Who controls the Bitcoins? - page 24.

tee-rex

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Quote from: QuestionAuthority on December 15, 2016, 12:50:34 PM

Quote from: tee-rex on December 15, 2016, 12:36:31 PM

Quote from: RodeoX on December 15, 2016, 12:26:46 PM

Quote from: tee-rex on December 15, 2016, 10:03:59 AM

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

I suppose I am an early adopter. I have been at it since 2010. Like many of the others I know, we are not interested in the price. I don't care about wealth, just economic freedom. That's what this is about for me and I have no intention of ever "cashing out". I have never sold a bitcoin because bitcoin is the cash I want. If I find myself sitting on a 100 million USD in BTC, I'll donate it somewhere.

So it looks like that I'm right about you, the early adopter guys. You are just waiting patiently when Bitcoin becomes the major money, and then you will be both liked and envied or even hated by smaller people like us, who were not that lucky to jump on the Bitcoin bandwagon in time. But if you don't transact what's the purpose of economic freedom to you then?

Not every early adopter believes that way. Some read the 2011 gawker article about this new money used to buy drugs online. It was instantly visible that this new "dark web" money was going to skyrocket in popularity and price. For me, it was like reading about a young Apple Corp or Microsoft and seeing dollar signs. It was only ever about profit for me. The first thing I did when visiting this forum is read the mining section, learn how to mine and build a mini gpu farm. I knew I wanted to get my hands on as many Bitcoin as I could as fast as I could.

Methinks, we shouldn't count you as an early adopter. Those who used GPU mining were already at an advanced stage of Bitcoin development and adoption. It seems that only the ancient ones who mined first bitcoins on their desktop processors can be rightfully considered as true early adopters. You yourself say that you came into Bitcoin when it already got some notoriety for being used in dark markets. 2011 is nowhere near early, only 2010 makes it somewhat.

Ejinx

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We control bitcoin

RodeoX

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The revolution will be monetized!

Quote from: tee-rex on December 15, 2016, 12:36:31 PM

Quote from: RodeoX on December 15, 2016, 12:26:46 PM

Quote from: tee-rex on December 15, 2016, 10:03:59 AM

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

I suppose I am an early adopter. I have been at it since 2010. Like many of the others I know, we are not interested in the price. I don't care about wealth, just economic freedom. That's what this is about for me and I have no intention of ever "cashing out". I have never sold a bitcoin because bitcoin is the cash I want. If I find myself sitting on a 100 million USD in BTC, I'll donate it somewhere.

So it looks like that I'm right about you, the early adopter guys. You are just waiting patiently when Bitcoin becomes the major money, and then you will be both liked and envied or even hated by smaller people like us, who were not that lucky to jump on the Bitcoin bandwagon in time. But if you don't transact what's the purpose of economic freedom to you then?

Oh I do PURCHASE stuff with bitcoin. It is the only money I use online. If I can't get it for bitcoin then I don't buy it. I don't care about being liked or hated. It's not about me. Indeed the worst curse I could imagine is being famous.
Bitcoin is a response to the unfairness present in monetary policy. The first people here were much, much more concerned with these issues than getting rich or buying drugs. That all came later. Of course we are all individuals and someone else may feel differently.

Ejinx

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We control bitcoin by ourselves with our private key

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: tee-rex on December 15, 2016, 12:36:31 PM

Quote from: RodeoX on December 15, 2016, 12:26:46 PM

Quote from: tee-rex on December 15, 2016, 10:03:59 AM

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

I suppose I am an early adopter. I have been at it since 2010. Like many of the others I know, we are not interested in the price. I don't care about wealth, just economic freedom. That's what this is about for me and I have no intention of ever "cashing out". I have never sold a bitcoin because bitcoin is the cash I want. If I find myself sitting on a 100 million USD in BTC, I'll donate it somewhere.

So it looks like that I'm right about you, the early adopter guys. You are just waiting patiently when Bitcoin becomes the major money, and then you will be both liked and envied or even hated by smaller people like us, who were not that lucky to jump on the Bitcoin bandwagon in time. But if you don't transact what's the purpose of economic freedom to you then?

Not every early adopter believes that way. Some read the 2011 gawker article about this new money used to buy drugs online. It was instantly visible that this new "dark web" money was going to skyrocket in popularity and price. For me, it was like reading about a young Apple Corp or Microsoft and seeing dollar signs. It was only ever about profit for me. The first thing I did when visiting this forum is read the mining section, learn how to mine and build a mini gpu farm. I knew I wanted to get my hands on as many Bitcoin as I could as fast as I could.

tee-rex

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Activity: 742

Merit: 526

Quote from: RodeoX on December 15, 2016, 12:26:46 PM

Quote from: tee-rex on December 15, 2016, 10:03:59 AM

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

I suppose I am an early adopter. I have been at it since 2010. Like many of the others I know, we are not interested in the price. I don't care about wealth, just economic freedom. That's what this is about for me and I have no intention of ever "cashing out". I have never sold a bitcoin because bitcoin is the cash I want. If I find myself sitting on a 100 million USD in BTC, I'll donate it somewhere.

So it looks like that I'm right about you, the early adopter guys. You are just waiting patiently when Bitcoin becomes the major money, and then you will be both liked and envied or even hated by smaller people like us, who were not that lucky to jump on the Bitcoin bandwagon in time. But if you don't transact what's the purpose of economic freedom to you then?

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: tee-rex on December 15, 2016, 10:03:59 AM

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

I suppose I am an early adopter. I have been at it since 2010. Like many of the others I know, we are not interested in the price. I don't care about wealth, just economic freedom. That's what this is about for me and I have no intention of ever "cashing out". I have never sold a bitcoin because bitcoin is the cash I want. If I find myself sitting on a 100 million USD in BTC, I'll donate it somewhere.

tee-rex

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Activity: 742

Merit: 526

Quote from: Fatanut on December 15, 2016, 07:59:04 AM

Quote from: PeRo on December 14, 2016, 03:41:09 PM

As stated, Bitcoin is not controlled, that is what makes it great and innovative. Everyone controls his own Bitcoins and everyone has a role, smaller or bigger. The price depends on the demand and supply, so users of Bitcoin alltogether control the price.

And the demand and supply simply depends on money. Some people have a lot of money and that's why they have bigger roles than others as mentioned in your post. Bigger roles means they can affect the market more significantly than normal users. I still believe that no one is playing with the price of bitcoins right now. No one is controlling it right now, they're simply letting the market move by itself. But eventually, the whales would start moving. Because if they don't, then what's the point of them being in the game and waiting for so long. Grin

If the whales are early adopters, they might not care for the price of Bitcoin as much as we do. The very fact that they were early adopters and yet didn't cash out could explain why they are still in the game. They are not waiting for the price to hit some certain level, they are obviously waiting when Bitcoin becomes a new global money and they themselves turn into a new wealthy elite.

Fatanut

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Quote from: PeRo on December 14, 2016, 03:41:09 PM

As stated, Bitcoin is not controlled, that is what makes it great and innovative. Everyone controls his own Bitcoins and everyone has a role, smaller or bigger. The price depends on the demand and supply, so users of Bitcoin alltogether control the price.

And the demand and supply simply depends on money. Some people have a lot of money and that's why they have bigger roles than others as mentioned in your post. Bigger roles means they can affect the market more significantly than normal users. I still believe that no one is playing with the price of bitcoins right now. No one is controlling it right now, they're simply letting the market move by itself. But eventually, the whales would start moving. Because if they don't, then what's the point of them being in the game and waiting for so long. Grin

tardi

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Quote from: PhilipPens on February 09, 2016, 04:15:29 AM

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

Illuminati confirmed.
No one controls Bitcoins it is a decentralized network.

valley365

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Quote from: ?? on ??

Quote from: Watershin on December 14, 2016, 01:05:53 AM

Quote from: markyminer on December 14, 2016, 12:42:32 AM

Quote from: ?? on ??

Quote from: Creepings on December 13, 2016, 04:47:26 PM

Well users control bitcoins right? That's why some are saying that bitcoin is free!

I think control is not the right word for us, but we are the ones who are contributing for whatever is happening to bitcoins economy. And the people who are having the highest contribution are those so called 'whales' in bitcoin. Those people are holding thousands of bitcoins in their cold storage and every single move they are making has an effect to the bitcoin society.

every one has the right to keep any amount of bitcoin with them, there is no limit of keeping bitcoin, therefore they cannot be blame, and the second is that bitcoin is a universal currency and decentralize therefore it is not so easy to manipulate the price of bitcoin.

Ya it is true that bitcoin is free and their is no one who controls it, it is generated through algorithm software and who ever is having it in wallet with private key is the owner of the bitcoin. As it is free coin which can be generated by anyone so no one is the controller of bitcoin

Exactly, but for the whole bitcoin system there is none who use to control bitcoins. Because it is already automatic to keep on cycling in the economy with the help of its users. And for the bitcoin economy, regarding its value. We are the ones who are responsible for its fluctuation because of the demand that bitcoin gets from us.

I am not sure. There's a master private key that allows people to overwrite checkpoints and there's a private key for alerts. I heard before a few people (devs) have these keys. They are the ones, if they want, can really mess up with the bitcoin (i.e. they can release a new checkpoint and sign with their private key, and it will overwrite the existing checkpoints).

PeRo

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Defend Bitcoin and its PoW: bitcoincleanup.com

As stated, Bitcoin is not controlled, that is what makes it great and innovative. Everyone controls his own Bitcoins and everyone has a role, smaller or bigger. The price depends on the demand and supply, so users of Bitcoin alltogether control the price.

RodeoX

legendary

Activity: 3066

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The revolution will be monetized!

Quote from: MMA on December 14, 2016, 03:17:12 PM

Quote from: xavier77 on December 14, 2016, 12:07:53 PM

I think there are some group of people who earn a lot , they control the bitcoins.

i think a group of people are a single state cannot control or effect bitcoin. i think bitcoin is free and is not under control of any one, the only fact is that bitcoin is under control of person who is using it i am controlling the amount of bitcoins i have.

Amen. If someone thinks they control BTC then try controlling mine and find out how wrong this notion is.

MMA

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Quote from: xavier77 on December 14, 2016, 12:07:53 PM

I think there are some group of people who earn a lot , they control the bitcoins.

i think a group of people are a single state cannot control or effect bitcoin. i think bitcoin is free and is not under control of any one, the only fact is that bitcoin is under control of person who is using it i am controlling the amount of bitcoins i have.

xavier77

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Xavier

I think there are some group of people who earn a lot , they control the bitcoins. The whales, I mean. Thy dump volumes, create havoc among the local users who in turn dump their own goods. Then these whales buy tons and tons and things go crazy again and again. In fact, a currency not owner by the Government would be easily controlled by wealthy people.

positivezero

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Actually i dont know really who controls the bitcoin. But as I read here in the forums and as my understanding, no one really control bitcoin, only the users who maybe controls it. Yes there's many developers developed bitcoin but no one controls it. Since i just read this in the forums,

mind me to share your ideas here

Text

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Quote from: al0729 on December 14, 2016, 07:45:00 AM

this was the best question that i really wanna know too . but i think we as a bitcoin users controls it why? without us what is bitcoin now

We don't need to know it because it is not yet proven. Only us who can control bitcoins. If we stop using bitcoin then it will start to go down. We can't control the price of bitcoin, there are times that the price goes down because of the anomalies and hacking issues.

al0729

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this was the best question that i really wanna know too . but i think we as a bitcoin users controls it why? without us what is bitcoin now

fullypak

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Quote from: Pattart on December 14, 2016, 05:07:43 AM

Quote from: Creepings on December 13, 2016, 04:47:26 PM

Well users control bitcoins right? That's why some are saying that bitcoin is free!

yeah that control bitcoin is the users themselves, living and dead, high and low prices will depend on the users themselves. yeah it can be said that no individual can control bitcoin, but all the users themselves

It should be like that but I feel there will be some big whales or traders may be controlling the BTC prices most of the times. Because these prices are not regulated just based on either news or some demand and supply issues. If most of the people keeps bitcoins for longer term appreciation then bitcoin prices may not rise faster so people need to trade or use them to buy on regular basis.

Pattart

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Quote from: Creepings on December 13, 2016, 04:47:26 PM

Well users control bitcoins right? That's why some are saying that bitcoin is free!

yeah that control bitcoin is the users themselves, living and dead, high and low prices will depend on the users themselves. yeah it can be said that no individual can control bitcoin, but all the users themselves

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