On 1/22/2014 1:27 AM, Juan Garofalo wrote:
--On Tuesday, January 21, 2014 7:49 PM -0500 Kelly John Rose <iam@kjro.se> wrote:
Large enough funding to take over 51% of the bitmining regime.
Is there some kind of estimate of the price of doing that? Bitcoin optimists would say that at some point the network will be too big for a single player (even if it's a government) to take over?
The NSA has an almost unlimited budget. I could easily see them being used in this fashion. Especially since if bitcoin was being used by the official enemies of the US, it would allow the NSA to directly screw around with them.
Ability to block / adjust internet packets on an international basis
Is it possible to filter bitcoin traffic? The counterargument I've seen is that bitcoin traffic is really light, so it would be possible to 'disguise' it - steganography being the technical term I guess.
True, but the mining needs to happen in the open somehow.
If necessary, the police and physical force to take down the players with the most bitcoins quickly and effectively.
Yes. That sound's like a plan. And of course, contrary to James Donald's wishful thinking, governments are pretty efficient at using force to get rid of people who get in their way.
Actually, someone mentioned the fact that they could just do the "think of the children" CP/Drugs line, and that would resolve the problem more or less in the public eye. Especially when you combine that with "proceeds of a crime" laws, arguably turning a bitcoin into a similar object as a stolen stereo. In China and other similar countries they are dealing with it in a more direct manner, essentially telling people that if they continue to use it there will be severe consequences. Hence why the banks in China backed out so quickly. Unfortunately, utopian thinking is commonly wishful thinking, that's why so many bad things happen when utopian extremists start to get their way.
On Tue, Jan 21, 2014 at 7:43 PM, James A. Donald <jamesd@echeque.com> wrote:
On 2014-01-22 07:45, Juan Garofalo wrote:
I'm asking what practical means would governments use to deal with bitcoin if it becomes a real problem for them.
And I am telling you that they will act in a way that is chaotic, incompetent, corrupt, and disorderly.
-- Kelly John Rose Toronto, ON Phone: +1 647 638-4104 Twitter: @kjrose Skype: kjrose.pr Gtalk: iam@kjro.se MSN: msn@kjro.se
Document contents are confidential between original recipients and sender.