Quote from: JohnOliver on December 12, 2011, 10:35:18 PM

Quote from: Harvey on December 12, 2011, 09:15:16 PM

Quote from: JohnOliver on December 12, 2011, 09:12:08 PM

Quote from: chickenado on December 12, 2011, 06:42:16 PM

Quote from: finway on December 11, 2011, 02:36:00 AM

1.Government and central bank should face up to the existence of Bitcoin,
take control of most bitcoins by using the computing power of supercomputers all over the country.

It is impossible to "take control of most bitcoins" using computing power alone.

Most bitcoins are in cold storage. A double spending attack would affect only a small fraction of bitcoins, or it would destroy the current block chain altogether if it persisted for long enough. In which case you are talking about outright destruction, not "facing up to existence".

Either these people failed to RTMF, or this is a bad translation, or it's a fake.

He's probably talking about using the Chinese supercomputers to mine a majority of the 16.13 million remaining bitcoins.

Which would be marvelous. The price increase would be exponential. I find myself liking our Chinese overlords more and more.

How would adding mining power increase the price?

You're probably thinking of the other attack: buying up coins regardless of the cost. That would make the majority of this forum millionaires Grin

Heh, mining equates to bitcoin payouts. If governments begin earning the majority of the Bitcoins, they'll have the means to sell them for high prices. It would be a good return for the taxpayers to say the least -- on a societal level.