Topic: Then They (REALLY) Fight You! (Read 214 times)

I'd say the "biggest attack" on Bitcoin is the approval of spot ETFs on the US and abroad. That's because big institutional investment companies will acquire a large portion of the supply, leaving the "little guy" out of the system. With this move, governments will finally be able to control Bitcoin (sort of). The high network fees are not a problem, since they can be lowered with subsequent network upgrades (subject to the community's approval).

In fact, high fees makes the BTC network stronger over time (prevents spam). You are basically paying a "premium" for transacting on the most secure and reliable payments network in the world. It's the "Wall Street" problem (ETFs, futures trading, etc) that we need to solve. If we don't do anything about it, Bitcoin will ultimately fail in replacing the middleman (eg: banks) for good. Who knows what the future holds for the project? 

Approaching the halving, Bitcoin market demand is indeed increasing, but you should also know that a lot of disposal is also done because of some FUD that is spread.

When the ETF has approved it, the drama on Bitcoin's price continues.
The price crashed back to $42k++ and this became a panic for some new investors.
Though corrections like this are quite reasonable when the price of bitcoin has begun to saturate, and corrections aim to keep the chart healthy.

But when the price of Bitcoin crashes to break $30k, this certainly needs to be watched out for and prepare a reserve fund to buy back.
All the news about Bitcoin and some events described by the OP will have an effect, important or insignificant bad news/FUD will remain an obstacle on Bitcoin's rise.

It's said that what doesn't kill you makes you stronger, so despite every challenges that Bitcoin has faced, is facing now and will still face in the future, it is here to stay and it's adoption will keep increasing in the face of every adverseries. Wall street and political influences that are anti Bitcoin are just not comfortable with decentralization, they'd rather have every currency to be centralized, so that authorities can control and manipulate them. Unfortunately Bitcoin does not conform to these standards, so it's no wonder that they'll fight to decentralize it, but we shouldn't be worried about them.

I will have to disagree that the promotion of Bitcoin by these institutional investors will make people understand decentralization. The truth is that they are promoting centralization because they are mainly focused on profit maximization. You might be surprised that very soon people will assume that the only means of investment in Bitcoin is through third parties. They will only become aware of self-custody if any of these major ETF companies for bankrupt or make them lose their funds. These investors might have some influence over the market but the decentralized nature of the Bitcoin space will still make it very difficult to be manipulated.

I am with you on that one .... just watch the movie "Bitconned" where a Ponzi scheme was exposed and 200 000 ETH were recovered and then kept by the SEC and not returned to the investors.  

I also think this "approval of the Bitcoin ETFs" were communicated well in advance to "insiders" that used that information to profit. (Buying at a very low price, way before this information were announced and selling it when the price were high) ==> So they already made huge profits, before the actual announcement were made.  

None of these matter as long as there is a demand in the market. Big market investors are willingly buying and small investors are getting FUDed but that doesn't change anything in the technicality of the Bitcoin. It will remain 21 million, Bitcoin Halving's will happen and people will continue to buy no matter sooner or later.

The rate of Bitcoin adoption in some nations has called for alarm about its currency having the tendencies to be considered an alternative instead of a primary source which has a potential to devalueness of the fiats.
I even tendered to believe that diverses of such countries including some World influential fiats whom the financial regulatory authorities conciously fears periods of time that Bitcoin may silent the existence of their super Fiats. So they could be in alliance to conjugate to the compressions of Bitcoin.

However and personally, Bitcoin is my primary accepted currency for transactions and I hope it is massively adopted so I would reliably run my financial transactions to the deeds of Bitcoin P2P.
Let anyone who is castigating Bitcoin keep it up, it is already believed that Bitcoin is surrounded with its unbelievers and the more criticisms of Bitcoin is the more opportunities it is created to the speculations of Bitcoins and in as much Bitcoin could maintain its tended inventory potentials, then the biases rumors of it would be tolerably considered false while it enhances a more advantages to its massive adoptions.

These kind of attacks are neither new nor stop in the future and Bitcoin is still strong and alive I am sure what ver they do might have only temporary impact because on a longer run Bitcoin will thrive like it has done in the past, it's rather benefiting Bitcoin on a longer run since it give more media coverage to Bitcoin and also shows true face about them to general public.

Beat me to it, the things that OP has been saying are the same attacks that bitcoin has been enduring, it's just a different headline from time to time but the gist of all this attack is that they're not really that different, they all attack bitcoin at the same angle. I totally agree that there's no way that any kind of attack against bitcoin is possible at succeeding but I'd like to add that it will only be true if the bitcoin or the crypto community makes a move against those attacks, our indifference to the issue that bitcoin is facing is a detrimental thing even if we don't think so and just keep on turning a blind eye, it's cheesy and cliche but the future of bitcoin is in the hands of the community that's keeping it alive.

Of course bitcoin is the future and more and more youngsters are getting involved with bitcoin they are aware of the economic crises in their respective countries and they have long accepted that bitcoin is what is in now and in the next following years

There are already people who literally grew up with bitcoin and being able to get married and build a family with bitcoin

I don't totally agree with you. The countries that adopt Bitcoin are indifferent about their youths adopting it as theu are the main people driving it. Notice that loads of the projects that has spurred out of bthe blockchain space has been mostly from startups powered by youths.

Also, the adotpion of Bitcoin and blockchain entirely is first moved by the youths even before the government starts working towards adoption.

Some countries that adopted BTC in their countries today, find it difficult to finally adopted it for their citizens to experience because they thought it will affect their youths not to play their other business but since they were convinced that BTC is the king among other cryptocurrencies in the market, they adopted it and is working for those countries that took such decision.

The stage BTC has gotten to in the world today,  show that with time those countries that rejected BTC without proper investigation will surely make a way forward soon to adopt BTC to know that BTC is not a bad decentralized currency to the users like what other people think.

It has become obvious that the BTC ETF approval is with an ulterior motive from big players and SEC also.

Imagine the downturn in the price of Bitcoin and the expectation of the community before the approval, its in two opposite directions.

I don't consider the SEC a credible institution anymore as they have veered of their constituted course. We need them investigated ASAP.

Bitcoin isn't just alive, it is gaining popularity on a regular bases even in the midst of whatever critics are saying. It's difficult to stand this strong and tall when you get opposition from these sources coming strongly at bitcoin and you still see it waxing strong in the midst of it. Some of the people that made policies that was aimed at bringing down the decentralized nature of Bitcoin are currently bitcoin holders but pride and shame has made most of them to remain incognito.

BTC is the king👑
No institutions or government policies  can contest and take away the love and acceptance bitcoin is currently enjoying from the populace.

Nope, they will not realize because if they realize, centralized exchange won't survive until now because they're prefer to use DEX or P2P, read this Hacked Exchanges since 2011.

In the future, Binance, Blackrock and any other centralized entity will get hacked or compromised, will they realize? no. When someone is get brainwashed by government to trust centralized entity, there's no way they will change.

Do you really think this method can have a considerable effect on the price? Coinbase is the biggest bitcoin [fiat] exchange but it only has about 4% of the total market's trading volume. It is not longer 2013 where one exchange (Mt Gox) has 85% of the total volume where manipulation like this were easy, you just had to dump in one place and the rest followed whether they wanted it or not.
If you dump in Coinbase, the arbitrage traders would thank you but the market wouldn't really move.

All the other attacks which you mentioned and I know are just temporal but my main concern here is the L1 attack by the nonsense ordinals spamming. Because it is the transaction fee that made people to navigate to use other coins and if the transaction fee is low, the matter the attacks are many people will still be strong and use Bitcoin daily and weekly. And most of those that attacking Bitcoin is because of the decentrality of the currency which they wanted to control but they can't so they use different names and method to  attack yet no avail. Lolz. Bitcoin is the last hope of the common man and not even the lawyers anymore.

Decentralisation won't just be accepted without criticism from various sectors but this sort of attack you mentioned has been happening for years but still Bitcoin is gaining more popularity and adoption, I don't think there is any sort of attack that can stop Bitcoin right now.

And mind you some countries has also shown interests in Bitcoin while some countries has adopted as a means of payment, the more attack Bitcoin gets the more it grows so I don't pay to much attention to it.

From my perspective, Bitcoin is currently undergoing a multitude of attacks let's break them down one by one.

Political / Legal. The current political attacks being lead by senator Elizabeth Warren and cronies was initiated after being directed by Jamie Dimon (who has since been appointed as the AP or Authorized Participant for the largest BTC ETF). These attackers seem to be doing their very best to legally separate plebs from their sats while aligning Wall Street to become the custodians of our freedom money.



Technical / Social. The L1 Bitcoin network is currently being spammed by Ordinals and Inscriptions which is prematurely increasing the L1 transaction fees. This is pricing out many lower net worth folks from participating in L1 self custody. This attack seems to have a large amount of buy in from NFT pushers and alt coiners as well as a good chunk of the miners as most of the larger miners are being short sighted and looking to maximize profits in dollars as much and as quickly as possible. This has lead to a huge battle within the Bitcoin community and it currently remains to be seen how this will play out.



Wall Street Attacks. By now everyone knows that Wall Street is here as they have had their ETFs green light. If the first two days of trading are any guide of what's to come, then I'm afraid to say its starting to appear they're going to buy OTC and dump spot market in an effort to control the dollar price of Bitcoin. Just look at what Coinbase has said with respect to their reported $7,000,000,000 USD of OTC traded the first day ETFs did. None of course can be independently verified by any of us plebs. These ETF / Wall Street folks are asking us to invert the ethos of "Don't trust, verify." into "Trust us bro." In my view Wall Street would gladly take a substantial loss on these Bitcoin products so long by doing so they believe that it would greatly harm or destroy bitcoin in the process as Bitcoin is the largest threat to their way of life.



Great so what now? Any good news or anything we can do about it? Absolutely and glad you asked!

From my perspective the best part of all of this is that Bitcoin is still alive and is getting more publicity than any amount of money could have bought it! That being said I believe that all of this noise will get people to understand what Bitcoin is, why it's important, and eventually will understand that the only way to get it to succeed and create a more just and equitable world for all will be to hold Bitcoin in self custody. IMO they will realize that to do this in the most effective way that they will need to minimize their spheres of trust and will learn about how to create their own entropy with simple analog methods offline (such as flipping coins 256 times) and creating their own BIP 39 seeds. They'll also learn how to run their own nodes for verification and to transmit and receive their own bitcoin transactions. These actions will allow for the dollar price of Bitcoin to break free from their manipulation efforts and will eventually get us to a better bitcoin centric world that will break the monopoly of value creation and distribution from centralized control.