Topic: Who controls the Bitcoins? - page 22. (Read 46401 times)

I think all this only controlled by the blockchain only because if any new problem coming in the Bitcoin Transaction we directly said that the blockchain's block is offline or is under maintenance , So it is no doubt that the community of blockchain is controlling the Bitcoin .

I know, right? Bitcoin is not like religion or something which has a superior. This is open-source. This is peer-to-peer. This is decentralized. This is bitcoin we are talking about. If a day comes that there should someone controlling it, that is the time that I go out.

This is is only algorithm program script which making the whole transaction . I mean all the transactions are through the programming  and no one is controlling .
All over it is only the blockchain who can control through their block of transaction .

Via https://bitcoin.org/en/faq#who-controls-the-bitcoin-network

"Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus."

I doubt true stability can ever be achieved without the benefit of government monetary policy. Government fiat is carefully balanced against a closed economy where inflation and deflation can be regulated by adjusting the money supply (along with other metrics like interest rates). Bitcoin's greatest feature and worst nightmare is the absence of supervisory control.

Mark Karpeles used trading bots to manipulate the price and bounced it over $1,200. If a single exchange can do that Bitcoin is anything but stable. Chinese exchanges might be doing it again right now.

yes i am also not in favour of the world control for bitcoin, bitcoin is free and is not under control of any one, it is the property of those who owing it and they have control on the amount of bitcoin they have.

every person who owns bitcoin , it's that simple

I'm very skeptical myself about Bitcoin ever becoming stable

If we are not talking about stabilizing at ground zero, of course. If governments continue to do stupid things like Cyprus hair-cut (which is almost a given), we should eventually see more people using Bitcoin. But that would mean higher prices, while with higher prices the volatility will rise too. And not just in the form of day-to-day price changes (these may actually decrease), but rather abrupt price swings in the range of dozen percentages due to markets becoming thin, i.e. more bitcoins will be stashed and less traded


With fiat money sticking around it may never happen

What's that question pal ? Who controls the bitcoins is the guy that possess the private keys attached to them, as simple as that.

I have been the first or one of the first customers to use almost every brick n mortar business in the greater Bay Area. I just rebuy what I spend. Bitcoin makes a fine payment system. The retailer takes all the risk not the user who just buys whatever and walks away. The business has to worry about confirmations.

I know "bad money drives out good" but not if you rebuy what you have used right away.

So why don't you spend your stash of Bitcoins?

Perhaps, there is nothing to spend on so much? Or Bitcoin is simply not very suitable for using as a means of payment? I don't mean any technical aspects regarding confirmation times and such things. I mean purely economic basis, i.e. the deflationary nature of Bitcoin (its propensity to appreciate). People tend to use fiat for their expenses since fiat is constantly depreciating (Gresham's law), and producers tend to use fiat since Bitcoin is constantly appreciating (their profits margins are shrinking if they are using an appreciating currency)

I believe to start a strong economy behind Bitcoin with many investors (not holding, passive income, traders investors, but those who can build their projects, pay their employees, accept payment method, all in BTCs), the Bitcoin price must stable first. Nobody starts a concrete business with a very volatile currency, it's dangerous for them, and maybe they can have losses in the middle of process.

The currency must arouse more interest on them first, and it will happen when Bitcoin stop being a speculative coin to become a stable currency by itself. But looks it won't happen so fast... I think while there are BTCs to be mined, the price will continue changing fast and everytime.

Christ! Thank you! I've been saying that for years. Screw traders, they should all die in a fire. Everyone that really gives a shit about Bitcoin should be exchanging fiat for Bitcoin and paying every bill and buying every product they use with it. I guess the reality is no one really gives a shit about Bitcoin. Because all they ever talk about is holding. Holding, holding, holding until their knuckles turn white from gripping so hard. It's stupid.

Well, it might make sense. Well, anything can be controlled by the manufacturer. Well, Satoshi Nakamoto has made bitcoin and then disappeared. I think, Satoshi Nakamoto control bitcoin anonymously, so bitcoin still has a price, and still used. I am very confident that Satoshi Nakamoto is closely monitoring these developments in a place without us knowing.

The one that controls the pieces controls the game. Isn't that really true with all things though? That's not specific to Bitcoin.

That's what I'm talking about myself

Without real economy behind Bitcoin, it will always remain in the power of whales like Satoshi himself and his caliber (well, may be somewhat smaller than him). The real Bitcoin economy would work as a safety cushion against Bitcoin whales if they choose to deliberately dump their coins or the government goes after them taking their coins and dumping them. If such an economy should emerge and expand, then even 1M bitcoins of Satoshi won't change anything. Prices will just readjust, very much like they do when fiat money supply expands

So Satoshi Nakamoto controls Bitcoins anonimously. I don't know if it's true, but at some point, considering it's true, someone or a group of persons could have a bigger amount of Bitcoins than Satoshi and they can join themselves to do what they want with the BTC price. In the end, who has more coins will control Bitcoins, it happens in any place with anything with no regulamentations, without rules.

I'm not saying it's bad or not, it's an experience and we will see what happens in the future and take our own conclusions.

Of course I am. So are you. Everyone that uses young technology controls it. If we, as a small group of users, decided to stop using Bitcoin tomorrow and sell out it would disappear. Collect up a small group of users with say 5000 coins each and get them to start dumping and the price would crash. A crashing price causes a panic and more selling.

Several studies of early mining showed that Satoshi premined over a million btc. If Satoshi really is one person and decided to create a better virtual currency he might want to move people away from Bitcoin first. He could even get the day traders to stop using Bitcoin. All he would have to do is start dumping coins and create a run on the price. Others would follow and start dumping. Every time the downward momentum slowed Satoshi jumps back in and starts dumping until it hits the bottom. Then he waits for a small recovery and dumps again. He has enough coins to do that dozens of times. Do that enough and traders will find a new toy to play with.  

That's the big joke surrounding all the discussions of a government taking over mining to destroy Bitcoin. Why set up all that equipment and operate it when they could simply contact a few private owners, threaten them and buy huge stashes of Bitcoin off book. Then they follow the above procedure to keep the exchange rate dumped. Bitcoin has almost no real economy right now. Remove trading from the picture and Bitcoin will be valueless. Oh sure, there are a handful of people that would use it like trading cards. Hell, I'm sure their are a handful of people still using Commodore 64 consoles too but I don't think they're ever making a comeback.

i think nobody controls the bitcoins.If someone controls Bitcoin, that person will be extremely wealthy

You can find full specter of opinions about virtually anything in Google. You can even find people who are earnestly believing that the Earth is flat and Elvis still alive (and a lot of similar bullshit). But would Google tell us that you have been "mining and buying [Bitcoin] for six years" and could potentially "move the price $100 alone" if you chose so? I mean apart from cashing Bitcointalk? In other words, do you consider yourself as a Bitcoin "controller", at least, to a certain degree?

Do you feel the power and magic?