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RE: Former 'Plunge Protection Team' Member Warns "Blockchain Is Freaking Governments Out"
Right, so the big question is - as far as I can tell - what can the government or Plunge Protection Team do about crypto. As @Jeffberwick mentioned numerous times, if there was a headquarters for bitcoin, governments would have long ago sent in a swat team or somehow dismantled it. But since it's decentralized there really is nothing they can do short of pulling the plug on the internet. And I honestly don't see that happening any time soon...
And they did send the team. It's called Blockstream.
just googled that, interesting...will have to read up more when I have time
@jobsande are you saying Bitcoin somehow is above the law of the land? Because if you ask me it looks that way. The decentralization has given it great freedom to grow. Then again governments could make it a criminal act to mine making the act of having mining software on your PC a felony charge. What prevents them from creating legislation that throws all miners in prison? What keeps them from shutting down exchanges like they did Poker websites? That might end it real quick. Lets keep our fingers crossed that's not the case.
True, they could..good point. Although, that would be a complete reversal of the trend we've been seeing recently where governments are adopting legislation for Bitcoin (ie, https://www.cryptocoinsnews.com/south-korea-preparing-legalize-bitcoin/ and http://www.coindesk.com/illinois-blockchain-initiative-policy-regulation-bitcoin-blockchain/).
True, you never know how things might change in the future, but in my opinion the popularity of Bitcoin and crypto is growing at such a rapid rate, even though you're right governments could go to extreme measures to shut it down, it would be politicial suicide (at least at this point) to publicly take such drastic countermeasures.
The biggest weakness I read in this interview was the Quantum Computer angle.
If SHA-256 is crackable, as is the HD wallet encryption, the entire system is in trouble if a bad actor gets their hands on a D-WAVE or something similar.
I've seen in numerous crypto places that the encryption can't be cracked by quantum computing, but based on recent research I've been looking into it is more than possible and likely IF it was desired.
I think this conversation is an entirely different thread.
Wow, I had no idea thanks for sharing that. Would you mind sharing that research you reference? Or maybe make your own post on it - would definitely be interested to check that out. Now following you..
Yea.. thats going to have to be a post on its own.
Nice, looking forward to it Blake :)
Hopefully not much, but a lot is at stake for them.
Many people think the fuckery happening with big blockers, fake satoshi and roger ver could be an organized coup to disrupt or slow down bitcoin.
At least this will be behind us very soon.
Yep, agreed.. and the key phrase here, like you say is "disrupt or slow down" - not stop. Power to the people! aka Bitcoin. (Now following you by the way)