Topic: btc authority (Read 1716 times)

Thanks both posts above this one.
This cleared it up for me now.
 

The authority is essentially the consensus of the blockchain. There isn't really anything, anyone or any organization that has more power than the individual, aside from maybe the devs for the blockchain. This is counteracted, however, by the trust and inspection forced on them by the community.

Bitcoin authority is already existing but we cannot see it. Because it is decentralized, people who use it, that is you and me are the authority because we take all actions to protect it from any harm in the sense that if anything happens to it we are the ones to be affected whether good or bad.

Technically, Bitcoin would have to be fundamentally changed for any centralized authority to get any actual power over it or its use. The day that happens will be the end of Bitcoin, as anyone who understands Bitcoin for what it really is will drop it like a bad habit because at that point it will be broken and useless. Most likely though, another coin that won't be broken at that time will probably take its place.

So what is this?
Some kind of policing of bitcoin?

I'm not sure if a bitcoin authority in things concerning governments really is necessary.
But I think for the future developement of bitcoin changes will be necessary at a certain point.
And the decission making process seems to me too slow.
I can imagine that an authority that shows options and gives timelines for developement would be a good thing.

If it comes to that, then yes, all of us, the Bitcoin users. What such a body would most likely try to do is levy Bitcoin transactions and make miners include the transaction tax into their fees, so that this supervising body would get some percentage from all Bitcoin transactions. How they could actually implement this and make miners pay I don't know, but this idea lies on the surface and comes to mind first.

How such regulatory authority will look like?

A bunch of clerks that will have to be paid for their work.Who is going to pay them?

All the bitcoin users?

There shouldn't be any of this happening either way, and in the event there is a regulating authority that materializes then there are going to be issues all around. Something like that simply does not fit with what Bitcoin is supposed to do and be.

I think there is no bitcoin authority to start with just to control the internet. Maybe a policy body,a consortium that will implement the road map but not to control it and there is no such kin din other countries. Unless that country pass a law to regulate bitcoin.

I think the policy of using bitcoin is the responsibility of users themselves. Bitcoin authorities in some countries may still be in question. because bitcoin including currency on the Internet is vulnerable to hacking. so in my opinion if the user can understand the risks bitcoin vulnerable to hazards, it is fitting that personal responsibility.

You asked, I answered.

Of course, with the ongoing controversies between the permanent members of the UN Security Council it is hardly possible that a resolution of banning Bitcoin would ever pass at all. But if tensions subside while Bitcoin, on the other hand, gets traction as well as wider recognition and becomes a real threat to government money, they could ultimately search for consensus. It won't kill Bitcoin, but that will surely affect it in a negative way. Would businesses continue to accept Bitcoin after it is outlawed and its users are made into criminals?

I see what you mean, but I don't think the UN could pull it off. Certainly in America (and maybe everywhere) such a mandate would be greeted with outright hostility. I would not even consider obeying such a law and I have no fear whatsoever of repercussions.
So far no one has demonstrated a method that could stop me or anyone from using BTC. There may be people at the UN or elsewhere who would like to see bitcoin just do away, but it ain't gona happen. The war is over and we won.
Perhaps in a place like China, with it's great firewall, could greatly limit BTC. However as long as we have net neutrality we're good.

@UN: Bring that shit. I'm ready. You're not.

I don't know the exact procedure but I think that the UN Security Council could possibly issue a resolution potentially banning Bitcoin, for example, under the pretext of fighting terrorism or preventing money laundering, and that would be binding to all UN member states. Whether the Security Council (its permanent members) is actually able to unanimously accept such a resolution is another question, but if it is and does, Bitcoin will be officially outlawed on a global scale.

the IMF can only deal with government money. EG a painting or jewellery is a tradable asset. the IMF wont get involved with that
the UN can only deal with governments.

though governments can make laws to prohibit (make illegal to use) something. the law is just paper. paper cannot attack electric. just like paper couldnt directly attack liquid (moonshine/alcohol of the last century)
it requires court orders and law enforcement (HUMANS) to investigate and deliver these bits of paper to ISP's to shut off the internet of <6000 nodes/raid pubs/bars and drinking clubs.

but bitcoin nodes are not (should not) be confined to one country. thus if america prohibits bitcoin and gets a court order to disconnect the internet of 1500 peoples landlines. there are still 3700 nodes connected to the internet in other countries.

right now there are 91 countries that have nodes running. so all 91 countries will need to pass a law to prohibit bitcoin to then use that to all simultaneously get the ISP's of all nodes to disconnect the internet of all <6000 nodes.
though in minutes someone can knock on a neighbours door and borrow their landline internet or a open wifi to get their node online, while they sort out their own landline.

bitcoin is a little weak in this area because it does not cover all 200 countries and the majority are not using satalite internet to avoid a small possibility of international law changes and/or ISP take down requests.

but even in a worse case. people will just change their home address to get access to a new landline access to the internet. and borrow/rent friends internet for a month, while its getting sorted. thus all they can do is disrupt bitcoin temporarily, thus its a fools errand to take down someones internet.

mining pools already have several servers to mitigate the risk of not relying on one ISP access to the internet. so overall i cannot see governments being able to permanently stop the bitcoin network. but we should atleast not be apathetic and not trust/hope governments wont change laws or isps wont follow court orders or pretend that 91 countries is enough diversity/distribution.

we should always be looking to expand diversity/distribution to mitigate risks.

How?

No, there will never be such kind of authority. They have no power over blockchain, so they can't do anything.

Do you see internet with one authority? then you can understand why bitcoin can't have one unless of course satoshi agrees on donating half of his stash to build a physical office and such.

I think It will become very regulated in the sense that banks and financial institutions are already developing platforms to use crypto, with that sort of corporate interest comes government laws and regulations. Governments do not what currency they cannot regulate, manipulate and control.