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Author Topic: Could the governament play.........  (Read 1180 times)
madyusa
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May 12, 2011, 05:01:18 AM
 #1

Could the governament play with the electricity costs to indirectly alter the price of bitcoins so the BTC economy gets so unpredictable people start shying away from it?

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MoonShadow
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May 12, 2011, 05:03:04 AM
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I don't know how they could do anything to make it more unpredictable than it already is, but if they could manipulate the price of electricity to screw with bitcoiners, they would be screwing with every single tax paying business in the process.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
marcus_of_augustus
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May 12, 2011, 12:51:24 PM
 #3


Bitcoin represent a good base load application so will actually add stability to the grid and electricity pricing if anything at all.

goatpig
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May 12, 2011, 01:38:54 PM
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At the actual difficulty, a 5870 produces around 3 BTC a day and consumes ~180 W/h. At 10 cents per kW you're using around 45 cents to produce $17. If this price to difficulty ratio is maintained somehow maintained, the gov' would have to multiply the price of electricity by 40 to mess with miners, and still most would break even, with a few still profitable.

The populace would be shooting officials on sight long before we reach such levels.

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tomcollins
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May 12, 2011, 04:53:46 PM
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Could the governament play with the electricity costs to indirectly alter the price of bitcoins so the BTC economy gets so unpredictable people start shying away from it?

How does screwing with the costs of electricity affect BTC price?
Terpie
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May 12, 2011, 05:22:11 PM
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Could the governament play with the electricity costs to indirectly alter the price of bitcoins so the BTC economy gets so unpredictable people start shying away from it?

How does screwing with the costs of electricity affect BTC price?

It doesn't. There is a persistent belief here that the tail wags the dog with regard to difficulty and price. Although I will qualify, there is a small feedback when it comes to network strength and price.
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