Topic: Staff from PBC suggests taking control of bitcoin network. - page 4. (Read 11529 times)
This is super good news if true! A war on the Bitcoin network is all we need to really push it into acceptance. If China joins, then the US wont like to see them taking over, thus adding hash power. And since they will try to control the network they will purchase coins, and at the end of the day, we will be the winners!
Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...
Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin.
False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.
True, Evor, but if they time it right, and do it in a calculated way, they could control enough of it, even as the price shoots up, to make it worth their while. And it would guarantee them that control on pretty solid fundamentals on how the markets work, as opposed to having to take over the network.
It would be silly for China or any other government to attempt to "own" Bitcoin, when all they really need is to control it. Plus, in the specific case of China, it would give them control over a currency that isn't being kept artificially devalued, freeing the Yuan for their domestic needs.
They'd have to be fools not to even be looking at BTC
China will not stop the flow of semiconductors OUT of China, they export goods - that is what they do. If they ever did stop the flow of any of these technologies the price would go up and fabs in other countries would start making them. China could only temporarily stop these things from being make.
Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...
Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin.
False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.
I don't even think anyone could buy a few million right now. MtGox only has 190,000 or so on offer. There's undoubtably a large stash sitting in exchanges off the order books, but I'd be very surprised to discover that there are a few million sitting in the exchanges counting what's on the books and what's not.
The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
While we use GPUs
Just a guess, but I would imagine that most GPU's and FPGA's are cultivated in fields which are distinctly in the Chinese sphere of influence.
FPGA's, at least, have been at one time contemplated as a device who's use had national security implications (although not for hashing.) In the (seemingly unlikely) event that hashing became a matter of national security, I have little doubt that availability of GPUs, FPGA's, and eventually ASICs could and would be controlled to the extent which would be as effective as deemed necessary.
Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...
Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin.
False. Buying every bitcoin is impossible as price would approach infinity. They could buy a few million, but doing so would make Bitcoin the number 1 financial news topic and instead of "killing bitcoin" it would almost guarantee its success.
I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover).
It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin.
Successful troll is successful.
http://translate.google.com/
The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
While we use GPUs
Did you bother to check the list? Because you're wrong.
Oh wow... but which one do they want to do, a 51% attack or just mine a large amount of bitcoins?
Why waste the time and effort mining? They can buy every single btc in existence for what
is to them a very small sum... and continue buying till the last of the 21 M...
Basically any goverment or reasonable sized entity could do it if they wanted to kill Bitcoin.
The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Pointless comparison. The 500 supercomputers are all CPU supercomputers. I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
While we use GPUs
I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
If it's not too much trouble can you please post some links to his postings? I'd like read what he's spreading (economic takeover or mining takeover).
It's one thing to be trolling the intertubes, but it's another thing altogether if he abuses his (albeit minor) position at the PBC to influence bitcoin.
I firmly believe that this guy--地图集--needs to be stopped from spreading fud in forums in China.
Right now, yes. However, a mining farm built for a takeover would not cost very much (to a government).
True, because they have the control of their own fiat currency supply. They can fabricate as many yuans as they want, out of thin air, and buy real Bitcoins to buy real GPUs.
The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
Right now, yes. However, a mining farm built for a takeover would not cost very much (to a government).
The bitcoin mining network currently has about twice as much power as the 500 most powerful supercomputers in the world combined. And that's with half our machines turned off due to the current price.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
I don't think we have to worry about hostile takeovers as long as anyone thinks we have something worth taking over.
I like the path this is going down. 
I hope China DOES "take" the network. Watch the value drop before their eyes as everyone jumps on Namecoin, Litecoin, or hell, even possibly SolidCoin. Then when another country tries to take a dip in this pool, watch the hydra of digital currencies fly. I love it, go for it China.
I hope China DOES "take" the network. Watch the value drop before their eyes as everyone jumps on Namecoin, Litecoin, or hell, even possibly SolidCoin. Then when another country tries to take a dip in this pool, watch the hydra of digital currencies fly. I love it, go for it China.
All good. China really gets into this and starts mining, buying and hoarding, price goes up, more miners come on board, more security for the chain. Price goes up more. More publicity, etc.
This author is only a geek working for the PBC, and it's meaningless for us to speculate what China government is thinking about bitcoin from this paper. It's more likely a personal opinion. This geek published several articles about how to transfer financial transaction information with the help of satellite or something like that
Let's put this in clearer English! I hate it when google translate's crappy output makes me read more slowly. 
Section 6. Recommendations
1. The government and central bank should acknowledge the existence of Bitcoin and deal with it proactively. Using the top-notch supercomputers at its disposal and using state power to ensure a monopoly on mining power, the central bank could acquire the vast majority of bitcoins.
2. The central bank should set up a Bitcoin bank and an official Bitcoin exchange and become the middleman in Chinese Bitcoin transactions to eliminate Bitcoin's relative anonymity and ensure that Bitcoin commerce can be regulated.
3. The government should push for international acceptance of a Bitcoin-backed currency, establishing a non-sovereign monetary system, to challenge the supremacy of the US dollar and to make the international financial system more harmonious and stable.
Section 6. Recommendations
1. The government and central bank should acknowledge the existence of Bitcoin and deal with it proactively. Using the top-notch supercomputers at its disposal and using state power to ensure a monopoly on mining power, the central bank could acquire the vast majority of bitcoins.
2. The central bank should set up a Bitcoin bank and an official Bitcoin exchange and become the middleman in Chinese Bitcoin transactions to eliminate Bitcoin's relative anonymity and ensure that Bitcoin commerce can be regulated.
3. The government should push for international acceptance of a Bitcoin-backed currency, establishing a non-sovereign monetary system, to challenge the supremacy of the US dollar and to make the international financial system more harmonious and stable.
Thanks for the clarification.
So they want to become the largest miner and control the bitcoin exchange/banking industry within China to deanonymize it. This precedent may be followed by other countries, and we'll quickly come to a vastly more traceable system than we have today. Sure, current bitcoiners all get rich, but the governments won't hurt one bit. Yes, there will be winners and losers in the bitrush, but in the end we've just delivered them exactly what they've been looking for. They just don't know it yet.
Yes, this is what I mean by great. However, remember, this is just a lowly credit card journal article by a lowly Nanjing bank staffer. It should not be used to predict real world events. The article is from october and we haven't heard anything more.
If a lowly bank staffer is thinking about it, I can only imagine the thoughts higher up.
After extensive research, I've discovered that that lowly bank staffer has a name. A name he also uses on several forums in China: 地图集
Deal!
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