Topic: Government &amp; Bitcoin - page 42. (Read 70850 times)

Quote from: Jmild1 on July 21, 2016, 06:23:13 AM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Whales might control the price, but what happens when there is a hard fork?
Miners might decide which version they want to run. This gives them power.

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Quote from: deisik on July 21, 2016, 03:59:15 AM

Quote from: goinmerry on July 21, 2016, 01:57:55 AM

Quote from: WEBcreator on July 21, 2016, 01:34:51 AM

Quote from: Herbert2020 on July 21, 2016, 01:29:57 AM

Quote from: deisik on July 21, 2016, 03:59:15 AM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

Exactly, but the moment we will achieve massive adoption the power of the whales will decrease in terms of manipulating the price of bitcoins. The volume of users is very important and that will help to protect the interest of majority and that would be the time that major merchants will also adopt due to stable price which might takes place.

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Quote from: goinmerry on July 21, 2016, 01:57:55 AM

Quote from: WEBcreator on July 21, 2016, 01:34:51 AM

Quote from: Herbert2020 on July 21, 2016, 01:29:57 AM

Quote from: goinmerry on July 21, 2016, 01:57:55 AM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as to to raise questions)

Miner can't control bitcoin because even tho they have fee for them when they are mining, it still not big as what whales do hold. The one who can control bitcoin are the people that hold most volume of it.

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Quote from: WEBcreator on July 21, 2016, 01:34:51 AM

Quote from: Herbert2020 on July 21, 2016, 01:29:57 AM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it

In fact, I'm saying quite the contrary (and have always been saying that, just in case). Less than a dozen mining pools already control over 90% of hashing power out there. I'm singularly curious how anyone understanding this can still claim that Bitcoin is decentralized? In respect to mining pools colluding, I guess it has already happened, since this is what invariably happens in oligopolistic markets...

It may well be that at least some of these pools are actually one entity in disguise (so as not to raise questions)

blackmachinegun

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Quote from: WEBcreator on July 21, 2016, 01:34:51 AM

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Lol I think it is impossible if the government did legalization in bitcoin. accept bitcoin tantamount to suicide or killing their own currency. because if they accept bitcoin bitcoin course will grow very rapidly from the local currency. and may have the possibility to take over their own local currency

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Quote from: Herbert2020 on July 21, 2016, 01:29:57 AM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

I really want to understand mining but damn it is really hard even I am reading it for quite a while still it is difficult for me. But I understand English.

So deisik is saying that there is no one controlling it and that is true right? So anyone, even if you are a big group of miners cannot do it.
So halving happened? Who did it? How did that happen that the rewards for them where halved if no one is controlling it?
Sorry kinda want to understand. Please dont bash me.

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Quote from: Herbert2020 on July 21, 2016, 01:29:57 AM

i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Big institutions and governments don't like to give away their control of money. Consumers might call for a bigger roll of bitcoins in the economy by forcing more and more shops to accept bitcoins as payments.
But the government will always oppose bitcoins as they can't control it or print more of it when they need it.

WEBcreator

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Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

Decentralized is only happening when there is no pool with 51% or more hashrate than the others. So far it hasnt been however it is only a matter of time until those pools realize and starting to form some kind of alliance however one thing for sure, majority of miners are chinese or located in chinese

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Quote from: groll on July 20, 2016, 08:08:28 PM

Bitcoin is decentralized, while governments want things to be centralized, that's why it's not something they would want to get involved with. Governments would have to have some kind of advantage, to start using bitcoin. Or, if the majority of people start using it, and therefore businesses and companies, then governments would also have to start using it. Governments might actually try to create their own version of bitcoin.

Why people stubbornly continue to repeat that mantra about Bitcoin being decentralized? It has long ceased to be...

that only proves that mining is being done by those who were willing to invest a lot of money into buying equipment and start a mining farm and have a cheap electricity.
but it doesn't change anything about bitcoin as an Decentralised financial system

decentralized in bitcoin means it has no central control, so if anybody like a developer or a mining farm decides one day that he wants to change something about bitcoin like block size he can't unless there is a consensus.

unlike a bank that can decide to take your money away from you and there is nothing you can do about it.

PuraPuraBego

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We need to know. Bitcoin it's not money but bitcoin is are Stuff. Where we can change this stuff for money. That's why bitcoin not supported at country.

bitcoinisfurture

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It will depend upon country to country . Many countries have ban bitcoin and few are taking under observation about how beneficial it could be in modern day. And may country already recognized bitcoin as investment. So bitcoin still has a long way to go to be accepted worldwide.

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i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Im thinking the other way around. We are not in line with each other I guess. My line of thinking with this matte is that bitcoins and government will complement each other. Government will not halt or stop or control bitcoins rather they will just not sit down, they will monitor the transactions and regulate the use of bitcoins to determine who are using bitcoins in nefarious activities.

Yeah! so you mean they can trace the transactions inside the blockchain? Bitcoin is anonymous in nature and there is now way the government will trace the users unless they will force the users to comply with the KYC policy which is not in the features of bitcoins.

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i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

Im thinking the other way around. We are not in line with each other I guess. My line of thinking with this matte is that bitcoins and government will complement each other. Government will not halt or stop or control bitcoins rather they will just not sit down, they will monitor the transactions and regulate the use of bitcoins to determine who are using bitcoins in nefarious activities.

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i think If all governments accept bitcoin can be an alternative currency then surely price will go sky rocket but it looks like that is quite difficult to happen in near to long term range. Mostly all big institutions will not allow that to happen.

I think the governments fear from its system of anonymity and whenever they will be able to get access to all of the records through which they will be able to see into the details of people and their transactions then they will adopt it.

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