Topic: I finally figured out how the government can destroy Bitcoin - page 2. (Read 4286 times)

No they can't. You're an ignorant fool.
Please acquire more knowledge before spreading FUD.

True, and we all know that by making them illegal the Gov. has "destroyed" drugs, its almost impossible to find them and when you found them they cost nothing.

But yes, if Gov. would "ban" bitcoin expect as similar scenario as we have with drugs - first thing, a very high price.

Good for you mate

Keep it coming

If the banks wanted BitCoin gone by now, this forum nor BitCoin would exist
And since most governments don't seem to treat it as a major threat, I don't think any would spend billions on putting this into effect

And the lobbyists work for the fabric industry, the paper industry, the pharmaceutical industry and law enforcement, all of which would suffer it pot were legal.

Need I write more?

he is just a president, I think a lot of you guys have some serious cognitive dissonance when it comes to Obama for some reason. Anyway lobbyists change federal law, congress signs off on it when they are told, I am sure we all know that here.

 

Only Congress can change Federal law and then The Chosen One must sign the bill.

Ain't gonna happen.

My $.02.

No they won't and the Chosen One has 35 months until he hits the road. There will be 10 more states decriminalized by then. Drug War must end, social media will end it.

I would remind you that pot is still highly illegal under federal law and that The Chosen One does not support legalisation.

Sooner or later the Feds will drop the legal hammer on those states attempting to legalise pot.

My $.02.

Most single family dwelling built in the last 10 years or so have 200A services and strata complex units are usually 100A services.  With that being said its not hard to still find 60A services.

In any event the typical distributed miner is going to need to have some kind of balance in his life for other things besides mining.  So lets say the family is fine with the miner dedicating a room for mining hardware and lets assume that this room has its very own 15A breaker.

Assuming a power factor of 1, a 15A breaker will allow you to draw 1.8kW of power which translates to roughly 1TH/s of mining hardware.

With a constantly increasing difficulty, come May or June, you will need around 1TH/s of hardware in order to earn 1BTC/month.

In a nutshell, miners will increasingly be faced with the decision to either move to centralized mining or become a professional miner and start making plans to build a server room.

Once enough mining becomes centralized, taking over or destroying these centralized facilities is like shooting fish in a barrel for any government that has decent skills at subversion.

Like some of the prior posts state I believe that other crypto-currencies are the only way to ensure that mining stays distributed and healthy.

When we see things going south with one crypto-currency just move all your coins to the next one.

It can always be forked and upgraded to ... SHA-3 for example ? So , no  , cracking sha256 wouldn't kill it, in my opinion.

The only reason people mine bitcoin is because they can either spend it or convert it to fiat. 

The only reason merchants accept it, is because they can convert it to fiat. 

If you shut down the exchanges bitcoin will die. The only way this wont happen is if the merchants suppliers will also except bitcoin and you can basically spend it everywhere for everything, then it truly does become a worldwide currency in its own right.

It would be impossible for every exchange in every country of the world to be shut down - there will always be one and if there is one there is a way!

Long and short of it is - the government cant destroy bitcoin through any of the above means.

There is however one sure-fire way the government can destroy the currency and that is to destroy peoples confidence it...

Crack SHA-256, make it public - show the coin as vulnerable and insecure - who would even want to use it then?

i see governments creating their own blockchains and trying their hardest to sell them to their respective citizens. they could offer tax breaks to their companies to accept govcoin over bitcoin. So you could pay your electric bill or buy groceries with govcoin but not bitcoin.  It could be closed source and do all kinds nice data mining.

Criminalization would shut it down. With wholesale legalization of marijuana on the way in the near future, chances are no one would notice anyway. 

1. "Issue Guidance"
2. Threaten legal action against exchanges, miners and users
3. Done

Total expenses: less than $100k

That will not completely destroy it, but will make it illegal on par with drugs.
That will also cover all other cryptos and alike.
To predict what government will do, you need to think the way government does.

nope, huge markup for black market guns. Hard for me to nail down here but ask any soldier whose country was under UN arms embargo during or prior to conflict (Croats and Kosovars maybe easier to find than Syrians or Iraqis but...well probably some of any of them around here). Same holds true anywhere they are banned.

All kinds of things... Guns for example.

Not mining Bitcoin.

Why tie up a bunch of money in"pre-ordered" vapourware ASIC rigs for Bitcoin when the same money can be put to work mining alts almost right away?

You order Bitcoin ASICs and by the time they get to you the difficulty is so high that your equipment is nearly uselsess.

I've got a ton of fans spinning against Litecoin and am very happy.

My $.02.

step 1) NSA-backdoor into as many btc-users puters as possible -not to speak about exchanges

step 2) pwn them hard making believe that it's some hacker to make an example of how unsafe cryptos are (while the guv instead...)

I am not using all the power yet but also have two other rent-free locations with the same 400 amp incoming.

I intend to use up at least 85% of the available incoming with scryptcoin mining rigs, both for myself and my corporation.