Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
by shawnz on Saturday March 13, 2021 @08:05AM
(#26446285)
If a big government seized control of a coin's development, it would surely lose most of its value and users would likely just create a fork which is not under that government's control.
Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
by mjburgess on Saturday March 13, 2021 @09:01AM
(#26446618)
Miners would try to fork it.
Users would be overjoyed, and the user base would grow dramatically.
People aren't using bitcoin day-to-day because it lacks a government backing.
Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
by shawnz on Saturday March 13, 2021 @09:17AM
(#26446697)
I will reply to this despite the fact that it's an obvious troll and has nothing to do with the topic at hand (this thread isn't even about Bitcoin).
People are actually using Bitcoin strictly because it lacks a government backing. For those users who want an asset that is government-backed, there are already lots of options and there is little need for cryptocurrency to try and compete in that space.
Re:Vitalik escalates ETH 2.0 merge as miners plan a 51% attack
by mratsim on Saturday March 13, 2021 @04:48PM
(#26450313)
Venezuela has a government-backed cryptocurrency, the Petro, which failed spectacularly:
- https://en.wikipedia.org/wiki/Petro_(cryptocurrency).
In fact colleagues at Status went to Venezuela to check how payments worked there:
- https://www.figma.com/community/file/780788775246577039?prev...
This got me thinking. How likely is it that, if and when crypto grows into a significant financial sector, the actual government will take over the governance.
It seems likely that the public (or their representatives) will grow increasingly uneasy with such an important matter being handled by random internet people and foundations. Especially if these institutions are not willing to include themselves into other policy making processes.
I believe that sooner rather than later effective control will be wrestled away from people like Vitalik, through laws and regulations.