bitcoin

[Kelly John Rose]

On 1/22/2014 1:27 AM, Juan Garofalo wrote:
> 
> 
> --On Tuesday, January 21, 2014 7:49 PM -0500 Kelly John Rose <iam at 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 at 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 at kjro.se
>> MSN: msn at kjro.se
>>
>> Document contents are confidential between original recipients and sender.
>>  
> 
>