I finally figured out how the government can destroy Bitcoin - page 3.

MakeBelieve

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Quote from: LostDutchman on January 30, 2014, 02:26:29 PM

Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Well, as far as power requirements go, they would have to push things beyond 400 amps (88,000 watss; 88KW) before things would affect me.

I kinda doubt that will happen but you do have an intersting hypothesis.

My $.02.

Wink

That's certinaly a lot of power you are using and not counting others who are mining with amazing machines it would take too much money to defeat Bitcoin this way.

LostDutchman

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Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Well, as far as power requirements go, they would have to push things beyond 400 amps (88,000 watss; 88KW) before things would affect me.

I kinda doubt that will happen but you do have an intersting hypothesis.

My $.02.

Wink

RodeoX

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The revolution will be monetized!

Quote from: tinyteapot on January 30, 2014, 12:34:27 PM

The 'Government' (which one exactly?) won't shut it down, the banks will. They'll come up with their own, and force it upon you. McDonalds, Amazon and WalMart will all eagerly back it, and bitcoin will die.

I don't understand. How are they going to force me to use their alt-coin? And why would acceptance by some of the worlds largest companies cause bitcoin to die?

MakeBelieve

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Quote from: tinyteapot on January 30, 2014, 12:34:27 PM

The 'Government' (which one exactly?) won't shut it down, the banks will. They'll come up with their own, and force it upon you. McDonalds, Amazon and WalMart will all eagerly back it, and bitcoin will die.

Why would those companies be backing the banks I think some of them you have mentioned have interest in accepting Bitcoin.

tinyteapot

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The 'Government' (which one exactly?) won't shut it down, the banks will. They'll come up with their own, and force it upon you. McDonalds, Amazon and WalMart will all eagerly back it, and bitcoin will die.

RodeoX

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The revolution will be monetized!

Quote from: MakeBelieve on January 30, 2014, 12:27:30 PM

Haha I don't think it would benefit them to destroy Bitcoin what would be the point?

I agree. Assuming you had billions to spend you might be able to hurt bitcoin. Of course bitcoin 2.0, 3.0, 4.0, etc. will require additional billions. In the end what has been achieved for all this money, and why was it done in the first place?

MakeBelieve

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Quote from: RodeoX on January 30, 2014, 12:26:09 PM

Quote from: MakeBelieve on January 30, 2014, 12:23:08 PM

Quote from: RodeoX on January 30, 2014, 12:21:55 PM

Will not work. Will cost billions.

Surely the government will have enough money though they could just print more off.

lol, well they certainly have spent billions on other ill fated projects.

Haha I don't think it would benefit them to destroy Bitcoin what would be the point?

RodeoX

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The revolution will be monetized!

Quote from: MakeBelieve on January 30, 2014, 12:23:08 PM

Quote from: RodeoX on January 30, 2014, 12:21:55 PM

Will not work. Will cost billions.

Surely the government will have enough money though they could just print more off.

lol, well they certainly have spent billions on other ill fated projects.

MakeBelieve

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Quote from: RodeoX on January 30, 2014, 12:21:55 PM

Will not work. Will cost billions.

Surely the government will have enough money though they could just print more off.

RodeoX

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The revolution will be monetized!

Will not work. Will cost billions.

MakeBelieve

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Quote from: greyhawk on January 30, 2014, 11:43:36 AM

Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Psht. Gobbledigook. Here's how you kill Bitcoin:

Step 1: Shut down the exchanges.

Step 2: There is no step 2

Unrealistic not every government would want to destroy Bitcoin so there would still be exchanges in some countries.

BitCoinDream

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Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

I guess difficulty will go down wena govt stops mining under its demography.

jballs

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Quote from: greyhawk on January 30, 2014, 11:43:36 AM

Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Psht. Gobbledigook. Here's how you kill Bitcoin:

Step 1: Shut down the exchanges.

Step 2: There is no step 2

I seldom use the term but... Lol.

You are going to shut down every exchange in every jurisdiction in the world, including localbit, craigslist, irc?

Outlawing bitcoin trading would send the price to the moon. No sense arguing that point, name a thing that costs less on the black market than it costs in a free market. One thing...

As for OP I came to the same conclusion, about the major pools anyway. That is why i put money in VTC. I dont know if they will fly, but they are moving the ball towards decentralizing again, surely a moving target but altcoin will survive even if bitcoin dies. But i do not really expect the gov to kill it, just regulate it eventually.

greyhawk

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Quote from: pjviitas on January 30, 2014, 11:29:17 AM

Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Psht. Gobbledigook. Here's how you kill Bitcoin:

Step 1: Shut down the exchanges.

Step 2: There is no step 2

toomsie

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If they destroy it, more will come to replace it.

pjviitas

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Step one: Procure whatever hardware necessary to force difficulty to continue increasing.
Step two: Wait until the power requirements for running a mining setup from a single family dwelling becomes next to impossible.
Step three: Mop up any remaining centralized mining facilities through either taking them over in the name of national security or bombing it into the stone age.
Step four: Profit.

I wouldn't doubt that the NSA already has this kind of scheme cooked up and ready to deploy.

Topic: I finally figured out how the government can destroy Bitcoin - page 3. (Read 4224 times)