What will you do when the US treasury decides crypto currencies are a threat to...

Dreamworx
Dreamworx

What will you do when the US treasury decides crypto currencies are a threat to the dollar and directs the cyberthreat division of the pentagon to DDOS them with trillions of trades per second?

All urls found in this thread:
https://news.bitcoin.com/tether-coin-may-be-a-precarious-us-dollar-peg/
iluvmen
iluvmen

would probably pic related honestly

Methnerd
Methnerd

he doesn't understand how crypto works

Sharpcharm
Sharpcharm

@iluvmen
you will join antifa?

SniperWish
SniperWish

@Dreamworx
Sounds good to me. More transactions will likely increase the price.

Ignoramus
Ignoramus

@Dreamworx
US has to print trillions to pay for the TX fees
USD hyper-inflates and dies
BTC becomes world currency

whereismyname
whereismyname

@Dreamworx
Wait for the new coin that addresses that problem to come out and go all in on the ICO

King_Martha
King_Martha

@iluvmen
Is that the grinch with a mask?

Playboyize
Playboyize

@Methnerd
The network is already slow as ass. Flooding it with bogus trades would be fairly easy.
And if the cryptos try to counteract this then the blocksize will blow up to stupendous size. Making it unusable.

ZeroReborn
ZeroReborn

@Playboyize
Flooding it with bogus trades would be fairly easy.
Trades are not on the blockchain you fucking retard. Also, they would have to pay $5+ TX for every spam transaction if they wanted to block out other people.

Raving_Cute
Raving_Cute

@ZeroReborn
You are aware there is an effective limit of how many transactions are possible per given time. And that limit is fairly low.

Lord_Tryzalot
Lord_Tryzalot

@whereismyname
This guy gets it.

Bitcoin is officially an illegal currency and anyone caught using it will be prosecuted.

Ok....so let's all just X coin
X coin is now an illegal... etc.

Cool. Y coin.
and on and on. This shit cannot possibly be regulated.

massdebater
massdebater

@Raving_Cute
So use a different coin.

No matter what they won't win.

Playboyize
Playboyize

@Lord_Tryzalot
couldn't they just make any unofficial blockchain currencies illegal?

why would they have to ban an individual coin

CouchChiller
CouchChiller

@Raving_Cute
you dumb shit. the coins value depends on more than what one idiot does to a single exchange. algos and niggers spoof exchanges daily. but you can't ddos a worldwide network of miners faggot

Boy_vs_Girl
Boy_vs_Girl

@Playboyize
You don't understand what a blockchain is...do you?

Imagine I have a piece of paper that says "Joe has $5. Joe gives $5 to Susie." There is no $5, only the words on my piece of paper.

That's a blockchain. The difference is that with our coins, everyone holds a piece of paper and they all update at exactly the same time.

There's literally nothing to ban because it's just a list on a ledger. Nothing, not even something digital, is actually being transferred.
You can ban exchanges, sure.

But that's why it's completely possible to make your own addresses and even mine coins with nothing more than a piece of paper and a pen, no computer needed.

It's literally just math, which the computer does faster than you. but for simple blockchains, even that isn't needed. And you can't "ban" math.

happy_sad
happy_sad

@CouchChiller
you can't ddos a worldwide network of miners
A state actor certainly could. The NSA has a million times the network power of the miners. The only reason they haven't attacked yet is because so far cryptos are not a real threat yet.

Carnalpleasure
Carnalpleasure

@happy_sad
no they fucking can't. you are retarded. you are literally clueless.

PurpleCharger
PurpleCharger

@Dreamworx
Ddos with shorts, 500k btc pump in one week

Booteefool
Booteefool

@Carnalpleasure
Of course they can. Even I could DDOS a large miner. Only problem is it wouldn't do much because I don't have enough pull. But the NSA? They would blow him out of the water like nothing.

happy_sad
happy_sad

@Lord_Tryzalot
can no longer trade x coin, lose initial stake
can no longer trade y coin, lose initial stake
See where I'm going with this?

Flameblow
Flameblow

@ZeroReborn
Trades are not on the blockchain
wat

TurtleCat
TurtleCat

@Dreamworx
I would continue to HODL with a grip made of steel, if the US government straight up attack BTC, it will completely cement its position as world currency.
I would sell my soul for as much fiat as possible and buy as much 2-3digits$ BTC as possible.

AwesomeTucker
AwesomeTucker

@Sharpcharm
unironically convert all crypto i had and send it as monero to antifa to arm them with 70's weaponry and IED's

Spamalot
Spamalot

@Boy_vs_Girl
but math is racist because it oppresses black people from getting high income jobs
it must be banned

Lord_Tryzalot
Lord_Tryzalot

@Boy_vs_Girl
but why couldn't a government pass a multitude of laws that inhibit / limit cryptocurrency use?
for example,

prohibiting sellers of products / services from accepting anything other than an official national currency
prohibiting any form of exchange for blockchain based currencies from operating

Poker_Star
Poker_Star

@Lord_Tryzalot
implying bitcoin is used as 'currency'
fuck off bootlicker

haveahappyday
haveahappyday

@Poker_Star
something that is used as a medium of exchange; money.

ok buddy

takes2long
takes2long

@Poker_Star
What do you use it for? Serious question.

CodeBuns
CodeBuns

@Dreamworx
Probably dump all my money in pic related

whereismyname
whereismyname

@CodeBuns
https://news.bitcoin.com/tether-coin-may-be-a-precarious-us-dollar-peg/

Booteefool
Booteefool

@Lord_Tryzalot
in the USA, the bitcoin blockchain is protected by free speech and the right to barter

Techpill
Techpill

@Booteefool
Please don't tell me you believe this

TurtleCat
TurtleCat

@Lord_Tryzalot
Literally every politician, and most people, still think of crypto currencies and Bitcoins as digital "things."

They don't understand that an address is basically just a random number, which already exists, and "owning bitcoins" just means that a bunch of people have a really big list that says "Number 5 owns X amount of Bitcoins", "Number 7 owns Y amount of Bitcoins" with much larger numbers. That's literally it. There is no "bitcoin," you're just trying to get your name on that list.

That's why it's so goddamn impossible to ban it. Because you'd have to make it illegal to communicate with anyone who "has" that big long list, the miners.

And for simpler blockchains, you can literally make the list on pen and paper, because it's just basic math. All the computer is doing is making things go faster and using the Internet to communicate with the miners.

And regulating communication is really, REALLY fucking hard.

Pretty much no politician understands this yet and most normal people don't either.

iluvmen
iluvmen

@TurtleCat
regulating communications is hard

Evil_kitten
Evil_kitten

@Spamalot
underrated post

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