
On the fact that Bitcoin has a Kill Switch; and how to disconnect it. - mgunes
http://www.loper-os.org/?p=1009
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mdonahoe
Isn't this similar to stocks where a single person owns a large percentage of
a company?

Zuckerberg could do some serious damage for FB if he decided to sell
everything at once. But it is in his best interest not to.

Over time more bitcoins will be mined, and the 400k hoards won't be as
powerful.

~~~
asciilifeform
There is an important difference.

Zuckerberg doesn't try to hide his ownership of his massive stock holdings by
parcelling the whole thing out to a million shills. And if he were to try, he
could very well go to jail. The hoarders of the Great Bitcoin Hoard, on the
other hand, have worked hard to stay in the shadows, and have largely
succeeded - until now.

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chiph
So, the answer is to take away their money? That seems morally wrong
somehow...

~~~
asciilifeform
The only way you could actually take anyone's bitcoins against their will is
by whacking them over the head and stealing their private keys. The solution I
proposed is instead to create a "schism" Bitcoin network that refuses to trade
with the pyramid scheme operators and does not recognize their coins as valid.

Nothing is being stolen from another person. Instead, the schism network's
users will be protected from being robbed in the future by early adopters who
possess a great many coins without having placed any dollars, gold, etc. into
the exchanges.

Yes, my solution is in some ways harsh and inelegant, but if you don't like
it, you should be prepared to deal with the Great Bitcoin Flood once Satoshi
and friends finally decide to cash out. Or avoid Bitcoin entirely.

