is the government going to copy bitcoin and leave us high and dry ? - page 2.

Joe_Bauers

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GCVMMWH

Quote from: MTJ151 on September 22, 2014, 09:09:56 AM

I think the OP raises a good point. The government often tries to co-opt things it can't control.

No idea how they would do it though/if it's even possible/would be a bad thing for cryptos in general.

It's called the dilution attack and has been happening for over a year. I don't know who is responsible, but it could certainly be a government.

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

Quote from: Eotnak on September 23, 2014, 11:22:44 AM

Quote from: QuestionAuthority on September 23, 2014, 09:10:40 AM

Quote from: Eotnak on September 23, 2014, 09:01:14 AM

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Yeah, hmm. To clarify, I was assuming the high and dry part would mean that it would be a multi-departmental initiative on the level of the Moon landing. If Canada or USA Financial department wants to release it as a pet project, it will surely fail. If it is an executive order or legislative act, then that would be an entirely different thing. My question was to that: Why?

Why did they do MintChip? Beats the hell out of me.

I'm not really clear on why governments do most things but I bet most of it is for self preservation.

Eotnak

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Quote from: QuestionAuthority on September 23, 2014, 09:10:40 AM

Quote from: Eotnak on September 23, 2014, 09:01:14 AM

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Yeah, hmm. To clarify, I was assuming the high and dry part would mean that it would be a multi-departmental initiative on the level of the Moon landing. If Canada or USA Financial department wants to release it as a pet project, it will surely fail. If it is an executive order or legislative act, then that would be an entirely different thing. My question was to that: Why?

inBitweTrust

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Quote from: Balls on September 23, 2014, 09:21:19 AM

I think it's very likely a government will try create their own digital currency eventually, but it will obviously be centralized and also 100% pre-mined lol.

You are correct , except it has already been tested by Canada and failed and is being tested by by Ecuador right now.

Balls

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I think it's very likely a government will try create their own digital currency eventually, but it will obviously be centralized and also 100% pre-mined lol.

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

Quote from: Eotnak on September 23, 2014, 09:01:14 AM

LOL why would "the government" do this?

They already did do it and it already failed.

http://developer.mintchipchallenge.com

Eotnak

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LOL why would "the government" do this?

realbtcdealers4real

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Quote from: Miracal on September 22, 2014, 10:31:07 AM

Impossible! If the gov copies bitcoin, it means they acknowledge bitcoin as an official currency co-existing with fiat. It will severely hurt the fiat's status. People may be dumping fiat to bitcoin, which will cause our financial system a bit chaos.

They'll somehow come up with a way to make their cryptocurrency more stable than Bitcoin, plus it will be backed by institutions and armies oficially and fully, this will allow for more stability. People is scared to death to put their fiat into Bitcoin and this is pretty much the only way to obtain Bitcoin. This is a big problem, and we are seeing it in the price.

mlferro

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interesting

Oscilson

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I am happy for BTC to be bought by any governments. We will create another one.

NEM minnow

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In 20 years from now, I am guessing lots of countries will have blockchain backed currencies. (doubt it will be a bitcoin clone)

For a government there are many advantages, especially knowing exactly what every transaction is at all times. All it would take is that the seeds for wallets would come from Government websites and a person couldn't get a seed without using their name, address, and ID number.

Oops, hope I didn't give them any ideas.

zimmah

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they'd fail if they tried, because the strongest feature of bitcoin is the fact that it is DECENTRALIZED.

any government or corporation who tries to copy it will fail.

knight22

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--------------->¿?

In that case we'll just leave the government high and dry.

QuestionAuthority

legendary

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You lead and I'll watch you walk away.

MintChip=FAIL

zorke

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Quote from: inBitweTrust on September 22, 2014, 09:10:34 AM

Quote from: mannedmssn2M on September 22, 2014, 08:48:44 AM

bitcoin to mars everyone (hence the marscoin) I am giving out promotional mars coins anyone for an idea as to how best going about that?

While unlikely that governments will copy Bitcoin(Ripple, PoS, and DPoS would suit them better), other opportunists will likely copy it, rebrand it, and than spam investors with their alt on the Bitcoin forum. Of course you wouldn't be trying to do this as you genuinely care about bitcoin and understand that Bitcoin is better suited to accomplishing our goals whether they be raising our standard of living or colonizing mars.

The government has very little to want to "copy" any kind of crypto coin. First of all if they were to create their own alt coin they would be giving up control of their money supply which they generally do not wish to do. Even if they were willing to give up this control, they have no reason not to embrace bitcoin which is already successful and secure, more so then what any government created altcoin would likely be.

bassclef

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If a gov copies a cryptocurrency, they will have to have centralized mining control, which defeats its purpose entirely. So, good luck with that one, governments.

Miracal

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Impossible! If the gov copies bitcoin, it means they acknowledge bitcoin as an official currency co-existing with fiat. It will severely hurt the fiat's status. People may be dumping fiat to bitcoin, which will cause our financial system a bit chaos.

mannedmssn2M

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Quote from: inBitweTrust on September 22, 2014, 09:10:34 AM

Quote from: mannedmssn2M on September 22, 2014, 08:48:44 AM

bitcoin to mars everyone (hence the marscoin) I am giving out promotional mars coins anyone for an idea as to how best going about that?

While unlikely that governments will copy Bitcoin(Ripple, PoS, and DPoS would suit them better), other opportunists will likely copy it, rebrand it, and than spam investors with their alt on the Bitcoin forum. Of course you wouldn't be trying to do this as you genuinely care about bitcoin and understand that Bitcoin is better suited to accomplishing our goals whether they be raising our standard of living or colonizing mars.

no i dont think i was trying to do anything malicious but I am giving out marscoins because its what i have an abundance of and feel will be worth something in the future regardless of or accompanied by bitcoins. I think that it is a general interest in digital currency that im promoting, yes I realized my user name but I really am "genuinely here to help bitcoin like my other post shows I am showing the public how to use QR codes, something that bitcoin utilizes. This flier that i made has in the background qr codes that lead to bitcoin.com Wink

but i get it.. ill try an keep the marscoins on the dl here on the bitcoin forum other than this post obviously

(discover, what are ?QRcodes?) sponsored by me
https://bitcointalksearch.org/topic/discover-what-are-qrcodes-sponsored-by-me-790039

inBitweTrust

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Quote from: mannedmssn2M on September 22, 2014, 08:48:44 AM

bitcoin to mars everyone (hence the marscoin) I am giving out promotional mars coins anyone for an idea as to how best going about that?

While unlikely that governments will copy Bitcoin(Ripple, PoS, and DPoS would suit them better), other opportunists will likely copy it, rebrand it, and than spam investors with their alt on the Bitcoin forum. Of course you wouldn't be trying to do this as you genuinely care about bitcoin and understand that Bitcoin is better suited to accomplishing our goals whether they be raising our standard of living or colonizing mars.

MTJ151

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I think the OP raises a good point. The government often tries to co-opt things it can't control.

No idea how they would do it though/if it's even possible/would be a bad thing for cryptos in general.

Topic: is the government going to copy bitcoin and leave us high and dry ? - page 2. (Read 3005 times)