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Author Topic: I was thinking.  (Read 1350 times)
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May 08, 2012, 05:14:36 AM

I'm new, so if there's a link that explains it better.  I won't be offended if you just post that.  BUT....

I'm trying to imagine how converting 30 million into bitcoins could put them in a position to create havoc on the network.  That would mean even individuals could do it.  Just look at how much is being spent on US superPACs.

They could buy stuff, they could convert back to USD or what ever at the current rates, they could give the BTC away (in wich case, please can I be in line?  I'm still working on my first 1BTC  Grin )  Or they could 'disappear' the BTC which wouldn't be a whole lot different than putting it into a savings account (potentially, that could raise the value of BTC if they took out a large percentage of BTC available?)

The only way I can see that they could create havoc on the system is if they could create NEW BTC from thin air (fiat currency).  I don't think they can do that, can they?

51% rule.

If the US buys out 51% of all the bitcoins out there, they could theoretically control the market.
Not if they buy 51%, they need to have 51% of the hashing power of the total network.
So if total power is now 11GH/s and they have nothing, they need a little over 11GH/s to be able to double spent.

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