Topic: Government vs Bitcoin ? (Read 5900 times)
Governments just want to get tax out from bitcoin, other governments have started to learn how to deal with bitcoin because bitcoin will definitely affect the economy of a nation, other governments have banned it already, others regulate it but I hope that one day we will be all unite to use cryptos especially bitcoin.
I am sorry sir, but in my opinion it's not really make sense. If government pretend bitcoin as a threat then government was tried to destroy bitcoin since long time ago. I read some news that there are some countries which is embrace blockchain technology so in my opinion bitcoin has very bright future and government don't have a problem with it.
Bitcoin and government is still not getting along. Why? Because the government wants to control over the Bitcoin or to regulates this crypto currency which Bitcoin is not into it. A lots of crypto people also wants to remain Bitcoin as it is as a decentralized and anonymous as it is. Moreover, we can say that they are not to what we can say that they were enemies.
government and bitcoin can't really get along. because bitcoin will not be as good now as the preferred bitcoin character is because bitcoin is not regulated and is not held by the state or certain government.
decentralized. without government interference
Bitcoin and government is still not getting along. Why? Because the government wants to control over the Bitcoin or to regulates this crypto currency which Bitcoin is not into it. A lots of crypto people also wants to remain Bitcoin as it is as a decentralized and anonymous as it is. Moreover, we can say that they are not to what we can say that they were enemies.
government and bitcoin can't really get along. because bitcoin will not be as good now as the preferred bitcoin character is because bitcoin is not regulated and is not held by the state or certain government.
decentralized. without government interference
Bitcoin and government is still not getting along. Why? Because the government wants to control over the Bitcoin or to regulates this crypto currency which Bitcoin is not into it. A lots of crypto people also wants to remain Bitcoin as it is as a decentralized and anonymous as it is. Moreover, we can say that they are not to what we can say that they were enemies.
government and bitcoin can't really get along. because bitcoin will not be as good now as the preferred bitcoin character is because bitcoin is not regulated and is not held by the state or certain government.
decentralized. without government interference
Bitcoin and government is still not getting along. Why? Because the government wants to control over the Bitcoin or to regulates this crypto currency which Bitcoin is not into it. A lots of crypto people also wants to remain Bitcoin as it is as a decentralized and anonymous as it is. Moreover, we can say that they are not to what we can say that they were enemies.
government and bitcoin can't really get along. because bitcoin will not be as good now as the preferred bitcoin character is because bitcoin is not regulated and is not held by the state or certain government.
decentralized. without government interference
Bitcoin and government is still not getting along. Why? Because the government wants to control over the Bitcoin or to regulates this crypto currency which Bitcoin is not into it. A lots of crypto people also wants to remain Bitcoin as it is as a decentralized and anonymous as it is. Moreover, we can say that they are not to what we can say that they were enemies.
Government and bitcoin is two interrelated thing. Although beis a decentralised currency which means it doesn't under control of any kind of authority or government but still in a particular country the government of that country is superior then that of bitcoin. If a government want it can ban bitcoin trading, market in their country and also influences other country to do the same. In country like Israel, Bangladesh, China sri lanka their government ban bitcoin in their country because bitcoin influence their country economy in a negative way.
It was really funny reading the earlier posts, and how it would only take a few GPUs to affect the hashrate, costing only about $100k.
Even now, the government could spend 10 billion dollars and make its own dedicated chips to attack bitcoin. Although with the speed and efficiency that government typically does things the chips will somehow cost 10 times the initial amount and be complete by the time they are completely obsolete.
Government is not all powerful. Even the US IRS is horribly underfunded.
As a one of the 2010 posters mentioned, the biggest governmental threat to bitcoin is Judiciary.
I've seen cases on YouTube where people where prosecuted for operating a money transmitting business without a licence, just for selling bitcoin for USD, which is complete bullshit.
Then again, when they haul you off to jail to get locked up with big dick McSqueek that's where government can beat individual Bitcoiners.
But as a whole, I think we can outsmart the government, should it be so unreasonable as to threaten Bitcoin.
We can, switch algorithms or slower block generation speed and switch to a bitcoin protocol through shortwave radio. Or a million different things.
Once bitcoin was first implemented the genie got out of the bottle. As long as there are people who want financial freedom, bitcoin will exist, whether the government likes it, or not.
Even now, the government could spend 10 billion dollars and make its own dedicated chips to attack bitcoin. Although with the speed and efficiency that government typically does things the chips will somehow cost 10 times the initial amount and be complete by the time they are completely obsolete.
Government is not all powerful. Even the US IRS is horribly underfunded.
As a one of the 2010 posters mentioned, the biggest governmental threat to bitcoin is Judiciary.
I've seen cases on YouTube where people where prosecuted for operating a money transmitting business without a licence, just for selling bitcoin for USD, which is complete bullshit.
Then again, when they haul you off to jail to get locked up with big dick McSqueek that's where government can beat individual Bitcoiners.
But as a whole, I think we can outsmart the government, should it be so unreasonable as to threaten Bitcoin.
We can, switch algorithms or slower block generation speed and switch to a bitcoin protocol through shortwave radio. Or a million different things.
Once bitcoin was first implemented the genie got out of the bottle. As long as there are people who want financial freedom, bitcoin will exist, whether the government likes it, or not.
I think the government has a strong impact on bitcoin. Major regulations may cause the bitcoin market to increase or decrease. Bitcoin prices will fluctuate sharply when the government makes an important decision.
Although bitcoin is decentralised currency but still Without government permission bitcoin cannot trading in a country.in country like china Bangladesh Ecuador bitcoin ban by their government because of its decentralised nature and in those countries their economy is affect by bitcoin. Bitcoin affects their country national currency and also affects their bank profits. But in country like japan their government fine with bitcoin. They also encourage their people to use bitcoin. In many developing countries bitcoin is the only source for money transaction.
Bitcoin is not the enemy of government neither government but there is a big misunderstanding and that is government want to regulate it but bitcoin is beyond regulation.
Maybe this is something that has been discussed before, but, what if a government, any government really, for any reason, decided to take down the bitcoin network or simply DOS the hell out of it ?
My calculation might be incredibly naive, but if I take the figures from bitcoinwatch[1], and fiddle a bit with the bitcoin calculator[2] :
- Right now (block 88894), 180 blocks generated during last 24h
- that's a block every 8 minutes on average
- average of 8 minutes for block generation would require 25 ghashes/s
So if my logic isn't flawed, the network as a whole crunches at approximately 25,000 mhashes/s
So, that's 42 Radeon 5970 graphic cards if i take the advertised figures here[3].
So anyone with a little spare money (let's say 100k$) can successfully :
1. generate at full speed with tweaked client,
2. stop right after difficulty increase, significantly slowing down the block generation and transaction handling
3. repeat after difficulty decrease,
4. sell generated coins,
5. increase crunching power
6. finish by undermining trust in bitcoins, (advertise your attack, refuse to include transaction in generated blocks etc.)
I don't think there's much incentive for regular people to donate CPU time which would make such an attack really hard :
- On regular computers, with most widespread OS, generating gets the fan to be really noisy (might seem like nothing, but I personnally hate loud computers)
- Generation rate is really slow unless you know how to get your GPU to do the work
I think bitcoin security could come from millions of people donating a few khashes/s and not a few people giving a bunch of mhashes/s. My point is that I don't really see an incentive for regular people to generate.
Is my logic completely flawed or should I just dump my wallet on mtgox and run ? =)
calm down, now cryptocurrency users have a lot, if we strong users maintain it, then the government will give permission to all of us, I am sure that can happen, depending on how our efforts are. My calculation might be incredibly naive, but if I take the figures from bitcoinwatch[1], and fiddle a bit with the bitcoin calculator[2] :
- Right now (block 88894), 180 blocks generated during last 24h
- that's a block every 8 minutes on average
- average of 8 minutes for block generation would require 25 ghashes/s
So if my logic isn't flawed, the network as a whole crunches at approximately 25,000 mhashes/s
So, that's 42 Radeon 5970 graphic cards if i take the advertised figures here[3].
So anyone with a little spare money (let's say 100k$) can successfully :
1. generate at full speed with tweaked client,
2. stop right after difficulty increase, significantly slowing down the block generation and transaction handling
3. repeat after difficulty decrease,
4. sell generated coins,
5. increase crunching power
6. finish by undermining trust in bitcoins, (advertise your attack, refuse to include transaction in generated blocks etc.)
I don't think there's much incentive for regular people to donate CPU time which would make such an attack really hard :
- On regular computers, with most widespread OS, generating gets the fan to be really noisy (might seem like nothing, but I personnally hate loud computers)
- Generation rate is really slow unless you know how to get your GPU to do the work
I think bitcoin security could come from millions of people donating a few khashes/s and not a few people giving a bunch of mhashes/s. My point is that I don't really see an incentive for regular people to generate.
Is my logic completely flawed or should I just dump my wallet on mtgox and run ? =)
If think the government is interested in Bitcoin because it still isn't much regulated. Imagine how huge are the money flows – undoubtedly, the governments want to be able to track all the transactions.
Yes, in some countries that are at the stage of not even developed infrastructure, it makes no sense to think about bitcoin. And there are such countries.
Sadly it's true. countries need to improve and develop more to even look into bitcoin.
Most people who own cryptocurabicca, they think that this is a movement against the government and it's cruel rules, but keep in mind that cryptococcinosis and the government are both here to stay here. Instead of confusing the government, the entire cryptoornance community will have to work with the government and Will help to learn the benefits of profit which is not only to the people but the groom Government will bring.
Governments should even stay out of bitcoin
Everyone downloading and starting the bitcoin will automatically strenghten the network as it affects the network and is often recommended. 75% of people will not even notice such a message and 3% will want to help the network or the miners.
I like this idea, I think there will be some experts here who can help you improve it
I think the government has an influence on the bitcoin and whether the bitcoin is allowed to exist in that country.
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