Topic: An easy way to shutdown Bitcoin? - page 2. (Read 2177 times)
I think that if the government attempted to do all of those three things, I'd be extremely wealthy by 2020 and living on a private island somewhere. If they just tried to do #3, I'd probably only be able to retire at 50.
Hello, I am new to the whole Bitcoin experience, but it is very interesting to me. In response to all of the talk about Schumer and the government controlling Bitcoin usage, I thought of an easy way the US Government (or any governement for that matter) could shutdown Bitcoin. Please let me know if my logic is flawed somewhere.
1. Using massive amounts of computing power at the disposal of an entity like the US Government, start mining Bitcoins and do this until all of the bitcoins have been mined.
2. Using massive amounts of money, like the government already spends on worthless crap, buy all of the bitcoins they possibly can. Heck, instead of spending money for bitcoins, just allow bitcoin users to pay their taxes with them.
3. As they acquire Bitcoins (through mining, buying, or tax revenuw), delete the wallets/private keys so that the Bitcoins are lost forever, never to be retrieved again.
The idea is to acquire bitcoins and then lose them forever so no one can ever use them. If they did something like that (or something more sophisticated), couldn't they almost effectively eliminate bitcoins? The only other result I can think of is that the price of bitcoins would go way up as they became more and more scarce, making it impossible for anyone to buy them.
I don't know, maybe my logic is flawed. I am new to this stuff. It just seemed like something the government could do keep people from using them.
I think it is bull that Bitcoin is being blamed on issues like money laundering and drug sales, it's not the technology's fault. Sounds a lot like blaming guns for killing people instead of the people who are pulling the triggers.
Anyway, just a thought. Let me know what you think.
Ken
1. Using massive amounts of computing power at the disposal of an entity like the US Government, start mining Bitcoins and do this until all of the bitcoins have been mined.
2. Using massive amounts of money, like the government already spends on worthless crap, buy all of the bitcoins they possibly can. Heck, instead of spending money for bitcoins, just allow bitcoin users to pay their taxes with them.
3. As they acquire Bitcoins (through mining, buying, or tax revenuw), delete the wallets/private keys so that the Bitcoins are lost forever, never to be retrieved again.
The idea is to acquire bitcoins and then lose them forever so no one can ever use them. If they did something like that (or something more sophisticated), couldn't they almost effectively eliminate bitcoins? The only other result I can think of is that the price of bitcoins would go way up as they became more and more scarce, making it impossible for anyone to buy them.
I don't know, maybe my logic is flawed. I am new to this stuff. It just seemed like something the government could do keep people from using them.
I think it is bull that Bitcoin is being blamed on issues like money laundering and drug sales, it's not the technology's fault. Sounds a lot like blaming guns for killing people instead of the people who are pulling the triggers.
Anyway, just a thought. Let me know what you think.
Ken
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