Who controls the Bitcoin system? - page 4.

Lexurdania

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Quote from: mware on April 18, 2018, 02:19:46 AM

Bitcoin is a cryptocurrency based on an open-source software. no one is controlling bitcoin. It’s fully decentralised. But practically it’s developed and supervised by contributors, miners, big exchanges and traders.

Bitcoin system is decentralized and no one can control bitcoin supply, transaction data etc. Bicoin developers spreads around the world because they want to participated on revolutionary new monetary system.

dexterbit

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General opinion that it’s decentalised and therefore isn’t controlled by anyone, but then there are obviously patterns in its behaviour that it is following. That means that there’s stuff that affects it and goes into it.

Russlenat

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I think the one and only can control bitcoin is the creator of it, he has all the code that can change bitcoin and it is only Satoshi Nakamoto.

MrCrank

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

Ok, no one can control bitcoin.
But.. how can Bitcoin exist without internet?
If shutdown internet, bitcoin node cant' works.

chillitabit

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

no one owns bitcoin. It's decentralized and has to be in order to survive. But it can be accessed by core developers, so in case those people would decide to cause some harm, they actually could.

vergel24official

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Bitcoin is inherently permission-less. Government's approval is not required. No one specifically controls Bitcoin in that:

(1) No one controls how quickly it can be mined. Every other Bitcoin becomes harder to mine as per the nonce of the mathematical algorithm.

(2) No one controls its value...some pump and dump practices have failed sinc skilled players can see the predictive pump-and-dump patterns on the market charts...so "insider trading" corruption is nullified.

(3) No one controls how it WILL evolve...and evolve it must to meet its new challenges of scaling etc..

(4) No one controls its utility.

Yes there are whales, miners etc...but ultimately is an ecosystem of interdependence and that's the BEAUTY of Bitcoin. The same variables cannot be applied to corrupt government FIAT currencies

pxo.011

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its not who its what there is a group of people who control blockchains that controls the transaction transition, whales controls the price.

Clearstream

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bitcoin is decentralized and nobody can control it . bitcoin is a consensus mechanism . all bitcoin holders reached a consensus . even people with the most bitcoin cannot change it , he is only a node .

andika2018

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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 different than mobile application. Mobile application have management and management have control on their software but not on bitcoin. Bitcoin have own blockchain and spread all around the world, no one can control or manage that data chain

Dodoymabs

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Quote from: The Alchemlst on April 18, 2018, 02:57:10 AM

Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

It is like a self sustaining system that needs no maintenance which keeps alive and functional by the people who uses it making it circulate throughout the market. I love how bitcoin system was made to have such impervious security that we can put our trust to invest into. I think being made as a decentralize currency does not require it to be controlled by a single entity or company.

One of the greatest that has been invented to help our system to be more secured and can't easily be manipulated. This is why more people are getting amused about how the system works. No one really control the Bitcoin because the system is being distributed and to think those who owns a coins could also be an owner of the system.

Blackhammer321

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No one can really control bitcoin, the inner source information about bitcoin because it is secured by the creator called Satoshi Nakamoto and made it decentralized, that means the every transaction made is viewable but disabled for editing. Regards with the price and value of bitcoin i can say that we are contributing to its price because we demand for it.

Sexie

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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 DO believe that all the users of bitcoin are the ones in controll of it. It is free for everybody. As long as you know how to do it through internet. It depends on them how the circulation of bitcoin and its price . More demand of using and adopting bitcoin , there will always be that big increase in price. If nobody using it , then how it will grow. So it depends upon those people who are believing in bitcoin .

Tuare aget

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Quote from: 9jaflick on March 28, 2018, 04:32:52 PM

As a decentralized system by design, it can be difficult to see where the real power lies in Bitcoin. There are a number of different players in the ecosystem (e.g. miners, hodlers, exchanges, developers), but one entity has more power than the others in terms of what types of protocol improvements will be made.
the hodlers have the biggest impact on the bitcoin price due to the effect they have on the supply of available Bitcoin. Taking this point further, they also have the largest amount of power in terms of what types of improvements are made to the Bitcoin protocol because everyone in the system is incentivized to make the native tokens on the platform as valuable as possible.

There are many stakeholder like miners, hodlers, exchanges and developers are the one who have a big factors
affecting bitcoin prices, because hodlers can hold bitcoin that affects the circulation of bitcoin and i think exchanges is the biggest factors among the four reason stated above.

Btcepoy11

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Other think that bitcoin have manipulated by the people or investor's who have big share in bitcoin. But it was already stated by satoshi who created bitcoin that nobody own bitcoin. Bitcoin is a decentralized and peer to peer, it is a self sustaining system.

The Alchemlst

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BITDEPOSITARY - Make ICO's , More Secure

Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

It is like a self sustaining system that needs no maintenance which keeps alive and functional by the people who uses it making it circulate throughout the market. I love how bitcoin system was made to have such impervious security that we can put our trust to invest into. I think being made as a decentralize currency does not require it to be controlled by a single entity or company.

Ajinomoto40

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Buy, sell and store real cryptocurrencies

Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

No one can control or hold the bitcoin because it is decentralize program so no one can manipulate it or use it in bad things. either the government of any country don't have a power to control it as I said it is decentralize program.

Elips1

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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.

According on bitcoin's history, No single institution controls the bitcoin network. It is maintaned by a group volunteer coders and run by an open network of dedicated computers spread arround the world.

tianok21

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Quote from: Fairy_90 on March 12, 2018, 11:23:51 PM

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 control bitcoin because it is decentralize program and no one can manipulate it.

Quote from: DoublerHunter on April 18, 2018, 02:21:04 AM

I don't think that there is someone who controls the bitcoin system because bitcoin is decentralized so nobody owns bitcoin and nobody has the power to control it so i think that bitcoin is just relying on the community and also from the people who uses it and buy and sell it on the market so bitcoin is just neutral and there is nothing to worry like being manipulated.

I agree with you.

Quote from: mware on April 18, 2018, 02:19:46 AM

Bitcoin is a cryptocurrency based on an open-source software. no one is controlling bitcoin. It’s fully decentralised. But practically it’s developed and supervised by contributors, miners, big exchanges and traders.

Right bitcoin is an open - source software and nobody can control because of decentralized program of it.

Beroximos

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We All control BTC protocol and WE all Are under the control of everybody.

DoublerHunter

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I don't think that there is someone who controls the bitcoin system because bitcoin is decentralized so nobody owns bitcoin and nobody has the power to control it so i think that bitcoin is just relying on the community and also from the people who uses it and buy and sell it on the market so bitcoin is just neutral and there is nothing to worry like being manipulated.

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