Topic: Goverment can literally destroy bitcoin whenever they want (Read 717 times)

You’re such a techie, bro, fed agent worm. But not as good as stealing from the poor. 

——


Lies and liars trigger me the most next to stealing from the poor. 


Quote - why delete facts, Agent Microguy? 

Since you fraudulently and purposely failed to notify the devs and community of every coin you secretly bought I’ll post this on every thread you’re on, agent “MegaLie”.

 Bluecoin will be stuck in litigation for years until I get my coins.  I wasn’t stupid to sign the settlement. 

Vlad


Quote - why delete facts, Agent Microguy? 

Microguy, the broke fed guy cause he’s a philanthropist.  Takes coins from their proper owners and gives them out the Back door “for free” so the trail is cut.  Clever for a geriatric.

But I’m coming for my 8% of blue coins you gave away without a single attempt to contact the devs or me, as you did with
With almost all the ~ different coins you  grabbed for nothing in that secret “Auction”.  You’re on my shitlist, maggot. 

Vlad


Talking about others’ insults, thiefs, liars and schemers.  The aggregate amount stolen by back-door “philanthropist” agent Microguy is peanuts.  Time to bring darkness into the light. 

You’d know best fed agent, pig vomit. 

——

Lies and liars trigger me the most next to stealing from the poor. 


Quote - why delete facts, Agent Microguy? 

Since you fraudulently and purposely failed to notify the devs and community of every coin you secretly bought I’ll post this on every thread you’re on, agent “MegaLie”.

 Bluecoin will be stuck in litigation for years until I get my coins.  I wasn’t stupid to sign the settlement. 

Vlad


Quote - why delete facts, Agent Microguy? 

Microguy, the broke fed guy cause he’s a philanthropist.  Takes coins from their proper owners and gives them out the Back door “for free” so the trail is cut.  Clever for a geriatric.

But I’m coming for my 8% of blue coins you gave away without a single attempt to contact the devs or me, as you did with
With almost all the ~ different coins you  grabbed for nothing in that secret “Auction”.  You’re on my shitlist, maggot. 

Vlad


Talking about others’ insults, thiefs, liars and schemers.  The aggregate amount stolen by back-door “philanthropist” agent Microguy is peanuts.  Time to bring darkness into the light. 

You’d know nest, fed agent maggot. 

——

Lies and liars trigger me the most next to stealing from the poor. 


Quote - why delete facts, Agent Microguy? 

Since you fraudulently and purposely failed to notify the devs and community of every coin you secretly bought I’ll post this on every thread you’re on, agent “MegaLie”.

 Bluecoin will be stuck in litigation for years until I get my coins.  I wasn’t stupid to sign the settlement. 

Vlad


Quote - why delete facts, Agent Microguy? 

Microguy, the broke fed guy cause he’s a philanthropist.  Takes coins from their proper owners and gives them out the Back door “for free” so the trail is cut.  Clever for a geriatric.

But I’m coming for my 8% of blue coins you gave away without a single attempt to contact the devs or me, as you did with
With almost all the ~ different coins you  grabbed for nothing in that secret “Auction”.  You’re on my shitlist, maggot. 

Vlad


Talking about others’ insults, thiefs, liars and schemers.  The aggregate amount stolen by back-door “philanthropist” agent Microguy is peanuts.  Time to bring darkness into the light. 

Hello everybody. My opinion is that the majority of participants in all the governments of the world strive only for their own gain - this is very simply proved every year by the widening gap between the rich and the poor, Bitcoin is a tidbit to destroy it. As for if these people would like to destroy bitcoin, this is also a very simple answer, and here one does not need to have a better education in the world. Look at the countries that banned Bitcoin, - this is the same as I say early tomorrow morning - the sun, I forbid you to rise, let it always be night. This is nonsense - Bitcoin cannot be prohibited.

Sadly this is what they are doing right now, instead of banning bitcoin they are putting a lot of taxes on it which will force out the people to use it due to extensive taxation. It is true that the government has the ability to manipulate the market in theory, they can just buy a huge amount in the market without us knowing but that would also affect their economy, and just a negation from the tax they have imposed. But from what I am seeing now, from the movement in the market I know anonymous people have already occupied the market and that means they are the ones who's owning it.

One of the points of Bitcoin is decentralization and the fact that a government or whatever entity CAN'T destroy it. Like literally can't destroy it. The biggest attack a government could do on Bitcoin would be to ban it in the country, which some countries have done. But there's like 200 countries so Bitcoin will continue around the rest of the world wherever it isn't banned. That would simply hurt adoption but not destroy it.

I suppose a government could try a 51% attack, which would actually require them to run 101% of the entire bitcoin network. I mean first off they would have to spend tax payer dollars on attacking the financial industry which would probably be illegal in most countries. Also they wouldn't be able to do that with cloud mining because there aren't enough ASIC miners floating out there in cloud mining services to double the size of the entire bitcoin mining network. So they would have to buy their own miners to double the size of the network, but if they tried to do that ASIC miner inventory would run very low like in 2017 and prices would skyrocket. So it would take a long time and it would cost much more money than you would think based on the current price of miners. And the bitcoin hashrate is increasing quickly most of the time so the longer it took for the government to get their hands on all those miners the harder it would become. Then they'd still need to pay for the many many millions of dollar a day of electricity required to run those miners to attack the network.

But let's say some oppressive gov't (which is needed to be able to legally spend money on attacking a finance sector) does spend all this money over all this time and actually were able to implement the attack. The network could just fork in that event, which I'm sure there would be a consensus about if there was a major concerted attack by a gov't actor to destroy bitcoin, and just like that all that money would have been wasted and Bitcoin would still be going strong.

At this point Bitcoin is by far the most secure network in human history and it would take a truly global scale (not national scale) attack to put it in jeopardy and even then it could be mitigated. Bitcoin was crushable in its early years but not anymore. It's like the end of Terminator 3 when John Conner realizes that skynet isn't running from some central location on hardware that can be destroyed, its just software running on computers all over the world, it can't be destroyed - that's Bitcoin.

The only way to actually "destroy" Bitcoin would be to convince people not to touch it. Which is why that has been the major strategy of people who feel threatened by Bitcoin. It's not a technical attack by a psychological attack. This is why you hear endlessly from certain people in governments or certain people in the financial sector who say its only for criminals and its rat poison or a fraud or a ponzi or whatever absurd lie they tell. And sure it works because you hear plenty of other people parrot what they say. But over time more and more people continue to join Bitcoin so this attack is so far a losing battle for them, but its the only option they have since they aren't smart enough to simply embrace Bitcoin.

They will think of it if it's a worth it test. They can do something better with the budget rather than doing the attack. It's not of their priority and the money can be used good in another type of research rather than giving headache to the whole network.
And there's no assurance if they will succeed doing that.

It's theoretically possible,but it's practically pointless,because of the reasons you mentioned.
Spending taxpayer's hard earned money just to destroy the BTC blockchain?Governments aren't that stupid.
Is there a crypto whale(or a group of crypto whales),who will invest billions of dollars just to perform 51% attack and destroy the value of Bitcoin without any clear benefit and without any return of investment?
The governments might hit Bitcoin just by banning cryptocurrency trading and mining,not by a 51% attack.

in order to destroy bitcoin, governments need to act purposefully and the only way to do this is to shorten Bitcoin by fixing its price at $ 1,000 for a long time.  During this time, many cryptocurrency users may lose interest in bitcoin and this will lead to the collapse of the largest cryptocurrency in the world.  but this scenario will not succeed, because no government will donate such a large amount of money, since this idea has rather illusory goals. In addition, a decentralized cryptocurrency system in any case, thanks to an emergency update, will be able to protect itself, which in any case will be supported by a huge number of miners from around the world.

As I have already written in previous posts, the reason is in the money - and if we generally agreed that 51% of the attack costs a lot, then only by applying laws that are almost free they are practically throwing Bitcoin into the sphere of illegal activities. Despite the fact that today Bitcoin is mostly legal, in some countries like Japan or Germany fully regulated, this does not mean that it is widely used. Any negative measure would be multiple counterproductive for the further advancement of Bitcoin as a currency, and all these theories about a 51% attack at this point make no sense.

Bitcoin is not a threat to anyone at the moment, and given the current state of the world, there are much bigger threats that will be the focus of attention in the coming years.

But it doesn't change anything to the current status of Bitcoin and regulatory oversight on centralized exchanges, Bitcoin's base layer is still there.

Plus it's simply NOT TRUE, how are Lightning nodes exposed to regulatory oversight as custodians, and where is it happening right now? NONE. The Bitcoins are not "in custody," they're payment channels.

still interesting if they decide they can  afford it how much times it would take

That is a fact, the government can destroy and control the crypto world but I don't think that it could happen because they will need to spend a lot of money before they destroy it and I think they would not prioritize first destroying the crypto because they to do some other things more productive than destroying bitcoin. They have to spend money on doing some government projects or they may also need to save it for future sake.
I don't think so, why they would tend to lessen the user of the bitcoin by just making it inaccessible to the most ordinary internet users if they can do it as a whole?

No, because you focusing only on technical side. Yes they have money to buy a lot of hardware, yes in theory they can manipulate by that but there is one thing you forgot.
People.
People running Bitcoin, combined in 3 power groups, devs, miners, users (bitcoin servers). If people will realize something fishy happening, they will combine force to get rid of the problem right away. Many ways to counter this

That is all true but most of governments do not want to supress Bitcoin, no matter that some think. To my opinion this whole story with Bitcoin and governments is exaggerated. It's not in their best interest to destroy Bitcoin but they don't want to allow cryptocurrencies to enher the financial and economy system so easy and without proper regulation.
Yes, there were some examples in some countries where governments wanted to ban the Bitcoin but that were countries they supress human rights and freedom anyway.

I will repeat what I saw in a Bitcointalk ad slot somewhere, even if a government performs a 51% attack they can only alter the transactions they perform, they have no control over other users' transactions.

if indeed the government wants to do it then they will do it from the past, now they might also realize the presence of bitcoin can benefit people and the economy of each country, some people also use bitcoin as a commodity or asset to avoid inflation, I am sure there are also individuals from the government who save bitcoin.

I know that sometimes it looks like the government is trying to suppress this or that or go against a certain group of people or a certain trend, but most politicians care only about their public image. Banning Bitcoin would show them as puppets to bankers or as people who are afraid of outflow of capital from their country. In other words, it would make them look weak. It's better to tax the shit out of Bitcoin than ban it, as it will automatically scare some people away from it and bring some money to the treasury.

Well, the vast majority of people still unquestioningly obey the laws, whatever they may be, so if Bitcoin were to be declared illegal, there is no doubt that it would be disastrous for the entire crypto system. That's why I say that it doesn't make much sense to discuss the possibility of someone going with a 51% attack, when there are much cheaper measures to make a much bigger effect for much less money.

In the months of the Libra debate, I remember a statement from a US congressman (Brad Sherman) who said Bitcoin was actually still a small baby, and that means it poses almost no threat to the U.S. dollar or any other currency in the world. Compared to the stock, real estate, gold or fiat money markets Bitcoin is really just a small baby that is subject to any manipulation and control.

if there's no opposition coming from the public who use bitcoins and cryptocurrency for sure the government can destroy it, but if all people will oppose and explain what is the benefits of blockchain technology together with cryptocurrency for sure the government will think about it. Remember unity can also destroys those drafted plans if the people will unite to defend on what is good to them.