How would a government go about getting into BTC? - page 2.

figmentofmyass

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Quote from: gentlemand on January 09, 2019, 07:56:03 PM

Quote from: hatshepsut93 on January 09, 2019, 07:47:22 PM

Well, since there are no established facts of governments buying Bitcoin, we can either assume that they never did, or that they did it quietly. For the sake of argument, lets agree on the latter.

This is certainly not a question of whether they actually have. I think it's largely a ludicrous idea apart from the odd criminal actor like NK. It's purely about the process they'd choose if they were to do so.

maybe it's still premature, but i honestly think it's an eventuality. i'm not talking about putting entire government reserves into buttcoin or anything ( Tongue

), but if the bitcoin market really does take a bite out of gold's store-of-value market share, it's only logical for central banks to own some from a hedging perspective.

omonuyak

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Quote from: gentlemand on January 09, 2019, 05:32:15 PM

So there's been some Russian no mark dribbling on about his government getting on Yobit and spunking their reserves on Bitcoin in the next few weeks.

Of course, dear.

But on a purely practical level if a government were serious about acquiring some, how do you think they would go about it?

Would they keep the stuff nicked by law enforcement? Look into mining? Buy through intermediaries? Be open about it or do it on the sly to make sure us scum didn't pump to rinse them? Would they collude with other governments or establish a position in secret before anyone else?

Maybe they are going to acquire some bitcoin from mining companies or buying them from the whales in secret. Government may not going to place a trade in any exchange but buy from big guys in secret. However I could have like them to buy from the market so that that can pump the market up.

gentlemand

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Welt Am Draht

Quote from: hatshepsut93 on January 09, 2019, 07:47:22 PM

Well, since there are no established facts of governments buying Bitcoin, we can either assume that they never did, or that they did it quietly. For the sake of argument, lets agree on the latter.

This is certainly not a question of whether they actually have. I think it's largely a ludicrous idea apart from the odd criminal actor like NK. It's purely about the process they'd choose if they were to do so.

hatshepsut93

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Well, since there are no established facts of governments buying Bitcoin, we can either assume that they never did, or that they did it quietly. For the sake of argument, lets agree on the latter.

Quote from: gentlemand on January 09, 2019, 05:32:15 PM

Would they keep the stuff nicked by law enforcement? Look into mining? Buy through intermediaries? Be open about it or do it on the sly to make sure us scum didn't pump to rinse them? Would they collude with other governments or establish a position in secret before anyone else?

Seized coins - seems very unreliable. The US and some other government auction seized coins from time to time. Although the story about Bularia's 200,000 coins is pretty interesting.

Mining - needs very cheap electricity to work in the long run, so not all countries can afford it. Also it's hard to hide.

Buy through intermediaries - yeah, OTC buying would be my first choice.

I think authoritarian and corrupt governments have more chances to get into Bitcoin, because it's harder to hide anything in democratic government where parties watch each other and the government changes every 4-5 years. There are rumors that North Korea was behind some exchange hacks and now has a bit of coins.

iqlimasyadiqa

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I think at this time the government still feels impressed to experience a delay in entering bitcoin. some countries even forbid the use of bitcoin because such conditions assume that bitcoin can create economic chaos in the country. but actually there are many benefits that are owned by bitcoin, in calculation, speed, security and flexibility are the main points that are owned by bitcoin. the government must be more open and they should be more cultured to advance technology in life for example in the financial system.

exstasie

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Quote from: gentlemand on January 09, 2019, 05:32:15 PM

So there's been some Russian no mark dribbling on about his government getting on Yobit and spunking their reserves on Bitcoin in the next few weeks.

Of course, dear.

But on a purely practical level if a government were serious about acquiring some, how do you think they would they go about it?

Would they keep the stuff nicked by law enforcement? Look into mining? Buy through intermediaries? Be open about it or do it on the sly to make sure us scum didn't pump to rinse them? Would they collude with other governments or establish a position in secret before anyone else?

They're unlikely to collude. Governments are always in constant competition, which is actually one of the reasons Bitcoin has such a bright future: cooperating on a global ban is impossible.

They'll accumulate quietly like institutions do. They'll stop auctioning off seized coins too. Who knows, maybe state-backed mining will even become a thing after everything is out in the open.

gentlemand

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Welt Am Draht

So there's been some Russian no mark dribbling on about his government getting on Yobit and spunking their reserves on Bitcoin in the next few weeks.

Of course, dear.

But on a purely practical level if a government were serious about acquiring some, how do you think they would go about it?

Would they keep the stuff nicked by law enforcement? Look into mining? Buy through intermediaries? Be open about it or do it on the sly to make sure us scum didn't pump to rinse them? Would they collude with other governments or establish a position in secret before anyone else?

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