Topic: Can bitcoin be hijacked by world billionaires??? (Read 816 times)
I wouldn't say that's how it works. Anything can be influenced by influencing people, there's no doubt about that. That's not only valid for bitcoin though, or only for crypto in general, but for absolutely all markets out there. See an influential person say something good about a brand of chips, everyone will want that brand of chips. I try to stay away from that as much as possible and my personal obsession is Ethereum at the moment, mostly because it's really easy to find information about it if you follow the right sites and it doesn't have all the craziness that Bitcoin has around it.
Bitcoin can't be captured by anyone like I said before but people who have big influence are continuing to act like the cryptocurrency market is their playground. I've understood it clearer after the latest news we got.
Whales are the most influential in this cryptocurrency ecosystem where they can manipulate and control the market flow. Maybe, crypto is their playground to make money since crypto is a place where huge money is overflowing. I think despite of their influence they will not hijack crypto as respect to everybody who are making money too in cryptocurrency. I hope everybody will have much better result and abundant life because of crypto.
Why would they need to hijacked bitcoin? they already have plenty of money, wealth and riches? what do they have to do with it? not unless they were extreme greed of money and they want bigger barn for all their stocks. I don't think they would still do that, although they have the capacity to do so, I just think they wouldn't do that anymore for goodness sake.
Bitcoin can't be captured by anyone like I said before but people who have big influence are continuing to act like the cryptocurrency market is their playground. I've understood it clearer after the latest news we got.
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
Money can buy anything that has worth, if you are asking if the Billionaires can hijack Bitcoin, technically yes by producing 51% attack on the network. But on the trading environment, I think no, since Bitcoin will cost more the more these Billionaires collect and hodl coins. Traders are wise that they can adjust selling order to gain maximum profit.
In some way they really can, since they can buy off large portions of the supply and keep it, effectively making them the whales of the bitcoin market. This could be averted however if more and more small-time investors like us are to invest even just a little bit into bitcoin. We can level the playing field by numbers advantage, and if they are to take over the market, we can simply dump the coin and make it worthless so they can leave it alone.
- They can buy part of the supply but other billionaires or millionaires starting from crypto can also raise the price and sell part of the supply to influence the strategy of outside billionaires, suddenly two forces collide and create an important balance in the market, some individuals want to circumvent these problems, sometimes they will pay the price with their total wealth. Bitcoin is a public playground and each force has small takeover phases with the market, but very quickly, the initiative will be rotated continuously.That is crazy I think, money sometimes makes people become evil.
In some way they really can, since they can buy off large portions of the supply and keep it, effectively making them the whales of the bitcoin market. This could be averted however if more and more small-time investors like us are to invest even just a little bit into bitcoin. We can level the playing field by numbers advantage, and if they are to take over the market, we can simply dump the coin and make it worthless so they can leave it alone.
- They can buy part of the supply but other billionaires or millionaires starting from crypto can also raise the price and sell part of the supply to influence the strategy of outside billionaires, suddenly two forces collide and create an important balance in the market, some individuals want to circumvent these problems, sometimes they will pay the price with their total wealth. Bitcoin is a public playground and each force has small takeover phases with the market, but very quickly, the initiative will be rotated continuously. 
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
Well mate, as of the moment, he has changed his mind about his company accepting Bitcoins to purchase Teslas. Obviously, he has been doing some sort of manipulation in the crypto market. Many supporters of crypto have already seen his intentions and I think people will change the way they see Elon Musk. For me, I would still see him as a great innovator and futurist. But as a businessman, of course that is a different story. Many will view him as an opportunist and master manipulator. Like McAfee.
In my opinion, hijacking is impossible. Blockchain technology is not easy to hack or hijack.
The y cam attack the market though, they buy every coin available in the market and hodl and let it sit in there laps never to see the light again or they will buy all the supply then continuously dump and pump the market to the point that retail investors can't keep up.Do you have any idea how much money they would need to buy every single coin and let it sit idle in their wallets? They would need trillions of dollars, tens of trillions of dollars. It is not possible to hijack Bitcoin just by buying the coins in circulation.
In my opinion, hijacking is impossible. Blockchain technology is not easy to hack or hijack.
The y cam attack the market though, they buy every coin available in the market and hodl and let it sit in there laps never to see the light again or they will buy all the supply then continuously dump and pump the market to the point that retail investors can't keep up. 
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
I think its part of what we so called Bitcoin adoption wherein you could exchange your BTC with goods and services just like Tesla starts to accept BTC as medium of payment. Also, well-known individual has taken interest on investing in cryptocurrency and it only natural to attracts other investors to buy BTC due to those people's influence which is enough to increase the demand but it doesn't mean they've fully control over BTC price.
In my opinion, hijacking is impossible. Blockchain technology is not easy to hack or hijack.
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
i think billionaires are supporting bitcoin and will not probably hijack, they have lot of money why would interest in such digital coin if they have more investment on it. bitcoin has been popular and hype today and many investor are trying to engage in it. billionaire is supporting bitcoin and not hijacking on it. thats my personal opinion btw.
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
I mean yeah you could probably manipulate the market if you could buy a big percentage of bitcoin like for example up to 40% of all of the bitcoin, I mean if you can but not totally a full control of it.
At the position of bitcoin, these days a lot of whales are holding bitcoin unless all of the whales are gonna do the same they could surely manipulate the market but manipulate by 1 company or people would just cost or would be too much.
When it comes to bitcoin technology I've read some that there are high reward or bounty on hacking the bitcoin technology but still until now it is still unhackable, I mean we surely expect a lot of people and companies are trying.
In some way they really can, since they can buy off large portions of the supply and keep it, effectively making them the whales of the bitcoin market. This could be averted however if more and more small-time investors like us are to invest even just a little bit into bitcoin. We can level the playing field by numbers advantage, and if they are to take over the market, we can simply dump the coin and make it worthless so they can leave it alone.
It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
Billionaires like Elon Musk and big companies like Tesla have enough money to buy bitcoin in bulk, in amounts that are up to billions of dollars, but I don’t really think any one of them are ready to hold for a very long time. All these investments that they are making are all for profit and I don’t think there is any other plan apart from that. That is why you have seen Tesla sell a percentage of their Bitcoin assets. If they should buy up and have no one to sell it to, then it’s of no use to them. They will always want to invest in something that will grow as a company, and for them to grow, capital is one of the necessary things that they need.
Also what does hijacking even mean in this context? Bitcoin is huge right now. Even a billionaire slowly but surely will have trouble to gain massive influence over Bitcoin. We are talking about a trillion dollar coin. If you own $5 billion in cash, even for it is not a trivial task to gt control over that coin. Especially when they start in bulks they also further drive the price up, making it even harder for themselves to gain influence.
I guess Bitcoin is beyond the critical point where a billionaire could try to gain major control. There is only one other possibility and that is that they already own the majority. If you invested a billion in 2014 or if you slowly bought over two or three years back then, you could afford to buy half a million Bitcoins for sure. That is a realistic scenario and I also believe that at least a few banks took a gamble back then and just bought coins maybe even just for a hundred million. That's change to them.
I also don't think they can easily manipulate the bitcoin market even if we say, they have large holdings.
If in case, these large holders will talk to each other and decide to influence the market, maybe they can.
But do you really think they will talk to each other regarding their plans for their bitcoin investments? I don't think so.
So in my opinion, they can't easily 'hijack' the bitcoin market, now that it is valued in a trillion dollar level.
The incentive structure of Bitcoin is very decisive here. If a billionaire or a group of billionaires have large holdings they instantly have an incentive for the network to be healthy, which partially translates into a good price and a decent functioning. In order to destroy or at last harm the network you have to invest enormous amounts of money that I think the only actor able to afford that could be found on the state level, not private individuals.
And even the government had failed as well. This is truly it means that no one can make Bitcoin as a centralized project, maybe that be going to happen if a single person or group of people work as one and buy all Bitcoin available in market. But that seems impossible, no one could risk their money only for that position.
And just to ask why we should bother ourselves thinking like Bitcoin can be controlled, can be fully manipulated? Coz in the first place it was not created for that reason but it comes to have a different platform and market design.
And just to ask why we should bother ourselves thinking like Bitcoin can be controlled, can be fully manipulated? Coz in the first place it was not created for that reason but it comes to have a different platform and market design.
Yes. There have been several attempts in the past to either manipulate or control bitcoin but all those attempts all came out fruitless. Bitcoin has been resilient through all the hard folks, strict regulations from governments and other agencies and even survived a community divide - which still didn't work. That's the thing with decentralized projects and communities, the power is in everyone's hands. So until a majority win, nothing happens. It's just too bad for government and other big corps who are control freaks. I think they figured that they won't control bitcoin so they have no choice than to be part of the community and get a a piece of the cake.
Bitcoin is the best online crypto in the world and recently most of the billionaires and millionaires showing their deep interest in cryptocurrencies and they already accepted Bitcoin as their products service payments systems. If it continuing,then I called strongly Bitcoin will go under billionaires.
There's no chance of that ever happening considering most of the Bitcoin OGs and Maximalists would never sell their holdings for anything. Another point I'd like to point out is that Bitcoin is a community project and cannot be controlled by a single entity or entities. It isn't the first time that such event has been attempted and won't definitely be the last. The interesting thing is that BitcoinBTC continues to be stronger than ever. I know it may look bad since a host of big corporations and individuals have joined the bandwagon but it would take much more than that to gain control of Bitcoin.
And just to ask why we should bother ourselves thinking like Bitcoin can be controlled, can be fully manipulated? Coz in the first place it was not created for that reason but it comes to have a different platform and market design.
Nope, not in the slightest. Tesla acquired only around 43.000 BTC, while there are 18.7 million bitcoins in circulation right now. Do you realize what a scarce amount Tesla and Elon own? Not to mention, that simply owning the BTC doesn't have anything to do with controlling it. You need a computer with a processing power >51% of the total network power. Which is..impossible.
Right. Bitcoin can be manipulated by these billionaires. They can change the bitcoin market. The price of bitcoin fluctuates sharply as rich billionaires invest. But besides that, the risk will be enormous when billionaires withdraw from the bitcoin market. Many investors will go bankrupt, many young people will lose their chance to get rich.
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