoots up, to make it worth their while. And it would guarantee them that control on pretty solid fundamentals on how the markets work, as opposed to having to take over the network.

It would be silly for China or any other government to attempt to "own" Bitcoin, when all they really need is to control it. Plus, in the specific case of China, it would give them control over a currency that isn't being kept artificially devalued, freeing the Yuan for their domestic needs.

They'd have to be fools not to even be looking at BTC
JackH
Sr. Member
****
Offline Offline

Activity: 355


View Profile
December 11, 2011, 09:24:15 PM
 #77

This is super good news if true! A war on the Bitcoin network is all we need to really push it into acceptance. If China joins, then the US wont like to see them taking over, thus adding hash power. And since they will try to control the network they will purchase coins, and at the end of the day, we will be the winners!

<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
<JackH> lmao
casascius
Mike Caldwell
VIP
Legendary
*
Offline Offline

Activity: 1344


The Casascius 1oz 10BTC Silver Round (w/ Gold B)


View Profile WWW
December 11, 2011, 09:28:37 PM
 #78

If I were running a mining pool, I would strongly consider "branding" my blocks now with a digital signature in the coinbase, so if down the road, a 51% attack ever took place, my reputation might count favorably towards the possibility of the resulting countermeasures including increasing the priority or importance or value of the blocks I created (as well as all of those who did the same thing and built up the same sort of reputation).

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
jjiimm_64
Legendary
*
Offline Offline

Activity: 1680


View Profile
December 12, 2011, 02:21:39 AM
 #79

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

Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...

Basically any goverment or reasonable sized entity  could do  it if they wanted to kill Bitcoin.

I would disagree with this...  you cannot buy something if it is not for sale.  I am not selling mine.......cheaply

1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
jjiimm_64
Legendary
*
Offline Offline

Activity: 1680


View Profile
December 12, 2011, 02:27:12 AM
 #80



wouldn't they just fork the code and make chinacoin?

that way, then can change the code in such a way as to make it easily regulated.

oh, and

italycoin
iraqcoin
rucoin
indiacoin......


I can see a future full of alt currencies.

1jimbitm6hAKTjKX4qurCNQubbnk2YsFw
Pages: « 1 2 3 [4] 5 6 7 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!