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Why do you say they will dictate the terms? They will own the mining? The whole point of bitcoin is decentralization (unless some large entity owns mining major
by corporateslave2 9y ago
Why do you say they will dictate the terms? They will own the mining? The whole point of bitcoin is decentralization (unless some large entity owns mining majority).
- omarchowdhury 9y agoYou don't think they can create their own distributed ledger?
- corporateslave2 9y agoOh I see. Bank/corporation owned currency is a weird concept....
- omarchowdhury 9y agoWhat do you mean? Obviously if they can create their own blockchain they can issue their own currency, too. It's just a book of who has how much.
- campbelltown 9y agoBlockchains only improve the efficiency of permissionless system. If you're going to create an in-house currency, it would be idiotic to use something as un-scalable as a blockchain.
- omarchowdhury 9y agoWhat makes Bitcoin, not an in house currency, also not idiotic in your case?
- campbelltown 9y agoPermissionless ownership.
- omarchowdhury 9y agoInstead here your gatekeepers are speculators and miners and early adopters.
- Frogolocalypse 9y agoThe 'gatekeepers' are anyone who has bitcoin.
- campbelltown 9y agoEven further, there are no gatekeepers...
- c0nducktr 9y agoIt sounds like something you'd find in a cyberpunk novel.
- rtpg 9y agoThe cynical example: - People live in countries - countries levy taxes to be paid in "real money" - banks deal with the "real money" - BTC exchanges have to work with these banks + gov't
- kneel 9y agoThis assumes that future commerce will always revert back to 'real money'.
- palunon 9y agoCommerce is irrelevant. At the end of the day, you need to pay your taxes - presumably in your national currency. Suppose you had a commerce that only accepted bitcoins. How will you pay your taxes ?
- polyomino 9y agoa good thought experiment. I think it's likely that the government forms a symbiotic relationship with Bitcoin if things get that far. If the public does not want national currencies, then governments need to make them wanted. Physical force is an obvious approach, but probably impractical.
- Frogolocalypse 9y ago> (unless some large entity owns mining majority). Without control of the nodes, the mining hashpower is only a secondary concern. If the miners ever tried to enforce their will, the nodes would simply change the PoW algorithm, and the miners would effectively be out of work.