A government's role is to represent their people and help keep society somewhat organised.
Oh?
Topic: Governments will never jump in... - page 3. (Read 5486 times)
Oh?
Having >50% hashing power doesn't let someone change the rules; that requires >50% of all nodes to agree.
There are some truth to this, there was an incident early in development it was discovered that some hackers had 20 something billion Bitcoins in their wallet, the system back then didn't account for more than 21 Million coins in existence, so couldn't do anything.
The developers re-wrote the client and asked all miners to upgrade, the 20 billions coins the hackers had became obsolete.
If someone had >50% hashing power, they couldn't just start rewarding themselves more than 50 BTC, as those blocks would be rejected by honest nodes. No?
All you can do is rewrite the last x blocks. ie. edit and reverse transactions. If you reverse your own recent payments you can double spend and if you reverse other peoples it will obviously cause mayhem and totally undermine the whole bitcoin system. You cannot change the block rewards, give yourself free coins, or steal anyone elses money as you will never have their private keys to sign transactions.
If someone had >50% hashing power, they couldn't just start rewarding themselves more than 50 BTC, as those blocks would be rejected by honest nodes. No?
Having >50% hashing power doesn't let someone change the rules; that requires >50% of all nodes to agree.
Nope, only miners get a vote.
Having >50% hashing power doesn't let someone change the rules; that requires >50% of all nodes to agree.
How did you discover that surprising 'fact'?
Having >50% hashing power doesn't let someone change the rules; that requires >50% of all nodes to agree.
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Assuming it survives making it illegal, the government would then be pointless & powerless.
Please don't tell me you meant this as you wrote it.
Governments LOVE Bitcoin. For decades (if not centuries) they've been impotent against the banks' enormous power. Now all that can change
Are you serious?
Your thoughts?...
My thoughts:
How well can you hide your gold if the image I posted happens again? And how well can you fool a metal detector in an airport trying to run taking all your wealth with you?
Now ask the questions with bitcoins
Government jumping in? Like trying to require social security numbers? What would be the purpose? Why waste the effort in convincing 51% when you only have to convince ~275 "representatives" to make it illegal?
Assuming it survives making it illegal, the government would then be pointless & powerless.
Although majority rule allows changes, they will most likely be minor. Think DDOS vulnerability fixes & multisig features. Major changes will most likely be easier by forking & starting your own currency instead.
Assuming it survives making it illegal, the government would then be pointless & powerless.
Although majority rule allows changes, they will most likely be minor. Think DDOS vulnerability fixes & multisig features. Major changes will most likely be easier by forking & starting your own currency instead.
I'm absoluttely not a troll but there is one thought I would like to share...
It's obvious we won't see soon any government jumping into the bitcoin era. But let's suppose they do have some interest and they could pretend to do so... they would never be sure that 51% of the bitcoin community's hasshing power won't change the rules if they dissagree with them.
That is something that gold can't change... GOLD WILL ALWAYS BE GOLD, LOVED OR NOT, HIGLY PRICED OR NOT, BUT Bitcoin CAN CHANGE on a 51% stronger will...
Your thoughts?...
It's obvious we won't see soon any government jumping into the bitcoin era. But let's suppose they do have some interest and they could pretend to do so... they would never be sure that 51% of the bitcoin community's hasshing power won't change the rules if they dissagree with them.
That is something that gold can't change... GOLD WILL ALWAYS BE GOLD, LOVED OR NOT, HIGLY PRICED OR NOT, BUT Bitcoin CAN CHANGE on a 51% stronger will...
Your thoughts?...
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