Topic: Destroying Bitcoin (Read 429 times)

Maybe it was, but why not choose altcoins instead?
But as what OP speculates, that really be impossible. We could really feel the market manipulation but no one will think about destroying Bitcoin just for their silly ideas. I mean, no one could dare to do that like it for sure that these whales/investors are also milking crypto. Actually, they can easily make money here and that is why they will keep this alive.

Don't think there will be anyone new selling anything now. I'd probably secure some profits now if I were a big fund that bought in below $5k (hard to ignore 10x profit). Thinking that despite long term appreciation, Bitcoin spends the majority of its time in the depths, and only a fraction of the time in its peaks. So I'd say, bulls are long-term happy, but bears probably get a lot more joy a lot more of the times.

Whether that's enough padding to cover the pain of all these short liquidations en route to a new peak, I'll not know.

But what if they sell all of their holdings but another big name came and buy it all it would be their lost not ours.
I think they are also having a hard time just like us when we want to sell our crypto but thinks that it could still go up.
The only difference is that they have a huge amount while we have only little.

I don't think there's anything to be afraid of when institutions have paid more attention to Bitcoin and the crypto market. The only negative thing about these events, in my opinion, is that ordinary investors will be able to afford less and less market shares. As the great interest of the institutions raises the price, and only they have huge capital with which to buy a large number of coins, ordinary traders with small capital will be able to buy smaller and smaller shares.

The fact that is hard thing to do since bitcoin price is expensive already. Yeah, you need a lot of bitcoin to can be able to manipulate market movement. Also, if you can do that then it will just for a while, not for long term situation.

There will be many people who will buy bitcoin at the lower price. Take a look at this time, since bitcoin is increasing to $60.000 barrier again then when its price fall to below $58.000-$55.000 we will see there will be a spike in the price in that area.

Also, bitcoin is like gold already, there are a lot of investor who believe bitcoin and having it. Are gold price movements often manipulated? Honestly I haven't seen it and this thing will happen to bitcoin.

The opinion of the members is correct there is no need to worry when companies buy large amounts of bitcoin.
They are bitcoins that will not be traded for a long time. The volatility of bitcoin has its pros and cons that makes it participate in the best moment of the market.
Still bitcoin has a long way to go and the main thing has been achieved credibility in a safe haven asset.

And also, I don't think they will just dump it for no reason. They will only dump it when they already lose their faith to bitcoin. They may sell some from time to time, but I don't think they will dump it all at once. And even if one company is selling, I don't think others will follow thru. They have their reasons why they invested in bitcoin. Don't think that their main goal is to destroy bitcoin here. I believe, they are mainly looking for huge profits in the future.

Not sure if these companies or corporations buying bitcoin will want to dump their bitcoin later, although they would be tempted to take profits cause their investment would have probably doubled or tripled, but it's very unlikely that they would actually do that, honestly I think the main reason they are buying bitc is because it is a limited currency and the price tends to go up rather than leave the money in  fait that the purchasing power keeps discreasing,so there's no need to be afraid.

When a big company buys bitcoins isn't for a short time trade, they buy them to have it as an active of the company. The only reason for them to sell the bitcoin is only if the business hits bankruptcy, and is hard to see this scenario because the companies who invest in bitcoin is because they have enough money to do it.

As a good example we have tesla, they spend a big amount of money in bitcoin and that is a nice backup for the markets to hold the price over $50k.

I think that no one can destroy bitcoin because is a digital currency, saying anything concerning destruction of bitcoin, I don't think it's something that can work out, because considering that bitcoin regulate itself the chances of a particular group to destroy it is very difficult from my insight, I don't know for others that is having other suggestions concerning bitcoin destruction.

I think they knew how good the future of bitcoin and that's why they invested in bitcoin.I don't think selling their bitcoins will have a big impact on the price of bitcoin now.Because now bitcoin is at a very good level and no company would want to lose with bitcoin sales.so, i think it's not time to think about bitcoin distroy, it's time to buy bitcoin and hold for profits.

Many people will sell eventually but it doesn't mean that it will be the end of Bitcoin. Destroying Bitcoin is not that easy and I even think that it's impossible. But when we see a huge sell, it will affect the price very deeply that's for sure. It'll go down very sharply most probably.

I don't have that kind of thinking, the thing that makes Bitcoin price high is because of the support from big companies that have entered the Crypto market. If that statement you mentioned happened, I think competition will bring down the company too. Suppose the price of bitcoin is $ 1000, when company (A) buys a large amount which causes the price of bitcoin to rise to $ 5000, so if the company wants to sell it again must make a profit first. And if the company makes a big sale, at least the bitcoin price will return to its original price ($ 1000). That's in my opinion, if there is an error please correct it

I kinda have the same though but as long as I have bitcoin investment it's a good thing for now because companies are interested and also investing in bitcoin because it just makes the price skyrocket. But if the price of bitcoin continues to pump or skyrocket in the coming years it just getting riskier to keep your investment in bitcoin at some point you need to withdraw some of it or maybe convert it to stablecoin to secured that money. The higher the price the higher the chance it will fall apart in my opinion.

It's true as Elon Musk say crypto currency is for the people are it is the future of the world people now are optimistic even you say it will drop in the future it will still rises and no one can explain bitcoin future we just go on the flow even banks compete bitcoin they can't still bring it down if those companies sell their coins in the long run then bitcoin still the same because bitcoin started itself without them and it is decentralize as long as their a user it will run , example of tesla they bough bitcoin with there profit and when elon musk decided to sell it. let's say he can make small impact but doesn't mean bitcoin will gonna destroy and no one can manipulate the market.

The Bitcoin price has little to do with the Bitcoin core blockchain.Even if the Bitcoin price drops back to 1K USD,the BTC blockchain will continue to exist and the Bitcoin price might recover.
Crashing the Bitcoin price doesn't mean destroying Bitcoin/blockchain.
I don't mind,if all the big investors and crypto whales start selling their BTC.A bear market would mean cheaper bitcoins for the small investors.

A complete collapse of bitcoins can be assumed if all international banks begin to introduce competing means of payment and at the same time massively prohibit bitcoin itself. This is most beneficial for the regulators themselves since it is easier for them to accept their cryptocurrencies.
But it is naive to think that all companies that have invested their capital in bitcoin will start selling it overnight. Today, many understand the benefits of owning bitcoin, and according to Michael Saylor, CEO of MicroStrategy, an "avalanche of companies" is expected to add bitcoin to their balance sheets.

after I saw Tesla buying lots of bitcoins, I also thought about what it will be like the day they decide to sell all bitcoins. Of course, they can use another means that does not destroy the market, but even so the news channels will say that they sold bitcoin worth X and will start selling panic. so far this is a very risky and manipulated market because any person of the caliber of Elon Musk.

If Facebook owner came to say they bought a lot of bitcoin? at the same time the bitcoin price would increase a lot. it is clear that both altcoins and bitcoin are still the target of this type of manipulation


true, but this is a market so no one is prevented from buying bitcoins, the problem is with people who buy only because someone like Tesla said he also bought


bitcoin is manipulated like altcoins. bitcoin price only reached $48,000 thanks to Elon Musk

Look this:

Lawyers warn Elon Musk’s Bitcoin tweets could attract SEC’s ire

Don't be surprised since it normally happens that's why you should have a safety point on your capital so that you will not lose all your money in a single blink only. Maybe better for this situation is to invest a 50% since if everything's goes bad you have another amount to used, but if market goes good then you can roll it more to accumulate more money.

Well, I can't deny they have the power to manipulate the whole market because the amount they hold can make a lot of difference. It is more like a double-edged sword wherein they can make an uptrend market if they buy a huge amount of coins and a downtrend if they started to sell-off. So yeah, it would likely cripple the market for a while. But it is no the end though if they sell because there will be few small investors, retailers, and strong believers who will take the opportunity to buy at a cheap price.

@OP, as if all those who bought Bitcoin are not into profit.  Why worry about things that will happen naturally (selling BTC at a profit).  I think this thing (selling of BTC) will happen to whoever holds it, may it be a normal investor or an institution.  As if the amount of supply of BTC is affected when an institution buys and sells it.  So worry not, BTC has a finite supply, so it does not matter who ever buy or sell it, as long as there is demand, I don't think the price will crash to oblivion if ever these institutions sell their holding.

If Tesla truly directly bought $1.5 billion worth of BTC and then at some point decides to sell it all at once or very fast, it can indeed have a strong impact on the price (especially the FUD that would spread in the media in that case). However, this is nothing Bitcoin cannot recover from. It can trigger the burst of the price and Bitcoin losing more than a half of its current price, and then it might take a few years to recover once again, but I think it's not a likely scenario and even if something like that happens, it's not that terrible. I still think that $15k is a really good BTC price, so it would be fair if eventually Bitcoin goes down to it. Furthermore, even a big decrease of the price is not destruction of Bitcoin because Bitcoin survives and no coins are destroyed in the process.

As for anything that can be feasible, bitcoin will not happen for now, even if critics might guess that bitcoin could hit its zero value.

I only see that bitcoin may destroy for a possible reason if that happens.

1) People stop investing in bitcoin because they may have seen other better options in which to invest. From what I see, for now, it won't happen.

2) There is one virus that has crushed the cryptocurrency. Well, we all know that a virus is a virus, so we don't just say that some malware is powerful enough to kill the road bitcoin is walking on.

3) Perhaps there has been a miracle that all the people who invest in bitcoin sell their bitcoin all at once. As we know, the value of bitcoin movements depends on the investors.

The bigger the market, the harder it to manipulate in my opinion. There could be whales that can move the market, but with so many players, manipulation could be a thing of the past now. And those companies doesn't think that bitcoin is an enemy, on the opposite they saw it as a friend, Tesla for example has  bitcoiin "as solid reserve asset for any balance sheet". So it's very hard to us to think that they are just going to sell it to make profit. So stop being afraid of something that doesn't exists.

I think it is almost a no-brainer to invest in bitcoin considering that every major world currency is devaluating both against it, and naturally as all fiat currencies are doomed to lose their value on the long run. Bitcoin is like gold for nation states: new Fort Knoxes will be digital and will be based on our digital currency.

The big companies that bought bitcoins bought it to trade with it, not to destroy it!If they do that,the bitcoin market will not be hit.

Why?

Because a large share of Bitcoin is in the hands of people like you and me who will manage the market, and these companies seem to be strong, but the main power of Bitcoin is in the hands of the people who have made up the majority. I dont worry about that day,Because I know that selling a bitcoin by a company will not hit the bitcoin market.

I think they buy bitcoin with a lot of size is not the goal to destroy bitcoin maybe they think in the future bitcoin can be the best asset and they don't sell all their bitcoin assets not for sale but they keep it and they barter with bitcoin what do you think, is You agree with me?

That's true. Not all big companies will do have that kind of strategy, but if they did, us individual investors should not be afraid. They are in the same standing as us. Do they know when will bitcoin fluctates? or when will the correction ends? At the end, we are all holding our bitcoins without knowing the definite price of bitcoin in the future. No one controls it, that's for sure. Not any name, organization.

I don't think so, i think Tesla really care about bitcoin and from my opinion it's very hard to manipulate bitcoin.

Bitcoin it's a free market like other investment and when some people want to buy in big amount, it doesn't really matter.

I have not seen anything wrong for those potential companies that are purchasing cryptocurrencies especially bitcoin, from what I captured concerning buying bitcoin and store by companies is that they have find out the important of cryptocurrencies, for them to buy crypto massively I think is one of the factors that's making bitcoin to speed up in price, so from my perspective I don't think that shall destroy bitcoin, no, the only thing I know that can disturbed cryptocurrency is government if all the leaders of country order people not to adopt use of crypto in her country, that is all only thing that can destroy bitcoin because people will be afraid of purchasing it because they will be no source to sell it, plus arrest by the government.

TBH, when Grayscale started to buy some Bitcoins at a huge amount I know that this might happen in the future.
Institutions may or may not manipulate the market but one thing is for sure, they have the power to manipulate the market and they can sell their Bitcoins anytime they want to.

What we average Joes can do right now is to just ride the waves since there is nothing we can do to stop it. Plan ahead is the only thing that we can do. Make an exit strategy, and reaccumulate when Bitcoin will go down because for sure there will be a time that Bitcoin and crypto will undergo a massive correction. When it will happen? We don't know and right now there is no sign for it at the present.

One thing more is that I don't want to use the term "destroy" but "manipulate" would be the appropriate word for it. Big companies can buy Bitcoin anytime then want since it is a free market after all but it doesn't mean that they can destroy it.

I fully understand your fear, and I am sure you are not alone with that kind of thinking. I myself have been entertaining that kind of scenario where a group of corporations can be able to control the price of Bitcoin anytime they want to. However, I am now seeing that this can be a myopic view of looking at Bitcoin. One thing for sure is that the bigger the market cap of something then the lesser it can be manipulated though we have to understand also that manipulations of all types legal and illegal are existing anywhere...like your very own neighbor can be manipulating you with her smiles and winks (just kidding). In reaction to this, I am wondering if a regulated and licensed ETF for Bitcoin can be achieving its own type of manipulation of this said asset...this is also the fear of some.

People who are in bitcoin to make money (more fiat) and would hate bitcoin if its price goes down are better hate bitcoin sooner than later and  then make their exit because they don't even know what bitcoin is and they don't care about it at all. Instead they care about fiat and want more of it.

Bitcoin won't be destroyed if its price dropped, even if the drop was significant. However bitcoin will be damaged the more idiot users it has who only care about their fiat profit!

I can understand that it is a genuine concern when it comes to decentralized crypto(or even centralized) that an entity might manipulate it for their personal gains. Granted it is a bit harder to manipulate something with a marketcap of $832,178,225,072. I do suspect and even Peter Schiff mentioned that Tesla bought BTC and then created hype around it and is now selling it away slowly. I havent researched about it but it could potentially be true.

Pretty scary thought but I don't think that we have to worry about for a long time because in the worst case that they are going to sell their bitcoin to profit, they might crash the prices but they will definitely be buying it back at a lower price. As long as there are a lot of individual investors on the market, bitcoin will never be destroyed.

Your logic is weak because those companies don't have the same strategies when it comes to their investment. of course, some will win and some will lose. you just need to choose the right timing to sell yours. You cannot stop this kind of thing from happening and most of all there's no such thing in the investment where you won't ever lose. Of course, If they wanted to hold their BTC when the price is quite high, then they are free to do so, and when they chose to hold it for long they have completely free to do so as well.

So do you think that What Tesla did is destroying bitcoin in the market?

Bitcoin will not be destroyed and will surely exist as long as there are people who are investing on it.

Many people said that bitcoin will crash, but that's normal in a certain investments. Assets do really crash because market is volatile and unpredictable which is what makes investment risky. If big companies can buy massive amount of bitcoin, then why not? We, small investors should just rely on them and read the market properly so that we can still also make our bitcoin investment profitable.

Why would you be?

These companies have their own goals of buying Bitcoin but I don't think manipulating the market is one of them. With the number of investors, including whales that bought bitcoin earlier than them, that owns thousands of Bitcoins, you think they could manipulate the market?

Another thing is that, do you think people will not be taking that dumps as an advantage? There will be a lot of new investors and for sure they are waiting for the price to dump. If the price ever dumps so hard which I don't think will happen anytime soon, it will just shoots back up.

You are too fearful of something which only exists in your imagination. Quit it!

Why are you with Bitcoin in the first place? Is it because of what Bitcoin has to really offer or solely because of Bitcoin's price? If the former, then you wouldn't be afraid. Bitcoin essentially remains as it is despite the price. If the latter, then just hope that those huge companies are not like you, that they see something really worthy in Bitcoin apart from its potential growth in price.

However, it is my strong belief that Bitcoin's fundamental features somehow explain why the current and future price. If some companies end up getting into Bitcoin solely for the profit, then I guess they're not to kill Bitcoin nor the real interest of other companies.

destroying your bitcoin is just simple throw away your private key to fire  or simply send to  me
destroying bitcoin hashrate   you need hack the internet or at least destroy the mining farm in many country 
but destroying bitcoin price like all said in above is hard and company like tesla and other simply won't destroy it because they actually invest in it

The Bitcoin market has seen so many worst days of fall that its price was at its lowest 5k and even dip to 4k but the world knows that if they have to gain short term and even long term profit then they have to get the way of BTC and altcoins.

Yes, they are buying and when the price will go up and it will definitely go up in the year 2021 as predicted but that the way of market you buy things and then you sell those things when you see the profit so it will never be destroyed.

yes it can be destroyed when the internet is no more in the whole world which is impossible i guess right 

Lol, just imagine bitcoin at $150k because of this supposedly big companies and personalities buying bitcoin. And then it crashes to $75k and saying that bitcoin is a failure.

On the contrary, manipulating the market and hedging their wealth into bitcoin is two different thing.


Sorry to hear that, it's your decision anyway, majority though are willing to take the risk and that's why the market works. Go big or go home.

If they buy Bitcoin to pump the price, then sell it to crash it, it would just return the price to where it has started. If Bitcoin was their enemy, they wouldn't buy it and wouldn't support it, like PayPal, Visa and now Mastercard do. They are trying to profit from it and that's it.

Is it in interest of Bitcoiners to have these companies involved? Hard to say, but it's not really that important, because Bitcoin is open for everyone.

I thought that the destroy description you're mentioning is to entirely destroy and make bitcoin collapse. But that's not going to happen. Don't underestimate the power of retail investors, you see the power that they've done to WSB?
If these huge companies will shock us and will try to dump as much as they can, here goes the retail investors will buy all of those cheap coins.

Well, I respect OP's point of view towards bitcoin prediction price in the future and what OP afraid of. But to tell you frankly, that is unlikely happen, it is impossible that there are big investors that can able to manipulate the market, --unless, if they are joining forces at once will perhaps have an effect but I am sure it will not bring down the bitcoin price. Nobody can destroy bitcoin, I have doubt that even the creator of bitcoin ^{[but that is a different story]}. Dont be afraid if you feel afraid, understand bitcoin and the technology behind it and you will perhaps enlighten your mind.

Bitcoin cannot be destroyed, a literal answer to a very suggestive title ... which makes certain sense in the context expressed in the OP, however you fall to the point of conjecture.

It is your point of view, but it is part of the organic growth of bitcoin, this type of inclusion, actually at this point it is worth wondering who is taking "what," we are at a point where bitcoin is telling the world "I'm still here" ... that is why investors arrive or are beginning to arrive, come on! it is not that large corporations are raining to acquire bitcoin.

bitcoin is not raising eyes for the first time, it is reaffirming the hidden "love" that many feel for bitcoin ...

I think this is time the moment to strengthen bitcoin by having at least a part in its denomination "satoshi". Bitcoin is strengthened with the largest number of individuals who have access to BTC .

You have to be afraid of the possibility of running out of a satoshi at some point they will all be delivered, not having at least one if it is quite scary, consequently, the simple fact of its configuration and having inflationary control of your total currencies in the long run for at least 100 years guarantees that the bitcoin will remain alive or indestructible.

The above is not based on my words, it is based on the design architecture of Bitcoin, which is irrelevant to explain here, but which is well worth reviewing and studying.


No fear join to Bitcoin.

Bitcoin is a free market, some big investors come to get their share of the profit and will continue to do so, after they are gone, others will come and do the same, whilst we the people could always keep using crypto and make sure to benefit from it, there is no destruction when there are billions of people in the world. of course, there will be major dumps, they just want to exit and cash out, that doesn't mean crypto is going to crash entirely.

Bitcoin market is hard to be manipulated, unlike the altcoins. This can be a suitable statement for many altcoins but not for bitcoin. Bitcoin with a marketcap of almost a trillion dollars is getting stronger than to just be manipulated. Also know that many institutions are the ones getting into Bitcoin investment more, these companies knows what are required in a way bitcoin price will not be manipulated the way you think.

Bitcoin is not an enemy to anyone, if you like, you can buy it, it is not by force, and people that are getting into it know about the volatility before getting into crypto buying and selling. Know that as many as possible altcoins can collapse, like the Chainlink that 80% of its present circualtion are on addresses controlled only by 125 wallets, Bitcoin is not the case, it is widely and well distributed in a way such manipulation can not happen. Also this can happen to many pumped coins that will later be dumped but Bitcoin is just a perfect crypto asset that can be manipulated like that.

It is only the start of Bitcoin getting institutionsized, you should not be afraid. But, knowing about the market very well before investing.

The big companies are buying bitcoin and manipulating the market. one day they will start to sell all bitcoins and we will have a very big shock. imagine that you think that crypto is your enemy, if you want to destroy it, first you will buy as much as you can, you will make the market goes up, after you will sell all coins and you will destroy the market, take money of small investors and make them hate the crypto.

when i saw a company buy big amount of coin, i afraid.