ranochigo
Legendary
 Offline
Activity: 2954
Merit: 4166
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February 26, 2015, 03:27:12 PM |
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I see a serious risk that someone with money could try to "clogg" the blockchain. It would take a network of maybe 1,000 computers, bots, each making one smallish transaction every second. All transactions fees would be fully paid, but that would slow every other normal transaction.
Nodes have rules which prohibits them from relaying spam transaction. Your transaction would not get any confirmations and will not slow down other's transaction. |
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CASINO & SPORTSBOOK
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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countryfree
Legendary
Offline
Activity: 3052
Merit: 1047
Your country may be your worst enemy
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February 26, 2015, 11:19:43 PM |
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I see a serious risk that someone with money could try to "clogg" the blockchain. It would take a network of maybe 1,000 computers, bots, each making one smallish transaction every second. All transactions fees would be fully paid, but that would slow every other normal transaction.
Nodes have rules which prohibits them from relaying spam transaction. Your transaction would not get any confirmations and will not slow down other's transaction. That's good to know, though I wonder how does the software makes the distinction between spam and legit. I'll look into that. |
I used to be a citizen and a taxpayer. Those days are long gone.
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PenguinFire
Full Member
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Activity: 154
Merit: 100
That Darn Cat
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February 26, 2015, 11:26:42 PM |
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I would tax it if I wanted to stop it from growing.
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TooDumbForBitcoin
Legendary
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Activity: 1638
Merit: 1001
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March 19, 2015, 02:57:07 AM |
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What would you do if you wanted to stop Bitcoin? Nothing. Just not use it. This is more than enough to stop this ponzi. Time to present Amaclin with two awards: 1. 10 millionth person to incorrectly use the term "ponzi" when describing bitcoin. 2. Worst prediction of the year for 2014 - "BTC will be $10 in three months." Congratulations, Amaclin. Keep up the good work. |
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amaclin
Legendary
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Activity: 1260
Merit: 1019
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March 19, 2015, 04:28:21 AM |
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Congratulations, Amaclin. Keep up the good work.
Thank you. I am grateful. |
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mikelitoris
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March 19, 2015, 08:22:33 AM |
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i would force exchanges under my control to only allow btc to be bought and sold to addresses that are registered on my gov database & i'd audit the exchanges to make sure this happens, i would also have the individuals registered on my database pay a btc Gst, 10% of every purchase to be forwarded to my government addresses, audits as usual and the best part, hefty fines for any who break "the law"
early adopters wont be allowed to cash out on my regulated exchanges, until back taxes are paid on all previous transactions.
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6561742061206469636b
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Madness
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March 19, 2015, 10:17:57 AM |
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i would force exchanges under my control to only allow btc to be bought and sold to addresses that are registered on my gov database & i'd audit the exchanges to make sure this happens, i would also have the individuals registered on my database pay a btc Gst, 10% of every purchase to be forwarded to my government addresses, audits as usual and the best part, hefty fines for any who break "the law"
early adopters wont be allowed to cash out on my regulated exchanges, until back taxes are paid on all previous transactions.
That's not going to stop anything if you ask me . People can simply leave exchangers also if you ask for my opinion , I'd say that Exchanges are the thing that kills Bitcoin for the moment ... I mean Bitcoin is basically a symbol for paying in "privacy" and Exchanges defeats the whole purpose of that because they ask you for ID and passport and Resident and stuff like that ... ~ Madess |
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odedrozan
Newbie
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Activity: 33
Merit: 0
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March 19, 2015, 11:01:42 AM |
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They wont stop , but even if yes , theres like more lots lots of other crypto ..
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redsn0w
Legendary
Offline
Activity: 1778
Merit: 1042
#Free market
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March 19, 2015, 11:06:05 AM |
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I will do nothing, because it is impossible to stop bitcoin (only if all the miners shut down their hardware machine). Can you stop a wave? Can buy all the air? I think the reply will be , no I cannot. Bitcoin will succeed because it is the best alternative for the moment (much better than the actual economic system).
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Netnox
Legendary
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Activity: 2044
Merit: 1008
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March 19, 2015, 11:50:22 AM |
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I would buy slowly huge amounts of BTC then dump them to make the price fall.
Then do that again.
And again..
..until 90% of the people here will give up.
Yeah, it would cost some money. But banks' smallest problem.
Isn't this what they are doing already? |
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Agestorzrxx
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March 19, 2015, 12:38:48 PM |
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bitcoin can't be stop, as the BT can't be shut down, you see the pirate bay never be really shutdown.
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Bitcoinexp
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March 19, 2015, 01:56:18 PM |
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Hmmm... to stop Bitcoin quickly but with loads of time/money needed, would be to buy and dump, buy and dump, buy and dump until the value of Bitcoin pretty much nose-dives into the double digit range, then wait for the value to reach ground zero on its own. Honestly, i doubt this will work.
But then again, we could look at what's happening now- regulation. IMHO it's shackling bitcoins price now. Could either make it worse or cause bitcoin to be recognized and accepted by governments. Right now, it's pretty much neutral so it's anyone's guess.
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abyrnes81
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March 19, 2015, 02:00:07 PM |
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Hmmm... to stop Bitcoin quickly but with loads of time/money needed, would be to buy and dump, buy and dump, buy and dump until the value of Bitcoin pretty much nose-dives into the double digit range, then wait for the value to reach ground zero on its own. Honestly, i doubt this will work.
But then again, we could look at what's happening now- regulation. IMHO it's shackling bitcoins price now. Could either make it worse or cause bitcoin to be recognized and accepted by governments. Right now, it's pretty much neutral so it's anyone's guess.
bitcoin shouldn't be recognized and accepted by governments, it should 'destroy' them. Do you think bitcoin will be accepted by them? No more corruption, no more high fee instead of a pure 'transparency' , rapidity ... a real freedom of our "money". |
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johnyj
Legendary
Offline
Activity: 1988
Merit: 1012
Beyond Imagination
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March 19, 2015, 03:04:31 PM |
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There is no way to stop it now
However, government can greatly benefit from it. Today, governments around the world have a forever expanding debt, so they need a forever appreciating asset to balance it, otherwise the system will collapse. Bitcoin is the last piece of this puzzle. They have tried use IT companies, housing to make it balanced, and they all collapsed due to the fact that supply of those things can be increased at will
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moriartybitcoin
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March 19, 2015, 08:53:23 PM |
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well, if I was a central bank, I would buy up almost all the bitcoins out there .. watch the price rise over a couple years then dump the whole lot, crashing the price and completely destroying faith in the currency
if I was the NSA, I'd simply launch a 51% attack
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mikelitoris
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March 19, 2015, 09:35:26 PM
Last edit: March 19, 2015, 10:50:33 PM by mikelitoris |
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i would force exchanges under my control to only allow btc to be bought and sold to addresses that are registered on my gov database & i'd audit the exchanges to make sure this happens, i would also have the individuals registered on my database pay a btc Gst, 10% of every purchase to be forwarded to my government addresses, audits as usual and the best part, hefty fines for any who break "the law"
early adopters wont be allowed to cash out on my regulated exchanges, until back taxes are paid on all previous transactions.
That's not going to stop anything if you ask me . People can simply leave exchangers also if you ask for my opinion , I'd say that Exchanges are the thing that kills Bitcoin for the moment ... I mean Bitcoin is basically a symbol for paying in "privacy" and Exchanges defeats the whole purpose of that because they ask you for ID and passport and Resident and stuff like that ... ~ Madess I agree with what you said, at most it would allow me to gather a large amount of btc for little cost, until people started to trade privately. at most, governments working together would eventually force people to use more anonymous methods or be enslaved, as has been the cycle throughout history. |
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