U.S. Government Mining Bitcoins - page 3.

franky1

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Quote from: hector3115 on May 28, 2015, 09:45:26 AM

Does anyone think that the U.S. Government would ever get involved in mining bitcoins?

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network. They wouldn't sit by idle while China does the majority of the mining. Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

why spend millions on mining equipment when they can just spend $500 an hour to hire a lawyer and judge to get warrants to steal bitcoins, cost is probably $2k max

PolarPoint

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Quote from: XCASH on May 28, 2015, 12:23:27 PM

Quote from: PolarPoint on May 28, 2015, 12:04:43 PM

Mining is a waste of resources for the US government. If they wanted to own bitcoin, they could keep those confiscated from silkroad. They want to regulate and control bitcoin. The easiest way is to pass legislations to shape the future of bitcoin.

They could tax Bitcoin businesses in Bitcoins if they want a stack of coins for themselves. A fraction of the combined takings of all US based exchanges would make them a fortune. If they kept holding those Bitcoins they would soon own a large percentage of the distribution.

The problem is the more bitcoin the US government holds, the less valuable bitcoin gets. One of the most valuable asset of bitcoin is no government and bank interventions. If any government holds a sizeable percentage of bitcoin, hardcore bitcoin veterans might dump their holdings. Cheesy

Balls

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This has been discussed at least once on here before. They wouldn't waste their time. Why would they bother when they can print their own fiat money. It would be very risky and costly for them to buy all the equipment and even then they could lose money if bitcoin goes tits up or has another crash.

Quote from: alani123 on May 28, 2015, 09:46:50 AM

Why mine it when you can create and shut down deepweb marketplaces on a bimonthly basis?

And steal all their coins in the process.

Cruxer

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Bitcoin FTW!

They don't need to, but if they want they would dominate market really fast.

XCASH

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Quote from: PolarPoint on May 28, 2015, 12:04:43 PM

Mining is a waste of resources for the US government. If they wanted to own bitcoin, they could keep those confiscated from silkroad. They want to regulate and control bitcoin. The easiest way is to pass legislations to shape the future of bitcoin.

They could tax Bitcoin businesses in Bitcoins if they want a stack of coins for themselves. A fraction of the combined takings of all US based exchanges would make them a fortune. If they kept holding those Bitcoins they would soon own a large percentage of the distribution.

PolarPoint

hero member

Activity: 672

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Mining is a waste of resources for the US government. If they wanted to own bitcoin, they could keep those confiscated from silkroad. They want to regulate and control bitcoin. The easiest way is to pass legislations to shape the future of bitcoin.

bryant.coleman

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This is totally ridiculous. Why should the United States government mine bitcoins? I can't even find a single reason. And right now, they are getting rid of the Bitcoins in their possession (received from the seizure of sites such as Silk Road). In case they need more coins, then they can easily purchase them from any of the US-based exchanges.

RodeoX

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The revolution will be monetized!

I can't imagine that congress and the senate would fund bitcoin mining. For that matter I can't see them ever understanding bitcoin.

Lauda

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Terminated.

Quote from: Kyraishi on May 28, 2015, 11:39:06 AM

I would say no.
The U.S. government likes to control wealth and likes centralization.
So chances are that they will create their own version of Bitcoin and NYSE, NASDAQ, etc, will accept it.

If the U.S. government doesn't create their own crypto-currency and choose Bitcoin then you know who Satoshi is Wink

Just saying.....

That doesn't help them with controlling Bitcoin at all. Making an alternative coin doesn't help you in regards to Bitcoin.
If they wanted to have control they would either mine or buy as much as they can. I already suspect that some countries are slowly buying in, without raising suspicion or prices.
I mean imagine someone buying in only 10 Bitcoins a day for a whole year. That would not cause suspicion nor have any effect on the price.

rtrtcrypto

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Exactly,

If the future economy is dependent on BTC, then they will mine to secure the network... period.

Quote from: LiteCoinGuy on May 28, 2015, 10:40:23 AM

Is this a possible outcome? i would say: yes, this is a possible outcome. maybe in 10-20 years we will see that alot of countries will do that.

just think about that:

when NYSE, NASDAQ and other very important US companies rely on bitcoin, the US Gov should do something to secure the blockchain.

Kyraishi

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Quote from: LiteCoinGuy on May 28, 2015, 10:40:23 AM

Is this a possible outcome? i would say: yes, this is a possible outcome. maybe in 10-20 years we will see that alot of countries will do that.

just think about that:

when NYSE, NASDAQ and other very important US companies rely on bitcoin, the US Gov should do something to secure the blockchain.

I would say no.
The U.S. government likes to control wealth and likes centralization.
So chances are that they will create their own version of Bitcoin and NYSE, NASDAQ, etc, will accept it.

If the U.S. government doesn't create their own crypto-currency and choose Bitcoin then you know who Satoshi is Wink

Just saying.....

LiteCoinGuy

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In Satoshi I Trust

Is this a possible outcome? i would say: yes, this is a possible outcome. maybe in 10-20 years we will see that alot of countries will do that.

just think about that:

when NYSE, NASDAQ and other very important US companies rely on bitcoin, the US Gov should do something to secure the blockchain.

Fedoraeuphoria

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This is one thing that was surely not envisioned for Bitcoin when it was developed.

Amph

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no thanks, they will just help to centralized the mining activity, right now there is no place for them to take profit either

spazzdla

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Quote from: ?? on ??

Can't the US government just dedicate one money printing machine to making USD to only trade for bitcoin? Seems easier for the US government to do that.

To difficult as applied.. Just steal a bunch monthly from one of your serfs.

RustyNomad

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Doubt it, just look at history. If they want bitcoin they will just take it.

alani123

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Leading Crypto Sports Betting & Casino Platform

Why mine it when you can create and shut down deepweb marketplaces on a bimonthly basis?

hector3115

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Does anyone think that the U.S. Government would ever get involved in mining bitcoins?

I could see if bitcoin was the backbone of our financial system (which I believe is starting right now with the NASDAQ trials) the U.S. Government could possibly become the world's largest miner in order to help assure the security of the bitcoin network. They wouldn't sit by idle while China does the majority of the mining. Then I think other governments would join in to insure their own security as well.

This could also provide revenue for the governments possibly alleviating the tax burden placed on citizens.

Is this a possible outcome??

Topic: U.S. Government Mining Bitcoins - page 3. (Read 2874 times)