I just want to know if anyone is going to try and arrest me for it :/
I know that crypto stuff is covered under the right to free speech, but I still feel like this might become a Problem. I mean, they are currently trying to do away with a lot of second amendment rights under the guise of 'think of the children!' Why would bitcoin be any different?
No that they could take it away, it is totally decentralized. I would rather keep on the legit side though if you know what I mean.
Topic: Once Bitcoins become a serious threat ... - page 2. (Read 2850 times)
The banks will love Bitcoin. Has anyone ever thought of that possibility?
The banks have love/hate relationship with lawmakers: they love their protection, but hate their regulation. Bitcoin may free banks from regulation, but it will leave them without protection as well. Banks worked long and hard to get themselves in their current position and I doubt they are willing to give it up.
I don't think it'll ever become a serious threat that is attacked directly... Check out the 'Streisand effect' ...Face it, Bitcoin is here to stay.
Banks "make" money by printing it while Bitcoins and gold can only be made by mining them. No politician can decree it into existence to fix the problems they've created.
+1and that's why they do not want bitcoin
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"There is nothing preventing fractional reserve banking with bitcoin.
True but you can opt out of it. Any fractional reserve bitcoin bank will need to compete with "pure" digital wallets. With current FRN system every dollar is a product of fractional reserve. If you feel a bank's reserve requirements are inadequate you can take your money out of the bank but your money is still debased anyways.
Sure you can opt out. Thats why I never use Mt Gox
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"There is nothing preventing fractional reserve banking with bitcoin.
True but you can opt out of it. Any fractional reserve bitcoin bank will need to compete with "pure" digital wallets. With current FRN system every dollar is a product of fractional reserve. If you feel a bank's reserve requirements are inadequate you can take your money out of the bank but your money is still debased anyways.
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"There is nothing preventing fractional reserve banking with bitcoin.
I would welcome any organization to try to "destroy" bitcoin, if only so I could laugh at them... Ha ha ha ha!
Banks "make" money by printing it while Bitcoins and gold can only be made by mining them. No politician can decree it into existence to fix the problems they've created.
The banks will love Bitcoin. Has anyone ever thought of that possibility?
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"So that helps me understand why bitcoin is revolutionary and valuable. Thats why we should be protective of it. Should the little people be concerned of a 51% attack or centralization, is there anything they can do to help secure the network?
Nah, Banks can't bring down bitcoin. we got satoshi on our side 
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If a bank tries that i suppose THEIR system will be somehow hacked and corrupted in hours. I wouldn't start a war.
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"Quote
But what they can do with 51%? Not much.
They can omit transactions from the blocks and they can go back some blocks and double spend transactions sent to them. That's the extent of it. They can't spend my coins.
Wrong, wrong, wrong.They can omit transactions from the blocks and they can go back some blocks and double spend transactions sent to them. That's the extent of it. They can't spend my coins.
With 51% they can destroy bitcoin, they can happily stop bitcoin with that. They control everything. They can go back months in the blockchain, rewrite all that and yes, they CAN spend your coins, if your coins were mined in the blocks that they reverted.
Not really. In time layer defenses will make 51% less effective. Bitcoin is what the consensus of users say it is. One option would be checkpointing more frequently. Anything prior to a checkpoint can never be double spent. Another option would be to change the hashing algorithm. Given the lowest cost method of performing a 51% attack is ASICs that cost would be utterly wasted. Tens or maybe hundreds of millions spent would be wiped out and worthless by a small change to the algorithm.
Finally it is possible that an entity could kill Bitcoin but they won't kill cryptocurrency. Bitcoin is like napster. Smart entities would realize then spending a huge sum to kill it would only spawn dozens of replacements which are even harder to kill. Now this doesn't mean users won't lose money, it doesn't mean cryptocurrency won't be set back years (maybe even a decade) but eventually some future alt-chain will become the "bittorrent" equivalent and will be far harder to kill.
If hypothetically Bitcoin was killed by a 51% attack (or more likely never ending sequence of 51% attacks) I would imagine the next cryptocurrency could implement two major countermeasures
1) Use a variety of hashing algorithms. i.e. from a pool of 20 algorithms, the algorithm used is rotated every block.
2) Use a "proof of history" system to dynamically checkpoint the primary chain once it is more than say older than 7 days.
I hope banks won't destroy BTC
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, ...
You could as well ask the Mafia to stop taking protection money. Or wolfs stop eating sheep.
You can't generalize that. If you mean Governments will never support it by referring to the power structures ruling over nation states right, as with the entities controlling the fiat system.
But both regional Governments and community Banks might support it and in time when everything goes right probably will.
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, ...
You could as well ask the Mafia to stop taking protection money. Or wolfs stop eating sheep.
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
Do you realize that central banks just PRINT money at will? You can't do that with bitcoinQuote
when there could be money to be made
As i said, central banks literally MAKE money. With bitcoin, you can't. You can't go and be "ok let's print 2 billions bitcoin"
Why would banks see bitcoin as a threat? Coudnt they just accept it as a new currency, and incorporate it into the system like any other currency? Why try to destroy it when there could be money to be made?
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