Bitcoins

Satoshi

csm888 wrote: »

Cyprus becoming the bitcoin world hub.... sounds great. (21.00 onwards)

Sounds ironic more like. Your bitcoin may get Crprussed!

JohnRo

Satoshi, you've been in this thread for weeks and it's obvious from that post you've made no attempt to find out even the basics about what bitcoin is or how it works. You seem impervious to anything you don't want to hear, you're in good company.

Just repeating the same thing over and over, won't make it come true.

The bitcoin roadmap is explicit and everyone knows exactly what is going to happen, no one anywhere can change that without a consensus agreement of the majority of those mining.

The last coin will be mined some time in 2140, at that point the transaction fees contained in each block will already far exceed the bitcoin minting reward "miners" receive and will have been doing so for years.

The whole process is evolving and it is opening new doors to entirely new ways of thinking and transacting, the problem you're having is trying to shoehorn a completely new way of doing things into an old, corrupt, decrepit model and then looking at all the problems that causes as belonging entirely to the new process.

JohnRo

sabretoothtigger wrote: »

Saxo bank recently predicted the Euro will confiscate funds over 100k as part of a wider actions to stabilise economies

The IMF have already produced a document called "taxing times" in which they talk about the dire situation of state finances and in one section advocate the option of government confiscation of private wealth with a 10% plus special "one off" capital levy to restore the "debt situation" (read: banking system). This on top of the constant inflation stealth tax.

They even detail how it would need to be done without any warning so people don't have time to react and avoid it but worry it might "distort behaviour". No doubt the inner circle would be warned well ahead of time.

You just couldn't make this stuff up.

[Deleted User]

Satoshi wrote: »

Bit coin does have an end in sight, admittedly it is said to be a long way off. Some say at current mining levels it could the year 2100 so 86 years away from when Im writing this in 2014. But as I have said if entities like the Box or the Firm otherwise known as MI5 or 6 or the CIA or FBI or KGB want to get involved in a big way they could mine the last of the bitcoins in a relatively short time.

The simple fact is when the last of the bitcoins have been mined the systems come to an end. We are over half way there as I write this in 2014.

John has explained why you're wrong about the "end of the system", but you're also wrong about the mining. The system automatically compensates for the networks hash rate, this means that if the hash rate increases so does the difficulty (see "Bitcoin Difficulty" and "Bitcoin Hash rate") to "aim" the network at the target of 2140. Although it's possible for mining to finish before 2140 (which doesn't matter) it's impossible for it to finish soon...

The most powerful computer in the world has a theoretical maximum output of 27 Petaflops, that's the most powerful computer in the world. The current Bitcoin network power is 108,800 Petaflops.

The Bitcoin network power is almost 4,000 times more than that of the most powerful computer in the world and that is just what is required to mine until 2140. If an entity (independent, government) wanted to mine all of the available bitcoin they would need to increase the network hash rate to the point where it could mine 10,000,000 coins in a period of 2 weeks, and currently it takes 2 weeks to mine roughly 2000.

2,000 bitcoins mined in 2 weeks requires 108,800 Petaflops at the current network hash rate. That's one hundred thousand Petaflops, got it?

To mine the remaining bitcoins (10,000,000) and "destroy" the network would require 544,000,000 Petaflops of computing power, computing power that would have to be introduced the moment the network adjusts the hash rate and run constantly for 2 weeks, that would be the only way to "beat" the Bitcoin network.

544,000,000 Petaflops = 20,923,076 Titan super computers. The Titan cost $100,000,000 to build. It would cost $2,092,307,600,000,000 to destroy the Bitcoin network.

2 QUADRILLION DOLLARS. The GDP of the world is $84.97 Trillion, it would cost 2,000 times more than the worlds GDP right now to destroy the Bitcoin network... and that would only work if whomever had this computing power managed to do it in the time before the network adjusted the difficulty.

dryhat

If "they" wanted to destroy Bitcoin, it would be far, far easier just to use good old-fashioned violence rather than to attempt technological attacks.

FatherAbraham

Satoshi wrote: »

But as I have said if entities like the Box or the Firm otherwise known as MI5 or 6 or the CIA or FBI or KGB want to get involved in a big way they could mine the last of the bitcoins in a relatively short time.

The KGB was disbanded in December 1991. Talking about the KGB as if an active entity makes you sound like an ignorant nutter.

One must be duly dilligent when concocting conspiracy theories. They can't just be conjured out of a load of old James Bond nonsense.

Warmest regards,
FA

sabretoothtigger

I know of at least one active agent still in power

lvader

FatherAbraham wrote: »

The KGB was disbanded in December 1991. Talking about the KGB as if an active entity makes you sound like an ignorant nutter.

One must be duly dilligent when concocting conspiracy theories. They can't just be conjured out of a load of old James Bond nonsense.

Warmest regards,
FA

Russia still has a very active secret service, it's just not called the KGB.

Jegersmart

lvader wrote: »

Russia still has a very active secret service, it's just not called the KGB.

I believe that was the point.

J

lvader

Calling something by it's old name isn't ignorant. Correcting someone for it is petty, calling them ignorant is being a nob.