Topic: FEAR the BITCOIN - page 2. (Read 2946 times)

There are things that you can do right now and things in the works that will prevent this scenario:

You can stop using vanity addresses (I have)
You can stop reusing addresses (always use a new address for each transaction and change)
Demand the implementation and use of BIP32 system wide for all periodic payments and "static" address uses
Support the implementation and use CoinJoin (already implemented on blockchain.info so use it)
ZeroCoin, maybe but this requires a fork in the blockchain
If you are a miner use a pool which discourages address reuse with the Luke-Jr patch

Summary in my signature here:

Those blacklisted millions would have much less value than whitelisted ones. So it would not be fine in any case. Can you pay with fake(counterfeit) money on real black markets?

What do you think, long term wouldn't this be possible for the government to do?....

Couldn't a system be put in place where the currency would have to go through an exchange/service, where it would then become deemed verified/stamp of approval/marked/legal, etc (have all necessary measures in place to track).  Then at that point the owner would have his "pre-approved/validated" coin, and could spend it mainstream on whatever merchandise or services he wanted. 

However.....if it was NOT approved(gone through the system) it would be red flagged and NOT accepted. 

So you could have millions (secretly) but not able to spend in a practical way.  I guess it would be fine if you were a whiskey drinkin, gun slinging, drug smoking, yada yada, type of person.  Black Market.

I don't know?!!!....think I am spending too much time on this forum hahaha.  I have things to do!  Geeeezz...the bitcoin topic can be addictive cant it?

my mind on my money and my money on my mind
-SNOOP

That's exactly what went through my head.

Obama - But what if they each run their own copy of the protocol and keep their addresses secret and encrypted on their computers?  Without any "accounts" anywhere, how will we enforce identification?  That would be like trying to enforce identification on every physical wallet in every pocket or purse of every citizen.  I don't think that's going to work.

Bernanke - Hmm.  I assumed that companies would create bitcoin banks and that everyone would just deposit their bitcoins into the "banks".  You're suggesting that since the protocol is open source, anyone that wants to can simply secure their own funds and make electronic payments without need for a bank?  That's going to be a problem.  Oh well, so we loose our ability to take control.  At least we still abandon the current unsustainable fiat system.  I guess people will be happy that they gain freedom in addition to confidence that their savings won't be inflated to worthlessness.


Obama - But, we since we won't know who the addresses belong to, it will be difficult to identify who owns what or where they are spending it.  We can still use our subpoena power to track down transactions just like we do with traditional banking today, but we won't gain any magical ability to "know what everyone does".  Since employers and spouses won't have subpoena power, anyone who is reasonably careful will still be able to maintain their current level of privacy.

Bernanke - Hmm, I guess you're right.  The ability of anyone to create a new address anytime they want and to control who they give that address to, along with the lack of any personally identifying information in the address itself does make things difficult to track.  I guess it won't make it easier for us to know what people are doing, but at least it won't be much worse than it is right now. Law enforcement will still be able to subpoena the records of companies that send or receive bitcoin if a need arises.


FTFY.

Btc created by gorvement?
Most stupid thing i ever heard....

Bitcoin an Orwell or Government experiment...? Nooooo...
But anyhow who needs Mixing services - has the choice to do so, who needs traceble transactions - has the choice to do so and be in the blockchain forever with his particular transaction.

But isn't the Bitcoin environment is a wonderful playground for University Micro- and Macro-Economics professors to do different kinds of studies about market behaviour, pricing theory (here: exch.rates), fraud risks and assessments, dont you think?
And so far as the Bitcoin world itself is unregulated such a field study could be really giving interesting outputs...

The pricing "bubble" (    ) we are going through these days and the opinions of users here at Bitcointalk are a very nice study object too.
I am quite disappointed I have a daytime job and can't fully follow this economics more deeply at the moment.

Anyhow it's a great thing we are going through.  Am glad that I was born into the late 20th century!
Remember: as long as it doesn't impact your health, your love, your family - it's just economics, just money, just Bitcoins.    So let the experiment rise to become a true living environment.

R.

Oh dear *facepalm*

Google 'open source' , read, learn, become wiser,  you're welcome

@buggrock
Nice one, but there are ways to fight CoinValidation.
Bitcoin makes sence only as anonymous payment network

Bernanke- Mr President, the financial system is unsustainable at the current printing rate of all Central Banks, collapse is  enevitable, people are starting to panic and are buying up all the precious metals for protection. We need to create a new financial system without panicking the world.

Obama- Any suggestions

Bernanke- Yes, We have created a vitual currency, We will anynomously publish it (satoshi) on the internet with some instructions (whitepaper). It will be an open source (Public) system, so that it will grow on its own, it will seem like we had nothing to do with it, when  the public begins to convert all of its fiat into the new digital system, we will hold a hearing on the matter of virtual currency and support it then (problem solved).

Obama- Interesting Idea, But we will have to encourage the public (Covertly)  to switch over to the new system, without upsetting anyone.

Bernanke-  Just make alot of poor people rich in the proccess, and no one will get upset.  The lower class loves get rich stories. Once alot of people become rich, the sheeple will follow in and put all there money into the new system, in hopes of getting rich too.

Obama- Hmmmm, But how will we (The Goverment) Take control of it.

Bernanke- Well sir, We can setup a website (Silkroad) and encourage illegal activities on there. Once the media & public begin to put alot of money & attention into this new currency system, we will shutdown the illegal website, and announce a (Fake)  arrest in the media . Its important that you tell the media that digital money was being used for all there illegal transactions, including some terrrorist activity, we can use that (Fake) arrest  as a platform for a senate hearing and putting-in the government regulations.(Control)

Obama- Sounds good, Tell me more.

Bernanke- Well Mr. Obama its very easy. Opening a virtual account will become like opening up a regular bank account. At first you would not need ID verification so that the public feels  corfmtable, and free, but as the system becomes simplified and mainstream (To Protect the Public from fraud, terrorist, and suspicous activities) , you will be required to verify every account to an identification, just like a regular bank does, this will become our new banking system.

Obama- Ha Ha Ha, to protect the public  from fraud, thats how we will take control (Regulate it), thats a good one.

Bernanke- Am not finished sir, Because the system was created as an Open Source (Public) system. Will have access to every transaction made in the world.We will know what everyone does . (TOTAL CONTROL), Employers can see what there employees do, Spouses can see what each other do. We will create a virtual (open source) society that we can have access to, nobody will be able to do anything without us knowing about it.

Obama- Your Brilliant Benny, Great  Idea

Bernanke- I know you didnt hire me for my looks sir, Ha Ha Ha Ha

Obama- Sure didnt, Haha hahahaha

No, only if you post links to torrents on public servers.

Open up a peer to peer network for media (music, videos, etc) and you will be hunted ,caught , shutdown and imprisoned.

Open up a peer to peer network for currencies (which could threaten financial markets across the globe) and do nothing about it.

Things that make you think, hmmmmm

Unless of course, you were in on it.

Nobody is suggesting that you are a troll, that comment was directed at the Original Poster in this thread (buggrock).

Someone who comes to a forum that exists specifically for the promotion, improvement, and discussion of bitcoin and creates a post that has a subject line of "FEAR the BITCOIN" using capital letters to attract attention, and then goes on to spout unsubstantiated claims about "BTC was created by the government" and "Everything is linked to an IP adress", is generally a troll who is just trying to get a rise out of the members for their own entertainment.  Especially when they've created multiple inflammatory posts recently including comments such as "A lot of BTC exchanges only let you buy a WHOLE bitcoin" and "how will it become mainstream if the AVERAGE person cannot afford it".



That was more of a joke.  I really don't care what my post count is, and I doubt BurtW cares what his is either.


You're welcome.  I always enjoy a spirited conversation.

yeah, that's the that i do not completely agree with. you must understand that people are learning every day. they learn from commercial, from institutions and from govrnment, that is saying money, money, money. everyone with money is successful, everyone with money has a good insurance, life, health insurance, family.

that is all bullshit. you are feeling fine, because you are "programed" that way, from society, from the world around you, when you have money. but money is not a real value for all of people. at least two-third people are in this system, forced to use the money, because they have to live.

Reading through some of the previous posts, I came across TROLL.  OMG is that what I am lol.  Not even clear what that means!!  I like the fact that some post about a different take on things...it creates interesting dialogue doesn't it?  Even if it does come off a bit like conspiracy theory.  We all have a right to our opinions.  Ohhhhhhhhh....light just went on!!....is it about racking up your "post" numbers?!!! haha

I never claimed to be the sharpest knife in the drawer lol

Thanks DH...appreciate your responses, and not being too brutal on me  

Wrong thread.

Is it worth mining other coins and swapping them for bitcoin?

I fully expect governments to attempt to regulate the exchange of government issued currency with bitcoin, just like they regulate every other use of government issued currency.  It will be interesting to see how successful they are at that, but once a user has completed the exchange, it will be extremely difficult for the government to control how the bitcoin is used.


Certainly.  If a government decides that bitcoin is a threat to their stability, I would expect attempts to create fear of prosecution among it's citizenship, and perhaps even attempts to create fear in non-residents/non-citizens as well. How successful such attempts would be remains to be seen.


Sure.  That seems to have worked really well for drugs, alcohol, peer-to-peer filesharing, prostitution, guns, and (in those goverments that have attempted it) pornography.


This would create an open market for those that don't care about their anonymity, and a "black market" for those that are trying to hide.  Shutting down the "black market" will be about as difficult as shutting down any other "black market" in history.


Yes.  This isn't intrinsic to bitcoin.  You are correct, if the world's population allows any goverment or group of governments to act against them, it will happen.


That it is.  It's going to be a wild and exciting ride no matter what happens.

Involvement.....If the government wasn't involved from the get go, Im sure it will only be a matter of time

Shut down.......To prevent bitcoin from becoming mainstream, I don't think it would be a matter of monies, simply FEAR.  Instill fear into the people (in connection to bitcoin) and that would probably do it.  Isnt that usually the MO the government uses?

Requirements....Havent really thought the one through!  But couldn't they simply enforce the "its illegal"  to use bitcoin, unless through a government registered exchange.  And naturally, the exchange would have requirements (KYC).  I know specific transactions cant be linked at this time, but this is in the early stages.  Im sure something will be enforced to make it possible.

Control.........The people DO allow the government to act against their best interest all the time.  Lack of education, lack of thinking outside the box, false sense of safety and security, is what allows it to happen.

Uses........I understand it is still in the developmental stage, and therefore merch/uses, are not really widely available.  My point being...at present, sit and make money!


I am sure I will feel differently 3 months from now(as things change, and I learn more).  But for now, its very interesting, and exciting to watch and see how its going to play out!
I would love for this to be successful, but I feel human "self" and "greed" seems to seep in and fuuk anything good up!  The great part for me, is observing people's varying views on it...as with anything new and unknown.

Fingers crossed!!!!