>FAIL #2: Even if it was a good idea, governments would squash it.
Anyone could destroy (read: fake transactions, etc) it given enough computational power. I also remember reading that the main developer was invited to talk to the CIA.
Anyone could destroy (read: fake transactions, etc) it given enough computational power. I also remember reading that the main developer was invited to talk to the CIA.
If any one attacker gets, say, 9/10ths of the world's computer power, the best they can do is get 9/10ths of the generated coins, and slow down the system by not including transactions. Falsifying transactions is far, far harder to do, on an astronomical scale.
See: https://en.bitcoin.it/wiki/Weaknesses#Attacker_has_a_lot_of_... (the rest of the page has a decent breakdown of attacks)
I would start by brute forcing their private keys, and go from there.