Topic: Is there an institution that protects the circulation of Bitcoin? (Read 669 times)
December 11, 2018, 11:09:07 AM
I think what's wrong here is your mindset about Bitcoin and the spirit and philosophy brought along with it, for the circulation itself it can be arranged with code while for the circulation of transaction is depends to the user itself, the government should be a regulator so there will be no inappropriate actions.
November 04, 2018, 11:34:15 AM
I think what wrong here is your mindset about Bitcoin and the spirit also philosophy that is brought with it, for the circulation itself it can be set in code while for circulation using it on the transaction back to the user and community itself, here the government should fill its role as a regulator so there's no unwanted things happened, especially crimes.
November 03, 2018, 06:11:48 AM
But what if that group of full verifying nodes "gets into the hands" of some institution that aims to enforce the rules? In that case that institution would effectively have said powers. Whether this is an official institution or a non-official group of people, I believe this has happened already in the crypto space before, right?
They still can't trick legitimate nodes into accepting bogus transactions, so no. This is called a Sybil Attack. I have no idea if altcoins have been attacked this way, but it has never happened to Bitcoin as far as I know. The only way to really attack it is a 51% attack, which would be incredibly difficult to pull off.
A 51% attack is not entirely impossible lately, with a lot of the total hashing power being in the hands of the Chinese. They are currently more interested in making money, than using that hashing power to sabotage the cow that gives them milk.
The Chinese government can use this as a weapon if they seize control of that hashing power, but I see no reason to do that, if this is generating foreign income on a large scale for them.
Well yeah I did say incredibly difficult lol.
I don't buy the theory that China can take control of Bitcoin's hashpower. They would have to take over multiple big companies for no reason, and while I know that their government can get away with pretty much anything, I'd like to believe that even they have their limits. It's a risky power move which can potentially cause a lot of backlash that wouldn't even be beneficial for them. Chinese miners are also starting to distribute their hashpower, so there may come a time when this would be a complete non-issue anymore.
November 03, 2018, 02:39:09 AM
I think there are on institution that protect circulation of bitcoin, because we see it is not published or make it public. But maybe some big people are behind it. If not they can't control bitcoin circulation and supply/ demand can't controlled.
November 03, 2018, 02:12:58 AM
I don't think there is a legal entity that can protect our bitcoin assets especially in my country, which the government has not fully even prohibited direct transactions using bitcoin. I don't think the law will take sides for now.
November 03, 2018, 01:43:08 AM
So bitcoin is made for its owner to control it, and not some organs.
Owner??? It depends on what you mean by owner
The users of the system are the actual body of controllers,as there is no government or regulatory body, users/investors pilot the affairs of the system through the demand and the supply for the currency..
There are developers that come up with additions to better the system and eliminate some of its underlying issues, but they have no control over the system
The system is decentralized(thats the key word)
November 03, 2018, 01:24:12 AM
So bitcoin is made for its owner to control it, and not some organs.
November 03, 2018, 01:15:35 AM
Crypto currency is decentralized. So there is no organization or institution or Government to be in charge of it. If there were some oversight institution that would defeat the purpose of it being centralized.
As the states legalize cryptocurrency, they determine its official status and, according to this status, take it under their protection, including judicial protection. Therefore, after the legalization of cryptocurrency, all of its owners, in the event of a violation of their right to own or use a cryptocurrency, can officially apply to law enforcement or judicial authorities to protect their right.A cryptocurrency does not have its own defense authority, however, as a property, means of payment, property, securities, and so on, according to the recognized status, it is subject to general protection by the state.
November 03, 2018, 01:05:51 AM
But what if that group of full verifying nodes "gets into the hands" of some institution that aims to enforce the rules? In that case that institution would effectively have said powers. Whether this is an official institution or a non-official group of people, I believe this has happened already in the crypto space before, right?
They still can't trick legitimate nodes into accepting bogus transactions, so no. This is called a Sybil Attack. I have no idea if altcoins have been attacked this way, but it has never happened to Bitcoin as far as I know. The only way to really attack it is a 51% attack, which would be incredibly difficult to pull off.
A 51% attack is not entirely impossible lately, with a lot of the total hashing power being in the hands of the Chinese. They are currently more interested in making money, than using that hashing power to sabotage the cow that gives them milk.
The Chinese government can use this as a weapon if they seize control of that hashing power, but I see no reason to do that, if this is generating foreign income on a large scale for them.
November 03, 2018, 12:53:12 AM
Currently we see that only blockchain is software circulating between them, and even now governments or organizations do not stand out, only bitcoin blockchain and hierarchy go together, forming the guard ring absolute bitcoin.
November 03, 2018, 12:36:04 AM
The Electronic Currency which is the basis or basis of the currency is the existing currency we know today (such as the dollar, euro, rupiah) which has the physical form and legal status in the eyes of the law. Whereas the base of Crypto Currencies comes from the computer programming language they develop. For this reason, there are various other fundamental differences between Electronic Currencies and Crypto Currencies, among them are. Crypto Currencies do not involve conventional actors in the financial world such as the central bank, and the publisher of Crypto Currencies is also not a financial institution, so there is no oversight institution that has so far sheltered it.
Well, i dont think there is any. Bitcoin is decentralized, the circulation of bitcoin will depends only from the holders of bitcoin itself.
If you want to move your bitcoin from your wallet to exchange wallet, there will be no one can prevent you, right ?
So, the circulation volume will depend on the holders.
November 02, 2018, 02:14:24 AM
But what if that group of full verifying nodes "gets into the hands" of some institution that aims to enforce the rules? In that case that institution would effectively have said powers. Whether this is an official institution or a non-official group of people, I believe this has happened already in the crypto space before, right?
They still can't trick legitimate nodes into accepting bogus transactions, so no. This is called a Sybil Attack. I have no idea if altcoins have been attacked this way, but it has never happened to Bitcoin as far as I know. The only way to really attack it is a 51% attack, which would be incredibly difficult to pull off.
November 01, 2018, 11:15:02 AM
We see only a visible part of an iceberg. All were told that everything is decentralized also all so think. (it can so and is) But as spoke Karl Marx-all now questioned by.The very principle of the existence of Bitcoin implies the absence of regulation.I still believe that bitcoin is decentralized and not subject to control.
November 01, 2018, 10:30:00 AM
There is nobody, government or group of people that control the circulation of bitcoin. This attribute makes it different from the fiat currency that is control by the central banks of nations
November 01, 2018, 10:07:29 AM
I have never found any sources about an institution protecting the circulation of Bitcooin, but the discussions for making regulations to protects Crypto and bitcoin are take by several financial services authority or the stakeholders. Protecting regulations should probably be made for the pleasure and safe transactions.
We know that since bitcoin was created, it has been progressing well. For a decade bitcoin now is mostly recognized by all countries around the world. Let support and make it bigger.
We know that since bitcoin was created, it has been progressing well. For a decade bitcoin now is mostly recognized by all countries around the world. Let support and make it bigger.
October 31, 2018, 06:32:44 PM
The Electronic Currency which is the basis or basis of the currency is the existing currency we know today (such as the dollar, euro, rupiah) which has the physical form and legal status in the eyes of the law. Whereas the base of Crypto Currencies comes from the computer programming language they develop. For this reason, there are various other fundamental differences between Electronic Currencies and Crypto Currencies, among them are. Crypto Currencies do not involve conventional actors in the financial world such as the central bank, and the publisher of Crypto Currencies is also not a financial institution, so there is no oversight institution that has so far sheltered it.
I am sure that this does not exist and for the foreseeable future it will never exist, because from the beginning the goal of crypto was also to become a decentralized exchange, so that if there is indeed an institution that manages, then it is no different from the Bank
October 31, 2018, 04:49:12 PM
I don't think that there is any organization that does this because as far as I know btc is the decentralized coin. To my mind, it is better to hold it now because the future will show what will happen on the market
October 31, 2018, 03:34:25 PM
Based on the satoshi whitepaper that bitcoin has no control of a state or business institutions. It's true that Bitcoin is decentralized but we know that the business world needs control for every transaction of its users and I think if someday in the future there will be institutions that can control the circulation of bitcoin based on blockchain demographics. So the government can control through the KYC system and transactions based on the IP they use.
Governments are not able to control transactions. There are many transactions made daily without any 3rd party. Governments are only trying to know people using some services like exchanges. They are always some ways for the people who don't want their identity to be revealed.
October 31, 2018, 01:52:24 PM
Based on the satoshi whitepaper that bitcoin has no control of a state or business institutions. It's true that Bitcoin is decentralized but we know that the business world needs control for every transaction of its users and I think if someday in the future there will be institutions that can control the circulation of bitcoin based on blockchain demographics. So the government can control through the KYC system and transactions based on the IP they use.
October 21, 2018, 12:08:23 PM
As we know that BTC is a decentralized currency. There is no institute that protects the circulation of BTC. Obviously BTC entire process include trading depends on individuals. But there is a big act of Blockchain involved in Bitcoin trading.
Jump to: