Topic: If The Bankers Wanted To Destroy Bitcoin They Only Have To Do This One Thing... (Read 1266 times)
August 13, 2015, 02:59:28 AM
if a bankers wants to destroy bitcoin, surely the bitcoin users will be very angry
August 13, 2015, 02:50:15 AM
I have 2 problems with your argument...
First, banks could never convince devs, miners, etc to devalue the worth of bitcoin. That would be financial suicide for the bitcoin infrastructure.
Secondly, why even choose that route when all banks have to do is keep forcing financial regulators to give more onerous and stifling regulations on bitcoin exchanges and merchants? That's already having major effect on bitcoins acceptance, and is co-opting it's original intent of decentralization and anonymity.
First, banks could never convince devs, miners, etc to devalue the worth of bitcoin. That would be financial suicide for the bitcoin infrastructure.
Secondly, why even choose that route when all banks have to do is keep forcing financial regulators to give more onerous and stifling regulations on bitcoin exchanges and merchants? That's already having major effect on bitcoins acceptance, and is co-opting it's original intent of decentralization and anonymity.
August 12, 2015, 11:25:32 AM
So all they have to do is convince all of us to change the protocol? Sounds fair to me. There is more chance of the Sun exploding tomorrow than convincing me.
rofl mao
August 12, 2015, 11:19:38 AM
So all they have to do is convince all of us to change the protocol? Sounds fair to me. There is more chance of the Sun exploding tomorrow than convincing me.
Same August 12, 2015, 11:09:39 AM
Yes If the 21 million market cap of bitcoin is increased then whole user base will not trust Bitcoin anymore.
So if Bitcoin have to sustain, then developers can change or fork anything but not play with the 21 million limit of bitcoins.
So if Bitcoin have to sustain, then developers can change or fork anything but not play with the 21 million limit of bitcoins.
August 12, 2015, 11:04:29 AM
I do not believe that banks CAN kill bitcoin. I still have never seen a viable plan to destroy the bitcoin protocol. A 51% attack to forge counterfeit coins is not viable, for example. It would cost many millions to buy all the hash power. At that point you would have to throw away all the profits you are making from mining and throw away all your hardware. All you get in return is bitcoin 2.0.
August 12, 2015, 09:04:36 AM
Maybe a stupid question but after the cap is reached, would it be profitable to mine for the fees?
Would the default fee be set higher than it is now?
Would the default fee be set higher than it is now?
August 12, 2015, 09:03:15 AM
Thanks for the clickbait title.
August 12, 2015, 07:43:38 AM
Unless there is business related with Bitcoin then some bankers will continue to use it. I am not afraid that someone will have such power and convice all miners. This is just an theory.
August 12, 2015, 07:26:02 AM
If the bankers really wanted to kill it, they would refuse to do business with the exchanges. They refuse customers and clients all the time.
If there was no speculation on BTC, no cash to drive its usage. It wouldn't be good for very much. Expensive pizzas and alpaca socks maybe, but every other retailer who accepts it today would have never arrived here.
I like to believe BTC could replace cash. If you could get every thing you can get with money, with BTC, and no exceptions, it would simply be a transition, but there is this transitional phase we are in now, where cash and BTC are inextricably linked... I suppose it's necessary to get to BTC ubiquity, but by removing the cash part from the equation at this early point, would be the end.
How many here would be so excited about BTC if there were no way to buy or sell them? I'm sure there would be a few crypto-stalwarts but that would be it. People need buying power, failing that, they need value exchange for something that does, like cash
These are frustrating times, but imagine a future where you pay and get paid in BTC. Universally. No more third party banks.
BTC is good for them too, obviously.
If there was no speculation on BTC, no cash to drive its usage. It wouldn't be good for very much. Expensive pizzas and alpaca socks maybe, but every other retailer who accepts it today would have never arrived here.
I like to believe BTC could replace cash. If you could get every thing you can get with money, with BTC, and no exceptions, it would simply be a transition, but there is this transitional phase we are in now, where cash and BTC are inextricably linked... I suppose it's necessary to get to BTC ubiquity, but by removing the cash part from the equation at this early point, would be the end.
How many here would be so excited about BTC if there were no way to buy or sell them? I'm sure there would be a few crypto-stalwarts but that would be it. People need buying power, failing that, they need value exchange for something that does, like cash
These are frustrating times, but imagine a future where you pay and get paid in BTC. Universally. No more third party banks.
BTC is good for them too, obviously.
August 12, 2015, 06:46:25 AM
Why would banks destroy it? if anything it would be the feds
the feds are not that much againsat bitcoin, maybe because they do not think it is a threat for now, and because in the case it will be they can always tax the shit out of it
i think that many banks believe that bitcoin is done after the 1200 crush, they are not bothering with it so much
August 12, 2015, 05:46:49 AM
How will banks influence thousands of people, who has a vested interest in keeping the value of Bitcoin to increase the cap and to run the new changes on the protocol? Nobody in their right mind would sabotage
their own investment like that. The problem with many of the Alt coins is, that their total Cap of coins is way to large to sustain a high price. If you look at these stats http://coinmarketcap.com/ you could see
why some coins will never have a huge value per coin... There is simply too much of it availlable and it will never be rare enough to reach Bitcoin's price level.
A real competitor to Bitcoin will have a low amount of coins that would ever be released to increase it's value, with all the other things that influence it's demand.
their own investment like that. The problem with many of the Alt coins is, that their total Cap of coins is way to large to sustain a high price. If you look at these stats http://coinmarketcap.com/ you could see
why some coins will never have a huge value per coin... There is simply too much of it availlable and it will never be rare enough to reach Bitcoin's price level.
A real competitor to Bitcoin will have a low amount of coins that would ever be released to increase it's value, with all the other things that influence it's demand.
August 11, 2015, 09:30:22 PM
Why would banks destroy it? if anything it would be the feds
legendary
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August 11, 2015, 09:11:47 PM
Unless bankers become miners, and get over 51% of all mining activity, there is absolutely zero chance that this will ever happen. Worse than that, if bankers effectively become miners, they will make money, which will make them think like the other miners...
that is correct, why? because the only ability (as far as i know) to change this supply and control them is to do the 51% attacks, without this kind of control, it will be when pigs fly to control the bitcoin network. i am dead with banks, i am gonna put more money onto bitcoin.More misinformation.
51% attack doesn't let you rewrite any protocol rules such as changing the supply.
However, a 51% attack is still very bad, because if it is an ongoing attack, it could be used
to establish a mining monopoly, which if malicious, can stop transactions from getting into blocks.
August 11, 2015, 08:26:04 PM
Bankers from different countries have different political view and priorities. Banks operating at multiple countries might be more interested in using bitcoin instead of stopping it
I heard a rumor that BRICS wants to start another currency based on the Bitcoin technology, so this statement isn't false, to my knowledge.I'm curious as to what gov'ts and various powers see as valuable in the Bitcoin manifest, the only benefits I can see them using is the cash-less aspect of it, and not a whole lot else.
August 11, 2015, 08:15:10 PM
Bankers from different countries have different political view and priorities. Banks operating at multiple countries might be more interested in using bitcoin instead of stopping it
August 11, 2015, 08:04:38 PM
Unless bankers become miners, and get over 51% of all mining activity, there is absolutely zero chance that this will ever happen. Worse than that, if bankers effectively become miners, they will make money, which will make them think like the other miners...
that is correct, why? because the only ability (as far as i know) to change this supply and control them is to do the 51% attacks, without this kind of control, it will be when pigs fly to control the bitcoin network. i am dead with banks, i am gonna put more money onto bitcoin. legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
August 11, 2015, 07:59:18 PM
Unless bankers become miners, and get over 51% of all mining activity, there is absolutely zero chance that this will ever happen. Worse than that, if bankers effectively become miners, they will make money, which will make them think like the other miners...
not exactly. you need virtually 100% of network participants (miners, consumers, investors, and merchants) to avoid a fork. all the miners could switch but if they have no one to accept and buy their new coin, it's worthless.
August 11, 2015, 06:54:56 PM
Unless bankers become miners, and get over 51% of all mining activity, there is absolutely zero chance that this will ever happen. Worse than that, if bankers effectively become miners, they will make money, which will make them think like the other miners...
August 11, 2015, 06:53:14 PM
They wouldn't wanna destroy BTC. It's too valuable a commodity for any one to want rid of it.
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