Who controls the Bitcoin system? - page 17.

putrisa

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Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

I think the overall movement of pure bitcoin is only in the control of demand and the total supply available, if the total supply available is very limited it is certain the price will rise, not only that the end of this much bad news circulating from bitcoin and make the price of bitcoin crushed .

AmericanBit

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Interesting question, Bitcoin is very difficult and complex system, I thin it would be difficult to control it fully, but still I think there should be some general control tools. maybe I am mistaken.

noictib

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Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

In actual bitcoin technology is not just a app system or any site system that is using any data that we send at one side and wirtten data show at another side , but in actual there exists a type of transfer of actual data of the system .
In actual no any thing here works for direct transfer but a type of the algorithm works where many things like miners works and also another system where block system are working .
And another thing is that here we have no input and output system where we can't inject our data or any script and also there exists a private key system which helps us to handle the bitcoin containing adress only .
So it is not a simple type of system that you are thinking , it is more secure than what the banking sector are using the technology .

Fazlurkhan.kz

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It is technically controlled by the bitcoin community, the people who use bitcoin, mine it, trade it and believe in its future.
Trader make transactions of Bitcoin and Miners help these transactions of bitcoin possible and easy and the believers of bitcoin just hodl it!

Piggymonster

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I think all the people around the world who use and invest in bitcoins are the ones in control. When there is no one who value bitcoin it will became worthless.

iram1011

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Bitcoin is indeed a decentralized monetary system.

But is the situation same?

Isn't the manipulation from Market Makers(MMs) has intensified recently?

Since December last year, many big financial institution were able to enter the market and now hold a decent percentage of the whole marketcap. I was watching the Bitmex charts and noticed how badly the manipulation is being done. The bulk holders are screwing longs and shorts equally without any set pattern. Bitcoin, since the year started, isn't following any chart sequence because MMs understand how the market sentiment works. Added to that, those exchanges who have all the data of sell and buy orders are also a big manipulator in the game.

juliopirlo

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Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

Nobody controls the bitcoin system because nobody has the technology of email operation. Bitcoin is controlled by all its users worldwide. developers can indeed improve Bitcoin software, but they can not enforce changes in the Bitcoin protocol because all users are free to choose the software and version they want to use. in order to remain compatible with each other, all users need to use software that follows the same rules.

Lexurdania

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Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

With blockchain system, there is no people, organization, or government institution able to control bitcoin because its decentralized. Because its decentralized so a lot of Government and the central bank in many country are prohibiting the circulation of bitcoin.

Troysen

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Bitcoin is independent and decentralized, that's why it operates free of any institutional controls. there are however a team of developers who make updates and improvements on its operating system to increase its efficiency

crazyjack

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Man, listen to yourself, btc is controlled by minority who holds most of btc. Its all about money and power. Dont be fooled that this system (btc) is something different than others where money is involved. Everything gets exploited in man's hand. Its just what we have in nature. A self-destructive mechanism.

btcprospecter

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Bitcoin is controlled by us the people it is decentralised meaning nobody has full control of it.
Satoshi may have first implemented it but nobody knows for certain who or where he is. His coins have never moved. Let's hope he never forgot his private keys.
We even control the value if more people want bitcoin the price goes up and vice versa.

pandanpanda

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Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

As a decentralized system with a complicated design, we are hard to see. There are a number of players with more or less incidents (for example, miners, holders, exchanges, even developers), but one of them may have more power than others in terms of improvements to the Bitcoin protocol technology to be performed.

85655adlj

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Bitcoin is not controlled by anyone. Bitcoin is operated by users all over the world. It belongs to everyone.

Dexion

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yes, I agree with you, bitcoin system can not be controlled, because is decentralized, and this is the main reason why bitcoin system is difficult to be hacked.

but there are some groups that can affect the bitcoin.
1. developers, they have a big influence on bitcoin, that is to write rule set in bitcoin protocol.
2. miners. they have a significant effect on the bitcoin system, writing down all the bitcoin transaction data in the blockchain. when bitcoins have hard fork, then the miner is the one who determines whether the system works good or not.
3. investors, they affect the value of bitcoin
4. trader.
5. exchange.

and the reason above is what distinguishes it from other payment systems.

CryptoFanholic

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No one controls it as it is decentralised and was created for the sole reason not to depend on anyone ... yet developments in bitcoin are controlled by a set of people you can find here : https://github.com/orgs/bitcoin/people

dreamhouse

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isn't bitcoin has a checkpoint key and alert key that very few core dev team member holds? with these keys they can effectively destroy the coin if they want.

Jimmy palumbo

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Actually no one can control the whole system of bitcoin, because of the bitcoin and blockchain is diversified, so this is the advantage that the bitcoin, is also various countries gradually acknowledged that the bitcoin status.

Pursuer

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Quote from: shkon5 on March 13, 2018, 02:39:17 AM

Quote from: Fairy_90 on March 13, 2018, 12:23:51 AM

I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.

Bitcoin is stored locally rather than on the Internet. It is essentially a file stored on your computer, mobile phone, or other hardware device, that is, a bunch of digital signatures generated by calculations, or strings. The circulation of Bitcoin is entirely controlled by the network rather than a third party organization.

please don't try to repeat but rephrase what you have read/heard somewhere and only understood half of it. it just makes your statement be weird and misleading.
the thing is, there is no bitcoin to be stored in first place. there are only keys and transactions. the transactions are stored on the public ledger called blockchain and the keys are what you generate/store to be able to spend those transaction outputs.

jpaul

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Ideally there is no one who owns or has a controlling claim to BTC, it has developers who update and improve the operation system in an attempt to make it more efficient. there are however a group of people who owns large number of Bitcoins giving them the power to manipulate the prices, they can easily change the prices if they want to.

perto01

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The idea that investors are the ones who control Bitcoin is not a new idea. Multiple articles and blog posts have been written on the topic over the years.

Topic: Who controls the Bitcoin system? - page 17. (Read 1441 times)