In an imaginary Mars colony, would a cryptocurrency a la bitcoin be feasible as an official currency?
What I'm interested in is how would taxes work. Obviously there's space for tax fraud when it's so easy to move money around so I've been thinking about a flat transaction tax. Basically you'd get rid of income, taxes and just institute a flat 0.2% tax on every transaction which goes directly to the federal treasury. Taxes for house, land, car etc would be state/county/city dependant and would be collected in a normal way. Tax return could be filed for certain things.
Could this work?
>>1166956
You smoke a lot of weed, huh.
>>1166978
I don't smoke it at all actually. Why, is doing a thought experiment now a DUDE WEED LMAO territory?
>>1166956
when you realize a government could easily outperform your shitty mining racks and take control of your entire crypto-currency you will turn green and shit bricks.
they let the bitcoin go for now because the market share is laughable and can be useful for field operatives just as tor.
if it grows to threaten the financial system or gets more exposure the nsa will just take permanent ownership of the block-chain and they will only process the transactions they want to (ie the ones they generate for shits and giggles).
>>1167086
>when you realize a government could easily outperform your shitty mining racks
you're an idiot
>>1166956
The pros is that electronic currency has no weight... However it would require a network infrastructure, so you would need the computing resources, networking cables or whatever across all bases. While physical money doesn't. I think it's safe to say that the initial up front cost for electronic currency such as cryto coins would be more, but probably in the long run it would turn out to be better. Not sure though, there's a lot of interesting economics to be considered which i don't know enough about at this point. Interesting thought.
>>1167090
you seriously think the nsa don't have the hashing power to stomp the entire capacity on the rest of the world into the dirty ground?
you are stupid then. really stupid.
>>1167096
>you seriously think the nsa don't have the hashing power to stomp the entire capacity on the rest of the world into the dirty ground?
yes, absolutely. why the fuck would they? you know Bitcoin miners use hardware that is designed specifically for mining - and have giant warehouses full of them, right? you know it has the most hashing power of any other network by orders of magnitude, right?
>>1167096
>Le omnipotent nsa meme
Why would a space colony want to use a crypto currency
>>1167153
Why would it want to mint money?
>>1167139
the entire bitcoin mining industry have the budget that nsa spends on pen and paper.
if you think they can't make/order custom chips cause it's so complicated you are shit out of your mind.
there is no competing if they step into the game and i'm not convinced they are not already ahead. many speculates that nsa might even have working quantum computers.
>>1167162
>if you think they can't make/order custom chips cause it's so complicated you are shit out of your mind.
it's not complicated. it's just pointless because they would have to spend billions of dollars to attack something that isn't even within their working domain , for chips that arent even usable for anything besides btc mining
>nsa has working quantum computers
MIT has a quantum computer that can calculate the factors of 15. it will be years before they are scaled up and in significant use, and that won't only affect Bitcoin but every single aspect of the Internet and every financial institution. furthermore crypto can be modified to be quantum safe.
stop sucking the nsa's cock so hard.
>>1167176
>furthermore crypto can be modified to be quantum safe.
sure quantum computing has limits, but bitcoin is pretty vulnerable as of now. so is rsa and all security built on it for that matter.
i think for one asics are basically hashing chips that have small programs running on them probably can be actually used for a lot of shit besides mining bitcoin. it uses sha-256 (made by nsa btw) and calculating those hashes fast can be used for malicious software to be injected into signed assemblies and stuff.
i would be surprised if they didn't had suitable hardware in large warehouses with own power plants. but who knows right?
one thing is for certain they have the ability and the budget question is if they have the will.
>>1167188
>i think for one asics are basically hashing chips that have small programs running on them probably can be actually used for a lot of shit besides mining bitcoin.
but that's wrong. they're useless for anything besides mining. that's their only purpose and why they're so much more efficient than general purpose GPUs
>one thing is for certain they have the ability and the budget question is if they have the will
it's not going to happen. look how the institutions have failed against torrenting, and TOR. the fight against crypto is the same fight, but way more expensive. fighting decentralized networks is cost prohibitive and futile
>>1167198
no they are not actually can be programmed to a lot of shit with the primitives they contain i bet they can be used for churning any sha family hash function. this is a necessity also if you expect the protocol to change you don't want chips that become useless.
in fact the sha functions might have vulnerabilities or shortcuts not found so far by design that make their calculation way more efficient if you happen to know them. nsa pulled this one before.
>it's not going to happen. look how the institutions have failed against torrenting
nsa and the united states never moved on them by force so that's totally different.
the decentralized networks all rely on states for communication. all secret services have builtin hardware in internet providers just imagine how easy would be for them to simply filter out traffic they don't want to happen. it's futile to even think about actively opposing these organizations.
they let you swim in the muddy little pool because you don't bother them and they can use bitcoin to move funds for black ops or false flags or whatever their dirty needs dictate.
don't for a second imagine you could grow on the states head with it.
>>1166956
On Mars, EVERY electronic device more complicated than an analogue flashlight would be running client software to maintain a large enough network for Marscoin remain resiliant to a 51% attack.
Folks, on behalf of /tg/, welcome to Eclipse Phase!
http://eclipsephase.com/
>read to see how a wide variety of future markets work, especially the ones run on "rep" and whatever the jovians are doing
>>1167227
it would be much better to simply issue the coins by government on a pre-planned schedule.
>no waste of energy and hardware capacity extremely efficient.
>every device forms a giant pool and cooperates
>cheap and sustainable long term
>not deflatory
best would be a system backed by rare metals tho.
>>1167086
>he literally knows shit nothing about Bitcoin
>>1168749
That's good. I would hate to see someone figuratively know shit nothing.
>>1168749
dude i was researching bitcoin when you didn't even hear about it yet.
>>1167086
Bitcoin is still in it's infancy.
It seems 'big' now. But if it gets to the point where Nasa and considering it as some sort of galactic currency; it will be much much bigger.
The bigger bitcoin is; The more funds it takes to set up a 51% mining rig.
I think by the time bitcoin gets large enough to be galactic material... The cost of enough hardware to make a 51% mining facility would far exceed the GDP of most countries in the world.
>>1169639
eh. bitcoin is capped out. its not getting any bigger. its been pretty stagnant ever since the trading bots were discovered
>pic related
>>1167086
>they already do
>bitcoin created by the NSA as a trojan horse to traceable digital currency
>who owns 80%+ of the bitcoins?
>who is satoshi nakamoto and why since the beginning he did not want to be known?
>NSA white paper-bitcoin whitepaper
