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?
What will you do when the US treasury decides crypto currencies are a threat to...
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would probably pic related honestly
he doesn't understand how crypto works
you will join antifa?
Sounds good to me. More transactions will likely increase the price.
US has to print trillions to pay for the TX fees
USD hyper-inflates and dies
BTC becomes world currency
Wait for the new coin that addresses that problem to come out and go all in on the ICO
Is that the grinch with a mask?
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.
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.
You are aware there is an effective limit of how many transactions are possible per given time. And that limit is fairly low.
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.
So use a different coin.
No matter what they won't win.
couldn't they just make any unofficial blockchain currencies illegal?
why would they have to ban an individual coin
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
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 $5, only the words on my piece of paper.
That's a blockchain. The difference is that with our coins, everyone holds a piece of paper and they all update at exactly the same time.
There's literally nothing to ban because it's just a list on a ledger. Nothing, not even something digital, is actually being transferred.
You can ban exchanges, sure.
But that's why it's completely possible to make your own addresses and even mine coins with nothing more than a piece of paper and a pen, no computer needed.
It's literally just math, which the computer does faster than you. but for simple blockchains, even that isn't needed. And you can't "ban" math.
you can't ddos a worldwide network of miners
A state actor certainly could. The NSA has a million times the network power of the miners. The only reason they haven't attacked yet is because so far cryptos are not a real threat yet.
no they fucking can't. you are retarded. you are literally clueless.
Ddos with shorts, 500k btc pump in one week
Of course they can. Even I could DDOS a large miner. Only problem is it wouldn't do much because I don't have enough pull. But the NSA? They would blow him out of the water like nothing.
can no longer trade x coin, lose initial stake
can no longer trade y coin, lose initial stake
See where I'm going with this?
Trades are not on the blockchain
I would continue to HODL with a grip made of steel, if the US government straight up attack BTC, it will completely cement its position as world currency.
I would sell my soul for as much fiat as possible and buy as much 2-3digits$ BTC as possible.
unironically convert all crypto i had and send it as monero to antifa to arm them with 70's weaponry and IED's
but math is racist because it oppresses black people from getting high income jobs
it must be banned
but why couldn't a government pass a multitude of laws that inhibit / limit cryptocurrency use?
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
implying bitcoin is used as 'currency'
fuck off bootlicker
something that is used as a medium of exchange; money.
What do you use it for? Serious question.
Probably dump all my money in pic related
in the USA, the bitcoin blockchain is protected by free speech and the right to barter
Please don't tell me you believe this
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.
regulating communications is hard