The Chase to control the market! - page 5.

Aanuoluwatofunmi

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Quote from: DVlog on August 09, 2023, 11:52:08 AM

I have been in crypto for more than 5 years and i have seen a lot of incidents within the industry. There was a time when government and even a lot of people call Bitcoin a scam or a scammer currency. Many thought that only hacker scammers use Bitcoin for money laundering, drug dealing etc.

It's such a pity that this kind of attack is also coming from the governments all because they couldn't regulate bitcoin, but now it seems they are realizing they could possibly allow bitcoin and go against other cryptocurrencies who could appear shitcoins, as for the use of bitcoin for illicit activities, this has been common right before bitcoin was invented, theft, crime, fraud and financial abuse is very common and worst with the use of fiat currency.

Z-tight

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Quote from: Faisal2202 on August 09, 2023, 12:20:42 PM

I think OP here is talking about centralized tokens like ETFs.

BTC eft's are not tokens.

Quote from: Faisal2202 on August 09, 2023, 12:20:42 PM

BTC in itself is decentralized but if a company "X" will have 1000 BTC and used them for ETFs then the ones who will buy shares from that X company will not buy real decentralized BTC instead they are buying Centralized pegged type BTC from those companies. Which make the whole scenario as centralized.

They are not buying BTC at all, what they are buying is shares of the spot BTC etf that the company is offering. In itself there is no centralized BTC, if a company offers you shares to represent BTC's that they owe you, the risk is on you and it does not mean the network is centralized.

Quote from: avikz on August 09, 2023, 12:29:24 PM

Couple of weeks back, I saw a news that a small country called Bhutan is setting up a Bitcoin mining firm. So countries have started taking part in the game and it's not good.

I don't think it is that bad, as long as they cannot control 51% of the hashrate then the network will be fine, and price manipulations can only last for a short time.

DVlog

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Quote from: avikz on August 09, 2023, 12:29:24 PM

Quote from: Z-tight on August 09, 2023, 12:13:09 PM

I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is. What you are describing is simply that more people and institutions are joining the network, and it is normal. People had and still have wrong impressions about BTC and the network, but many of them later change their ideas to become adopters, it does not mean that they want to control it, which they can't obviously.

Officially they are indeed not trying to control the market. But these institutions are sitting on a pile of reserve cash, so if they want, they can surely be in a position to control the market. That's my biggest fear. Big cash rich corporates can indeed buy a huge amount of bitcoins from the market and use that bitcoins to manipulate the market. Corporate games are dirtier than we can think of.

Couple of weeks back, I saw a news that a small country called Bhutan is setting up a Bitcoin mining firm. So countries have started taking part in the game and it's not good.

The only way Bhutan earns money is through tourism. Also, the place is cold so it is ideal for a Bitcoin mining firm. They also run four major hydroelectric facilities, some small facilities as well. They are in a very good position to operate a Bitcoin firm. For being operated and controlled by a government their bitcoin firm can be a potential source of income for the country. Perhaps it's not good for the overall bitcoin market but it makes them a potential candidate to make bitcoin as a legal tender.

Zlantann

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Quote from: DVlog on August 09, 2023, 11:52:08 AM

I have been in crypto for more than 5 years and i have seen a lot of incidents within the industry. There was a time when government and even a lot of people call Bitcoin a scam or a scammer currency. Many thought that only hacker scammers use Bitcoin for money laundering, drug dealing etc. But now the situation has changed and it's good to see how institution chasing each other to not be late to join the industry. The situation is so intense that now what matter most is who will control the market. In the current situation, it seems, no one wants to be the last one to jump over space.

I assume you are referring to the spot Bitcoin ETF approval application by BlackRock, Fidelity, WisdomTree, and Ark. These firms are profit-making organizations so they want to make money from investing in Bitcoin. They might also have other hidden agenda which will unfold in the future. The SEC has not approved any application and it has not shown any sign of shifting ground. The SEC believes that approving spot Bitcoin ETF can lead to Bitcoin price manipulation by these firms. This rush to be part of the Bitcoin market has its advantages but there are also dire consequences.

Quote from: Z-tight on August 09, 2023, 12:13:09 PM

I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is. What you are describing is simply that more people and institutions are joining the network, and it is normal. People had and still have wrong impressions about BTC and the network, but many of them later change their ideas to become adopters, it does not mean that they want to control it, which they can't obviously.

They can not control the market but they can manipulate the price of Bitcoin for a short time. Currently, these firms are making Bitcoin to be accepted by some traditional investors. But they can also spread FUD to hurt the market.

avikz

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Quote from: Z-tight on August 09, 2023, 12:13:09 PM

I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is. What you are describing is simply that more people and institutions are joining the network, and it is normal. People had and still have wrong impressions about BTC and the network, but many of them later change their ideas to become adopters, it does not mean that they want to control it, which they can't obviously.

Officially they are indeed not trying to control the market. But these institutions are sitting on a pile of reserve cash, so if they want, they can surely be in a position to control the market. That's my biggest fear. Big cash rich corporates can indeed buy a huge amount of bitcoins from the market and use that bitcoins to manipulate the market. Corporate games are dirtier than we can think of.

Couple of weeks back, I saw a news that a small country called Bhutan is setting up a Bitcoin mining firm. So countries have started taking part in the game and it's not good.

jrrsparkles

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Quote from: Z-tight on August 09, 2023, 12:13:09 PM

I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is.

Bitcoin cannot be controlled but the more appropriate word can be manipulated so yes every big institution is trying to stack as much as bitcoin they can even though if they are not really a crypto supporter because they knew what it is going to be if they miss the trend and let the others to take their places.

Still governments accusing of bitcoin is used for illegal activities but the real fact is fiat money has also been used for the same purpose since the existence of fiat so over the time people will realize it and the changes you are talking is actually represent that. SO the perception about cryptocurrency is changing so as a result governments, regulators, and financial institutions accepting it and trying to make more benefits.

Faisal2202

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Quote from: Z-tight on August 09, 2023, 12:13:09 PM

I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is. What you are describing is simply that more people and institutions are joining the network, and it is normal. People had and still have wrong impressions about BTC and the network, but many of them later change their ideas to become adopters, it does not mean that they want to control it, which they can't obviously.

I think OP here is talking about centralized tokens like ETFs. we all know those ETFs are not real BTC even the BTC ETFs once got approved they have different names in their minds for that. I think one ETF has been named BRRR which is in itself a funny name. BTC in itself is decentralized but if a company "X" will have 1000 BTC and used them for ETFs then the ones who will buy shares from that X company will not buy real decentralized BTC instead they are buying Centralized pegged type BTC from those companies. Which make the whole scenario as centralized.

mk4

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They’re not trying to “control the market” per se, they’re just heavily advertising their products as to get as much market share from their users — ending up with them earning a lot of fees.

Z-tight

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I don't think any institution is trying to control the market, BTC network is decentralized; so it cannot be controlled by anyone, what you are describing is different from what control is. What you are describing is simply that more people and institutions are joining the network, and it is normal. People had and still have wrong impressions about BTC and the network, but many of them later change their ideas to become adopters, it does not mean that they want to control it, which they can't obviously.

DVlog

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I have been in crypto for more than 5 years and i have seen a lot of incidents within the industry. There was a time when government and even a lot of people call Bitcoin a scam or a scammer currency. Many thought that only hacker scammers use Bitcoin for money laundering, drug dealing etc. But now the situation has changed and it's good to see how institution chasing each other to not be late to join the industry. The situation is so intense that now what matter most is who will control the market. In the current situation, it seems, no one wants to be the last one to jump over space.

Topic: The Chase to control the market! - page 5. (Read 567 times)