Is (((google))) using the computing power of it's users to mine and horde Bitcoin?
Moreover, is (((google))) selling these Bitcoins to the highest Government bidder/s for control of the currency?
What does this mean for those of us who trust this technology?
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>probably
just bought 100k
Gubment works slow. You got time.
>Gubment.
Are you George Webb? Cuz if you are you should kill yourself.
there can only be 24 million bitcoins, so sooner we get to mining all of them the better, that's when my 0.05 will have some value!
donate to my broke ass pliz! blockchain.info
21* million
I don't understand bitcoin. People say that it frees you from the governments and banks yadda yadda but what stops a bank from just buying a shitton of bitcoin or farming it with their unmatched ressources and then just be the middle man again?
Exactly.
...
Indeed.
Other coins.
That would destroy the value of the coin and then another cryptocurrency would take it's place.
If it was a viable strategy it would've been done already but they see farther into the future than any of us with their think tanks.
The way I understand is that the essential advantage (other than anonymity) is that bitcoin is actually a scarce resource, like gold. There will only ever be 21 million bitcoin in existence. A major problem of current monetary policy is that central banks will just create money out of thin air without any restrictions, making it a non scarce resource. If they want to, they can just print another trillion dollars, devaluating every dollar you have in your pocket. With bitcoin, they can't. The currency is bound to the fluctuation of the market, but it's no government can just create an absurd amount of money out of thin air without even informing the public, thus massively devaluating the already existing money.
I'm not an economist though,so perhaps I misunderstood this.
wow fantastic OP, just bought 23.7 million, thanks for the tip. Don't we have a containment board for this shite BTW? And 'containment' for a reason.
>not waiting for Bram Cohen to release his cryptocurrency
The mining of bitcoins is a transaction cost.
This cost is payed to the miners in bitcoin.
When all 21million coins are in private hands (~2025)the cost of transaction must be payed by the transactee,just like a bank, bitcoin would have to be centralised to accommodate its new services, with the same rules as existing banks.
No anonymity , taxes paid and nowhere to hide.
What's different? Banks are regulated now whereas bitcoin is a Ponzi scheme.
Because buying up bitcoin would be giving more value to it similar to with gold.
The reason you can't just farm up a ton is also kinda interesting. As we're already at a point where an individual can't just run their computer and MAKE bitcoin for a profit. At this point, the price of bitcoin creation is correlated to the price of electricity plus hardware, which is harder for anyone to try monopolizing.
To make up for the cost of creating/running bitcoin, you have sites like Coinebase that'll just charge some small fee to transfer bitcoin to make up for the electricity/hardware cost of doing the transfer.
This is why there will be a fairly constant increase to the value of bitcoin over time, plus you can't have anyone monopolize it due to its structure.
Second cool thing about bitcoin is ownership. You own your money as long as you know your private key. Money in bank is own by the bank as the bank owns the data base. Your bitcoin address can't be taken from you by the feds.
>you own your money
You own your bitcoin, the money has been speculated and will be till you realise it.
Listen bit-tards:
If governments viewed bitcoin as a threat they could just ban it and access to exchanges or steal the coins from you.
Central banks print money out of nothing, they could buy all bitcoin if they wanted to and price you out of the coins.
Botnets and companies like Google could mine all of the bitcoin and control the currency if they wanted to.
Governments could hack bitcoin exchanges and steal bitcoins to undermine the currency.
These coins are virtual and have no real value other than ponzi. All it takes are rumors and the whole thing can crash.
Governments can introduce their own legitimate crypto and Bitcoin will lose value.
Governments can monitor transactions on the blockchain and imprison/monitor or prosecute you.
The founders of Bitcoin is unknown and for all we know it could be CIA or Israel.
Bitcoin is normalizing virtual currency. With virtual currency a one world currency could be released that allows total control of you. With a press of a button you could be banned from transacting in society and lose everything.