Re:Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct
by blahbl4hblahtoo on Tuesday December 31, 2013 @07:34PM
(#6993604)
I think that all evidence points to states having far far more power to respond to technologies than anyone here can imagine. Frankly, in light of all the public disclosures this year I can't help but wonder where all the bitcoin optimism comes from.
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Re:Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct
by chj on Tuesday December 31, 2013 @08:08PM
(#6993685)
I am wondering what kinds of techniques governments could use to destroy the Bitcoin P2P network when they declare it illegal.
Re:Bitcoin Is a High-Tech Dinosaur Soon to Be Extinct
by foley on Tuesday December 31, 2013 @09:37PM
(#6993902)
Most of the mining is now done in large data centres packed with ASIC miners. Ban it, seize the equipment and the government can immediately begin a 51% attack. Shut down the exchanges leaving only peer to peer exchanges, but now your local exchanger has the legal status of a drug dealer and all the sketchyness that comes with it.
No doubt there will be protocol changes to blacklist the government miners, a cat and mouse game will ensure. Bitcoin will survive, but it will be a tiny fraction of its previous size.