Topic: Does the FED already control Bitcoin? - page 3. (Read 3170 times)

And you know this by how?  Are you take advice from your magic 8 ball again?  Crystall ball out of order again?

Answer to question : No

Why are people thinking that governments control bitcoin, they don't want, and don't need to do so. They already know that eventually it will not survive.

It already happened to bitcoin. Gox owned less BTC than people thought they had available and this is just the start. Bitcoin is not the answer to fractional reserve banking and the 21 million cap is only on the protocol level. As soon as an established payment processor start dealing in bitcoin in addition to Fiat, they are free to go with fractional reserve banking ant thus create the illusion of way more than 21 million bitcoins existing.
This can go on and on and because we don't want it to go on there will be an institution created to regulate this fractional reserve banking. Since the regulate it, they can create special rules for everyone and they will get special rules for the people that are part of this institution... which somehow happen to be the big banksters of today. Oh and while we're at it, lets call the institution the Federal Bitcoin Reserve.

Eventually there will be lots of payment systems in place all dealing in Bitcoin. Bitcoin itself won't even be used anymore except for big deals between banks /mega corps / governments.
Because of that it just comes natural to remove bitcoin from those systems. People are told it is way better because banks won't go broke because of not having enough BTC to cover their liabilities anymore so the customers don't lose their money in the bank.
There are promises of insuring everyones money in the banks with this change so noone can ever lose it again because of his bank going broke. People like it. They love it because it seems so much saver. They didn't really use the Bitcoin protocol anyway - why would they? There were shiny and easy to use systems in place that allowed them to pay with bitcoin just as fine and this isn't gonna change.

Eventually we end up like now. A Monopoly controlling the money supply and therefore controlling the government and the people. The only difference is that by them the world has grown to be one big state. Bitcoin and the internet amde this happen even faster than one would have thought.
Theres now only one world government and only once government to control for the bankers - those same bankers that talked people into making the same mistake again by promising them to insure their BTC deposits with removing the BTC backing to prevent bank from going bust. What they didn't tell? They are gonna monopolize not only money, but they are gonna monopolize the ownership of the human race - again!

Most people at the FED don't believe in Bitcoin so don't think it is a threat, they are busy hiding the real state of the US economy

Even title is delusion. Nobody can control bitcoin

That's terrible!

Pretty sure that's not the case
Impossible to be 100% certain, possible that some of the newer alts are compromised though

Yeah that's a positive viewpoint and hopefully true. I guess I wonder if the media onslaught against Bitcoin is orchestrated with organised price dumps to scare people away. But your right in the end they can't make Bitcoin like they do dollars. We need to stay strong through the storms...


I'm not that familiar with the technology of Etherum bit with some rumors of Goldman Sachs (a well known proxy of the FED) I get concerned when I hear words like Derivatives thrown around.  Gold is controlled by basically making the supply (paper gold) limitless through Derivatives and then controlling those Derivatives.

I sincerely hope Etherum or anyone else doesn't turn a bitcoin into another manipulated financial product.

But who was BIS?

This is the winning answer.
Governments all over the world probably have (confiscated, goxxed) loads of BTC already.
They will have to be very careful with it because they can sell them only once.
Maybe they will lend them out to others in the future, or do other things with it just they do with gold.

Bitcoin doesn't need the Fed in order to appear volatile LOL! It's doing fine with that on its own.

Seriously, though, Bitcoin's volatility is becoming less over time. That's likely due to the size of market growing. Quite simply larger markets tend to absorb shock better and be less volatile. If any outside interest intentionally bought up bitcoins driving the price higher, then sold those coins to try crashing the market, if successful it would likely generate renewed news cycles about Bitcoin, generating new and renewed interest, resulting in a larger market which leads... to more stability. Bitcoin may experience short term bumps and bruises, like volatility, MtGox imploding, etc. but the idea of Bitcoin is what can never be conveniently deleted. The genie is out of the bottle and this thing isn't going away due to non-permanent events.

Well, yes and no.  No, to the degree that the Fed is just another social construct, and there cannot be any real consensus among the human beings that make up the Fed; and yes, that some of those same people have more institutional influence than others and that some subset of those influential persons think in terms of 'threats' to their institution.  Among those influential persons, Bitcoin & derivitives are regarded as a systemic threat, they just don't really know (or can agree upon) how to respond.

Short answer.  No.

Longer answer. No, not yet anyway. Controlling bitcoins does not necessarily equate to controlling Bitcoin (in particular) or cryptocurrencies (in general); but nor does that mean that owning bitcoins doesn't provide some degree of influence in the realm.

Owning BTC =/= controlling it.

Control is what FED has been doing with US dollar via quantitative easing (printing currency).

Now even if they have lots of BTC the only thing FED can actually do is sell it. Once FED does that that's it. They will need to buy more to dump the price again. See the difference here? If we stay councious of this situation FED will lose money buy selling and trying to dump it.

doesn't the US government own already one of the biggest wallets?

http://bitcoinrichlist.com/top100
http://www.forbes.com/sites/andygreenberg/2013/10/25/fbi-says-its-seized-20-million-in-bitcoins-from-ross-ulbricht-alleged-owner-of-silk-road/

Rest assured that btc will not die before fbi and some other moguls cash out

Probably possible, but I doubt it's actually happening. It's very rare for the establishment to foresee things changing until it's too late.

I think this is just another conspiracy theory. To be honest I don't think the FEDs think of bitcoin as a threat, at least not for now.
If they wanted to kill bitcoin they would be able to crash the value by other means quite more easily. It's not that easy to buy hundreds of thousands bitcoins at the same time...

As someone who believes that the FED controls most of the large financial elements either directly or by proxy I think it would be dead easy of them to of bought a ton of Bitcoin, a few billion is nothing to them and now have a controlling stake.

I feel like the media stories that would come out to knock Bitcoin and then the inevitable drops in price reminded me so much of the way banks control the Gold Price etc. Using certain media outlets as a foil for price manipulation.

Maybe if we thought like the enemy, one banks and the Fed we would simply buy up a large majority and then dump as we saw fit. It's almost a no brainer. Therefore they neutralise the threat of Bitcoin by systemically crashing the price so they can point to it and say see, it's volatile and unstable. It would be completely in the FEDs interest to do this as to safeguard the Dollar.

Opinions?