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Topic: Ruh Roh, bitcoin on the radar of the IMF? - page 4. (Read 12525 times)

legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
Ah, the chicago school of economics...  Fascist scumbags, brainwashed idiots, and psychopathic criminals.
I will contact them again. I spoke to them in 2011 and was invited to come back. Let's charm them, not hate on them. If they can be brainwashed once, then I can do it to them also.  Wink

http://www.chicagobooth.edu/alumni/events/showEvent?eventId=2868
Look at this.
newbie
Activity: 37
Merit: 0
In the end, I don't care either because if Bitcoin is successful, the economic forces involved would make IMF obsolete (unable to function for lack of funds). However, nothing the IMF does or says can ever give me fuzzy feelings because I'm morally opposed to what they are and what they try to pursue. Also here (note, I didn't read the paper but am going by OPs quotes) the author is extremely condescending. Take authority over Bitcoin? On what grounds? To me, to even utter those words means being completely disconnected from reality, honesty and fairness.

Your read is accurate—the author was not only condescending, but assumed somehow that the IMF had the right (without suggesting any legal justification) to integrate/regulate/control bitcoin. I assumed the guy was a figurehead within their econ department, given the presumptive authority with which he presented his "argument"—turns out he's just an adorable overachieving UC law student with an innate deference for the authority of global financial institutions (redundant, I know).

The subject of my OP appears to be a bit hyperbolic. My apologies, folks.
hero member
Activity: 490
Merit: 501
Why does the Impossible Mission Force care about Bitcoin?   Smiley  

Agreed, that any news is good news.

My thought exactly. There is an easy way for them to deal with bitcoin, all they have to do is buy them all and erase the wallets.

But alt currencies are like potato chips, we'll make more.

That would achieve nothing at all. I am not going to sell all of my coins, and even 1 satoshi left accessible in the whole universe is enough to sustain any possible economy - will require just one hard fork to allow for more divisibility.

Actually it would, but it would take time. If they bought every coin inexistance, or close to it and insured that they would never be circulated again. Once all the coins are mined, there could be so few transactions that nobody would bother mining for just transaction fees.
legendary
Activity: 1050
Merit: 1002
True.  Except where do all these dates come from.  Everyone just pulls them out of their ass I guess.  The date is 2140 as shown in your referenced article!.

The Year is a projection. Bitcoin doesn't operate based on strict dates. Time between blocks is supposed to be every 10 minutes, but has been as low as 2 minutes and as long as 2 hours if I remember correctly.
sr. member
Activity: 248
Merit: 252
Why does the Impossible Mission Force care about Bitcoin?   Smiley  

Agreed, that any news is good news.

My thought exactly. There is an easy way for them to deal with bitcoin, all they have to do is buy them all and erase the wallets.

But alt currencies are like potato chips, we'll make more.

That would achieve nothing at all. I am not going to sell all of my coins, and even 1 satoshi left accessible in the whole universe is enough to sustain any possible economy - will require just one hard fork to allow for more divisibility.
sr. member
Activity: 248
Merit: 252
To clarify: difficulty adjusts every 2016 blocks. There is no time limit on this. If 2016 blocks were mined in one minute - the difficulty will adjust such that the next 2016 will be mined roughly 10 minutes apart from each other.

Therefore, it is impossible to "mine all remaining coins". It just won't happen.
newbie
Activity: 37
Merit: 0
Ah, the chicago school of economics...  Fascist scumbags, brainwashed idiots, and psychopathic criminals.
Yes, yes and yes! We're on the same wavelength here.

However to be fair, after doing a bit of research on the author, he's but a pup—a former frat boy still chasing his UC law degree, participating in every godforsaken lawyer "society" group that'll have him... let's call him a "fascist-scumbag-in-training," at least until his balls drop.
full member
Activity: 237
Merit: 100
My thought exactly. There is an easy way for them to deal with bitcoin, all they have to do is buy them all and erase the wallets.

If they do that it would be good thing for bitcoin. Lost wallets can never be sold on the market for fiat again.
hero member
Activity: 490
Merit: 501
Why does the Impossible Mission Force care about Bitcoin?   Smiley  

Agreed, that any news is good news.

My thought exactly. There is an easy way for them to deal with bitcoin, all they have to do is buy them all and erase the wallets.

But alt currencies are like potato chips, we'll make more.
legendary
Activity: 2324
Merit: 1125
Thoughts?

This gives me warm fuzzies; a University of Chicago professor speculating about how a wildly successful Bitcoin might affect the International Monetary Fund!

I don't really care what is said, just the fact that Bitcoin is being talked about in the elite Ivory Towers is a very good thing.


In the end, I don't care either because if Bitcoin is successful, the economic forces involved would make IMF obsolete (unable to function for lack of funds). However, nothing the IMF does or says can ever give me fuzzy feelings because I'm morally opposed to what they are and what they try to pursue. Also here (note, I didn't read the paper but am going by OPs quotes) the author is extremely condescending. Take authority over Bitcoin? On what grounds? To me, to even utter those words means being completely disconnected from reality, honesty and fairness.
legendary
Activity: 1764
Merit: 1002
In a race to harness the most computing power it would be essentially those who control the world versus those who actually make up the world. Which side do you think wins?

i like the way you put that.
full member
Activity: 237
Merit: 100
got it! Thx
legendary
Activity: 1050
Merit: 1002
Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

What part of fixed inflation rate don't you understand?
I give up. You tell me.

The system is set up to only allow a certain number of coins to come into existence over time. There is a difficulty target which recalculates about every two weeks to see whether the difficulty should rise or be lowered. A single retarget never changes by more than a factor of 4 to prevent large changes in difficulty.

If some entity with unlimited resources tried to "mine all the bitcoins" they would first go up against the existing network, which is already record breaking in terms of collective computing power. Even if they met or exceeded that hash power that wouldn't guarantee they won all blocks/coins because that happens like a lottery. Just because you have 10 lottery tickets to my 5 doesn't mean you're guaranteed I won't win and you will.

In the meantime word would get out about the massive effort to bring down Bitcoin which of course strengthens Bitcoin. In a race to harness the most computing power it would be essentially those who control the world versus those who actually make up the world. Which side do you think wins?
legendary
Activity: 826
Merit: 1002
amarha
Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero
There is no way they can bring more computational power to the network than we already have within a short time.  They will not "mine all the rest" of the coins.  That cannot and will not happen.

If the forces that want to control/stop it actually try it contributes to speeding Bitcoin's wide scale adoption and success as they legitimize it.
This.  By design as they attempt to stop it they help it (publicity or mining).

They can buy mining hardware  equipment for unlimited amount of funds and mine the rest of the coins to corner / control the market

That's like trying to corner the market on winning the lottery.

Also, I don't know why we're seeing so many people talk about "mining all the bitcoins" like anyone could actually do it. It doesn't matter how much computing power you put toward mining. Coins will only come into existence at a limited rate until around 2030.
True.  Except where do all these dates come from.  Everyone just pulls them out of their ass I guess.  The date is 2140 as shown in your referenced article!.

Also note that this whole topic has already been discussed here: https://bitcointalksearch.org/topic/2013-06-03-cjil-bringing-bitcoin-within-the-reach-of-the-imf-224704

2 week lag on difficulty adjustment does come in to play though. So it's a bit more complicated.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero
There is no way they can bring more computational power to the network than we already have within a short time.  They will not "mine all the rest" of the coins.  That cannot and will not happen.

If the forces that want to control/stop it actually try it contributes to speeding Bitcoin's wide scale adoption and success as they legitimize it.
This.  By design as they attempt to stop it they help it (publicity or mining).

They can buy mining hardware  equipment for unlimited amount of funds and mine the rest of the coins to corner / control the market

That's like trying to corner the market on winning the lottery.

Also, I don't know why we're seeing so many people talk about "mining all the bitcoins" like anyone could actually do it. It doesn't matter how much computing power you put toward mining. Coins will only come into existence at a limited rate until around 2030.
True.  Except where do all these dates come from.  Everyone just pulls them out of their ass I guess.  The date is 2140 as shown in your referenced article!.

Also note that this whole topic has already been discussed here: https://bitcointalksearch.org/topic/2013-06-03-cjil-bringing-bitcoin-within-the-reach-of-the-imf-224704
hero member
Activity: 756
Merit: 501
There is more to Bitcoin than bitcoins.
Ah, the chicago school of economics...  Fascist scumbags, brainwashed idiots, and psychopathic criminals.
legendary
Activity: 1050
Merit: 1002
...by demonizing it globally, turning politicians and political/legal systems against it, polluting academia and media with anti-bitcoin propaganda, shutting down exchanges, etc. ...

Then they fight you, then you win...
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
Their best solution would be to court the Bitcoin Foundation with promises of main player status in world currency decisions.

In exchange, the Bitcoin Foundation would need to reserve a good chunk of bitcoins for currency manipulation.

Or they could call the Winklevoss twins...
full member
Activity: 237
Merit: 100
Not if they mine the remainder of ALL bitcoins... Within seconds short time they can mine all of it using the above hashrate (Centillion Hash/s)  Than they can sell those about 11M coins at once into the market so its value would drop to zero

What part of fixed inflation rate don't you understand?
I give up. You tell me.
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