is the government going to copy bitcoin and leave us high and dry ?

[Balls]

I think it's very likely a government will try create their own digital currency eventually, but it will obviously be centralized and also 100% pre-mined lol.

[inBitweTrust]

I think it's very likely a government will try create their own digital currency eventually, but it will obviously be centralized and also 100% pre-mined lol.

You are correct , except it has already been tested by Canada and failed and is being tested by by Ecuador right now.

[Eotnak]

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Yeah, hmm.  To clarify, I was assuming the high and dry part would mean that it would be a multi-departmental initiative on the level of the Moon landing.  If Canada or USA Financial department wants to release it as a pet project, it will surely fail.  If it is an executive order or legislative act, then that would be an entirely different thing.  My question was to that:  Why?

[QuestionAuthority]

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Yeah, hmm.  To clarify, I was assuming the high and dry part would mean that it would be a multi-departmental initiative on the level of the Moon landing.  If Canada or USA Financial department wants to release it as a pet project, it will surely fail.  If it is an executive order or legislative act, then that would be an entirely different thing.  My question was to that:  Why?

Why did they do MintChip? Beats the hell out of me.

I'm not really clear on why governments do most things but I bet most of it is for self preservation.

[Joe_Bauers]

I think the OP raises a good point. The government often tries to co-opt things it can't control.

No idea how they would do it though/if it's even possible/would be a bad thing for cryptos in general.

It's called the dilution attack and has been happening for over a year. I don't know who is responsible, but it could certainly be a government.

[LiteCoinGuy]

It seems like an obvious thing to try. Let's see how Ecuador's thing pans out...

ah okay, a third world country wants to do a cool and successful digital currency   - good luck!

[gogxmagog]

is there this possibility that bitcoin is bought out this other guy seems to think so. I personally will stand and fight as a bitcoin soldier if i have to in order to protect this decentralized freedom from the wealthy 1%

ya im a Jr member aka newb w a title but
I personally stand to protect bitcoin from corruption, and destruction
who's with me...

Nope. They will just tax it and regulate it (like they are already doing)

A copy won't work, a pre-mine won't work. Buying all the btc is preposterous. Just ride on its back and leech as much as you can is what the government knows best. Polatics; poli means "the people" and tics is a parasite.

[zorke]

I think it's very likely a government will try create their own digital currency eventually, but it will obviously be centralized and also 100% pre-mined lol.

You are correct , except it has already been tested by Canada and failed and is being tested by by Ecuador right now.

Ecuador is not actually making a crypto currency (one that uses cryptography to keep it secure) they are making a digital currency that has lower costs then paper currency.

A "pre-mined" currency is essentially what fiat is and governments have been successful in getting people to use fiat.

[Eotnak]

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Yeah, hmm.  To clarify, I was assuming the high and dry part would mean that it would be a multi-departmental initiative on the level of the Moon landing.  If Canada or USA Financial department wants to release it as a pet project, it will surely fail.  If it is an executive order or legislative act, then that would be an entirely different thing.  My question was to that:  Why?

Why did they do MintChip? Beats the hell out of me.

I'm not really clear on why governments do most things but I bet most of it is for self preservation.

No.  Why would any government focus the amount of resources that it would take to "copy bitcoin and leave us high and dry" successfully?

[RodeoX]

The government is welcome to buy bitcoin also. But remember that does not give them any control over bitcoin. I mean, I own a fair amount, does that mean I can control yours?

People that think the government is out to get them will believe what they want to believe. Despite the fact that no one has shown a way for a gov to do anything about people using them.  Now, if by "copy" you mean creating an alt coin like bitcoin, then maybe they will. But will you sell your bitcoin and switch to Gov-coins? I know I wont.

There really is nothing that can be done about bitcoin even if they wanted to. And there is no evidence that they want to hurt bitcoin.

[FallingKnife]

I would be more concerned about a Microsoft or Apple attack on Bitcoin than the Government. Government will attack by regulation, but big companies will attack with dollars.

Just in your wildest dreams, imagine that the Bitcoin Foundation becomes disfunctional, slow to innovate and doesn't respond to serious problems discovered in the protocol. I know, that could never happen, but just play along with me here.

Microsoft senses an opportunity, so they step in with a new BTC client that is now going to be embedded on all Windows computers virtually overnight through a point update (Windows 8.2 we'll call it). It's "on" by default, and quickly surpasses 51% of the nodes on the network. MS even hosts the blockchain on their cloud drive so you don't have to download the entire freakin' thing to your computer/device.

They fork btc,  centralize the block chain, honoring all bitcoin that happened before the fork (except Satoshi's known stash and some known stolen bitcoin, which gets them good press as they claim to squeeze the criminals out of Bitcoin). Simultaneously they do a couple of strategic acquisitions to tilt the ecosystem in their direction (buy Bittrex and/or Cryptsy, a few large miners, a bank).  

Merchants and other miners flock to "MS Bitcoin" because now it's backed by a huge company that has relationships with other huge companies and seen as safe while still laying a claim to the Bitcoin name.  The old fork drifts off into oblivion with us hardcore "stand your ground" libertarians and the BTC Foundation, while MS implements POS and other ungodly things that the masses don't care about; all they know is that it just works and it's kinda cool and it's supported by safe ol' Microsoft instead of crazy nerds who talk in a funny technical language and argue all the time. Bitcoin Girl is hired as spokesperson. Wall Street and most VC's cheer as MS announces a "MS Bitcoin fund for start ups."  Eventually it's rebranded as "Bitcoin Dot Net" and then just "Dot Net" as it's embedded into Visual Studios as a payment app.

It would hardly take a few billion dollars, chump change to these guys.

[snappa4ever]

I would be more concerned about a Microsoft or Apple attack on Bitcoin than the Government. Government will attack by regulation, but big companies will attack with dollars.

Just in your wildest dreams, imagine that the Bitcoin Foundation becomes disfunctional, slow to innovate and doesn't respond to serious problems discovered in the protocol. I know, that could never happen, but just play along with me here.

Microsoft senses an opportunity, so they step in with a new BTC client that is now going to be embedded on all Windows computers virtually overnight through a point update (Windows 8.2 we'll call it). It's "on" by default, and quickly surpasses 51% of the nodes on the network. MS even hosts the blockchain on their cloud drive so you don't have to download the entire freakin' thing to your computer/device.

They fork btc,  centralize the block chain, honoring all bitcoin that happened before the fork (except Satoshi's known stash and some known stolen bitcoin, which gets them good press as they claim to squeeze the criminals out of Bitcoin). Simultaneously they do a couple of strategic acquisitions to tilt the ecosystem in their direction (buy Bittrex and/or Cryptsy, a few large miners, a bank).  

Merchants and other miners flock to "MS Bitcoin" because now it's backed by a huge company that has relationships with other huge companies and seen as safe while still laying a claim to the Bitcoin name.  The old fork drifts off into oblivion with us hardcore "stand your ground" libertarians and the BTC Foundation, while MS implements POS and other ungodly things that the masses don't care about; all they know is that it just works and it's kinda cool and it's supported by safe ol' Microsoft instead of crazy nerds who talk in a funny technical language and argue all the time. Bitcoin Girl is hired as spokesperson. Wall Street and most VC's cheer as MS announces a "MS Bitcoin fund for start ups."  Eventually it's rebranded as "Bitcoin Dot Net" and then just "Dot Net" as it's embedded into Visual Studios as a payment app.

It would hardly take a few billion dollars, chump change to these guys.

They would not be able to profit off of this. Regulators would also not be happy about this and would make MSFT pay (a lot - billions, maybe tens of billions) for doing this.

A couple of years ago, a gaming company, by default had gamers' computer mine bitcoin while they were playing their game on their computer (back when CPU/GPU mining was still economical). The company ended up making only a few hundred bitcoin (I think, but this is also when BTC was trading at much lower levels), but were fined several million dollars (for a few thousand dollar profit)

[bitllionaire]

I don't think that any government can create anything decetralized,it is against its principles.
and if it is not decentralized,bitcoin wont suffer anyhting

[Hippie Tech]

Cmon guys.. Of course they are !

Wtf makes you believe that BTC (or any crypto/ digital fiat) is decentralized ? The coins and hashpower have been hoarded by the greedy/ corrupt exchanges and this seemingly endless stream of asic companies mining with the customer's gear.

Now look at all those people trading their hard earned fiat, BTC, LTC and PPC for that MT.SHIT(coin) clone (worthless computer data).

They've got us by the balls !
http://youtu.be/rsL6mKxtOlQ

Rest in pEACe, Mr. Carlin.

[Window2Wall]

I don't think that any government can create anything decetralized,it is against its principles.
and if it is not decentralized,bitcoin wont suffer anyhting

I agree with this 100%. There is little point for them to give up control of their money in order to have a new decentralized currency that very well will probably fail. If they wanted to do this they might as well embrace bitcoin

[Coin_Master]

is there this possibility that bitcoin is bought out this other guy seems to think so.

Bought out?
How can you buy out a concept?
Bitcoin isn't a "thing" it is an idea.  The idea is "people making their own money without needing a bank or government to do it".
Satoshi Nakomoto could have called it anything, it wouldn't change what it is.
Too late for the Governments and Banks unfortunately, the "cat is out of the bag", people know they can make their own money "any time they choose" now.  New coins are coming out everyday

[BayAreaCoins]

I think they would be better off doing a subsidized pool and let the greedy ass miners give them >51%.

[Dondie]

I think so yes. The thing is now, bitcoin has a little impact all over the world that is why US government is still looking the other way

[chenka563]

just like Gold,no one can buy the all gold,also no one can buy all the btc

[commandrix]

They can sure try to copy Bitcoin. Technically all the scamcoins you see out there are Bitcoin and Litecoin clones. I've suggested using Bitcoin or something like it to counter the bad inflation problems that some nations have. MintChip was a decent idea in theory; the problem obviously is making such a thing stick like, say, through a really good marketing campaign. It must suck for them that this is the first I've heard of it.