Can bitcoin be hijacked by world billionaires??? - page 5.

Kakmakr

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Look at it in this way, if the Billionaires of this world buy all the bitcoins in circulation, then who is going to determine the price for them to sell it? We had a situation like this with my kids, where one of the kids in their school had very rich parents. So what happened was that as soon as there was some new "craze" at school, this kid will get his parents to buy him loads of these things (like marbles or collector stickers etc.) and he will spoil it for the poor kids.

So the kids quickly caught up with what happened and they collectively decided to create a new "craze" every week. The rich kids parents quickly got fed up with all the money that they had to spend each week, to buy these things.... so they stopped doing it. Grin

There are 1000's of Alt coins out there, so if the rich people of the world want to buy all bitcoins, then we just change the "craze" to a new Alt coin... and let them push up the price.. so that we (early buyers) can profit. Grin

electronicash

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billionaires can invest in BTC. that's all they can do and that's what Elon did as well. he's a role model for the billionaires and make more money instead. manipulate price would be possible after all they do have the money to do it. institutions are the kind of guys that might actually be doing this market manipulation but all of them will have to clash. but if you mean hijacking the blockchain, it's going to cost them for trying and in the end, lose still.

the rise

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Quote from: Spack17 on May 06, 2021, 04:18:02 PM

Being hijacked? Really? Cheesy

There is no way for billionaires or any group, company etc. to "hijack" Bitcoin. They can only manipulate the price in the way they want. But they can't prevent people from investing into Bitcoin and make a lot of profit. Bitcoin can't be anyone's property.

Well, that's what I'm thinking right now. The word "hijack" as it is not exactly correct is price manipulation. In addition, Elon also needs other investors to buy bitcoins that he owns, I'm sure it can't be mastered by one person, just price manipulation.

the rise

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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'm sure they can control the price but can't fully control bitcoin, if all bitcoin is on Elon Musk then he is the most disadvantaged person, the Community in cryptocurrency is very important. That's why even if Elon can control the price, there are also those who benefit from Elon Musk, such as long-time restraint and miners.

mk4

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Quote from: Newlifebtc on May 06, 2021, 03:54:54 PM

This is exactly my worries and I hope they don't hijack it by skyrocketing the purchase Price to something that an average man can not partake in???

How can an average man not partake in bitcoin? Anyone can buy small fractions of a bitcoin; you don't need to buy one whole bitcoin. Just like how you don't need to buy one whole kilogram of a gold bar, but instead you can simply buy 1 gram.

ene1980

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What do you think the current situation is, the institutional investors are ruling the market and with the amount of coins they are holding they can determine where the market goes. If you consider the Bitcoin market as a speculative market then you are attracting these heavy investors who could pump the market with their money and they will book their profit whenever they want and if you are not careful you will end up burning your asset as well.

jerrison

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I prefer not to use the word "Hijack" but i can use the word "bought". Bitcoin is currently available in the arket for anyone who wants to buy for the time being as it is stilll available, ther will be a time when it can no longer be as readily avaiable as it is now as big boys have started buying and using it as a store of value.

Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

giantrobot

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

As the world's billionaires invest in Bitcoin, bitcoin will continue to surge. We always encourage billionaires to buy Bitcoin. When they buy Bitcoin hoarding, it leads to Bitcoin scarcity, the price of bitcoin will skyrocket. That is how they make a profit. You know the billionaire Michaels Saylo. He is the CEO of business analytics firm MicroStrategy, which boomed thanks to Bitcoin's record-breaking 2020 price hikes. He is behind MicroStrategy's $ 1.1 billion Bitcoin investment.

arwin100

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

Actually if all billionaires around the world will do an agreement regarding on buying at the same time or shall we say manipulate they can actually make bitcoin move. Even if they only tweet about supporting it they can create a movement on bitcoins. Many people will think that its a good sign and everyone don't want to miss the pump for seeing that since every good news in crypto is valid and people make it as a basis for them to enter their positions.

Kamarah

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Yes, Bitcoin can be appropriated by the world's billionaires. They have money so they boldly buy in and wait patiently when bitcoin goes down without fear. After each price drop, Bitcoin skyrocketed, and they quickly got rich. Famous billionaires such as brothers CAMERON AND TYLER WINKLEVOSS, Mr. MATTHEW ROSZAK, Mr. TIM DRAPER, Mr. MIKE NOVOGRATZ.

Spack17

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Being hijacked? Really? Cheesy

There is no way for billionaires or any group, company etc. to "hijack" Bitcoin. They can only manipulate the price in the way they want. But they can't prevent people from investing into Bitcoin and make a lot of profit. Bitcoin can't be anyone's property.

cryptoperkele

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

Is owning a lot of bitcoin somehow hijacking it? Or what do you even mean? Price suppression? Price manipulation has happened since bitcoin was brand new and there are still ton of pseudonomoys whales and og accounts that can manipulate the price when ever they like. There will be more regulations against that, but cryptos are still in gray area compared to security exchanges with stocks and commodities.

radjie

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

as we know a billionaire can do whatever he wants because they have power. it could be behind all that there is a plan of its own, if Elon provides services to buy Tesla using Bitcoin for a specific purpose, it is possible to want to get large amounts of Bitcoin in this way

Newlifebtc

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Recently most of the world femaous billionaires showing their interest in online cryptocurrencies so that we may easily guess that bitcoin may undergone their wallets and one a time Bitcoin would be a assets of only billionaires.

This is exactly my worries and I hope they don't hijack it by skyrocketing the purchase Price to something that an average man can not partake in???

hatshepsut93

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"Hijacking Bitcoin" could mean different things. Simply buying all supply is unrealistic, just like you can't buy all the gold or oil in the world. Hijacking the course of Bitcoin development is more interesting, for example someone can introduce a new group of developers, create a contentious forks and try to convince Bitcoin users to switch to it. Something like BCH and BSV, but backed by billionaires, governments, etc. So far all these forks failed, because Bitcoin community is strong, but Bitcoin community changes with time, so maybe there is some risk of such attack in the future.

YOSHIE

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Quote from: Newlifebtc on May 06, 2021, 07:31:25 AM

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

Anyone can buy Bitcoin including you as much as they can with the available Bitcoin supply.

Piracy, it can't... but to control their own Bitcoin which they have bought / stored is possible, based on the existing crypto market movements.

conclusion:
Automatically where something is increasingly scarce with no new production, only in the existing supply trade, this can determine the price of the item is increasingly valuable at exorbitant prices, for that this factor could happen to Bitcoin in the future, where demand increases, the available supply is running low, this is a common thought and makes sense for the world of commerce.

imstillthebest

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hijack or hack ? they cant but you mean manipulation ? yes it can be but the guy clarified this before that its not his objective .
tesla is one of the merchants that accepts bitcoin and what merchants do with their sales ? i think they dont hold the money but they roll the money buying new stocks for selling .
manipulation is bad but merchants accepting bitcoin is a good thing for bitcoin because this widens the adoption for bitcoin .

kryptqnick

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I can see that people have different opinions here, so the question isn't a simple one. I believe that Bitcoin cannot be hijacked by billionaires. Firstly, miners are doing their job independently, so generating new coins and confirming transactions are things that billionaires wouldn't control. If they tried, it would be extremely hard to gain control of the mining business because it already has its strong players. As for controlling the price, I don't think this can happen either because of two things:
1. The more they try, the harder it gets. The more demand of BTC appears due to buy orders and hype, the higher the price becomes.
2. If they want big purchases or to sell a lot at once, they're most likely not going to do it on exchanges, but via OTC deals, so the market wouldn't feel the change much.

capcaypro

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I don't think the concept is like that. they (the billionaires) have no shortage of money to pirate bitcoins. they can buy in very large quantities.
moreover for elon, i think he used to say that he kept bitcoins and definitely not a small amount and he said he bought not in a short time, i think they are just like us and not mean to manipulate the market.
but on the other hand it could also be like because it is very easy for them to control the market now especially with their countless money they will very easily manipulate the market as many people think

DOH!

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In my opinion, bitcoin is becoming a war of currencies. Some doubts have been raised as to whether it was conspiracy theories, but to strong resistance from Elon Musk + Tesla or a contemporaneous alliance like Micro Strategy, it made no difference. Could it cause Bitcoin to fall in freefall? Even though Tesla's publication rate for the pre-adjustment is 10%, who will verify that? It's easy to see that bitcoin is moving sideways this week. At the same time, the altcoin had a very strong bull run. This seems to be the sound for another correction.

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