Will Blackrock control BTC? - page 3.

Bravut

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Quote from: tbct_mt2 on March 10, 2024, 03:25:35 AM

Black Rock does not and will not control BTC if you implied about control on Bitcoin network.

They can have big shares in Bitcoin circulating supply but control the network, they won't have that power.

Black Rock started to show something big in the last year by investing in 4 of 5 biggest Bitcoin mining companies.

BlackRock is a major shareholder in 4 of the 5 largest Bitcoin miners. And they also spent their resources for Bitcoin Spot ETF application against SEC. Finally they succeeded and they are buying a lot of bitcoin last 40 days. Already surpassed MicroStrategy as a biggest public company holds Bitcoin.

https://bitcointreasuries.net/

Exactly.
They hold more Bitcoin currently and have the biggest share, I think they can influence bitcoin price but not necessarily the bitcoin network.They only are investing rapidly into the market and thus expanding the bitcoin ecosystem but the bitcoin network is entirely out of the control of anyone or organisation.
Blackrock aim is for profit making not taking over a network that is decentralized.

hatshepsut93

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Bitcoin is a global network and a global community, you can't control that. They could try and they would fail, but I don't see any indication of them having any such intentions. They are not dumb, they know that it would be like shooting themselves in the foot and for what? Bitcoin would cost a fraction of todays cost if it was centralized and controlled.

And I don't even think they can manipulate the price for long term. Remember the bear whale? That's the risk for anyone who would try to manipulate the price, no matter how big they are.

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Quote from: The Cryptovator on March 10, 2024, 04:42:20 PM

Holding a large number of BTC doesn't mean they can control Bitcoin. I admit they could manipulate the market if they wanted to, but due to low enforcement, they might not. Because all the ETF brokers are approved by the SEC, if they do something suspicious, the SEC would suit them. On the other hand, due to the decentralised behaviour of Bitcoin, no one could control it anyway. However, due to ETF, more money is flowing into the crypto market, hence Bitcoin pumped so hard. At the end, of course, everyone will liquidate their Bitcoin when needed, and new investors will enter. This is a normal procedure and will continue forever.

I don't think anyone can manipulate the market, even if they have a lot of BTC's stash. They maybe make a dent, but not really significantly influencing the movement of the market. This is why btc market is different from most alts. Because of huge market cap, you need a lot of large btc holders to come up with a plan to influence the market and create even a small wave.

Whereas, most alts with small cap, dev teams behind it can manipulate their market via wash trading as they only need small capital to make their market increase like 100x, 1000x and so on. But if you will look at it, they are just using their own funds to make the trading seems active.

The Cryptovator

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Holding a large number of BTC doesn't mean they can control Bitcoin. I admit they could manipulate the market if they wanted to, but due to low enforcement, they might not. Because all the ETF brokers are approved by the SEC, if they do something suspicious, the SEC would suit them. On the other hand, due to the decentralised behaviour of Bitcoin, no one could control it anyway. However, due to ETF, more money is flowing into the crypto market, hence Bitcoin pumped so hard. At the end, of course, everyone will liquidate their Bitcoin when needed, and new investors will enter. This is a normal procedure and will continue forever.

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Quote from: Upgrade00 on March 10, 2024, 03:36:59 AM

Quote from: Bellarg on March 10, 2024, 03:36:09 AM

They already can manipulate BTC price in any way.

This is not true.

I'm not really sure.
A large amount of Bitcoin is in the possession of a trader whose sole interest is price oscillation and making a profit from it. Maybe they don't have that much strength for sensitive manipulation right now, but they are moving towards it.
I agree with the OP statement that this ETF, Blackrock crap is not a good thing for Bitcoin in the long term

Natsuu

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Quote from: tbct_mt2 on March 10, 2024, 03:25:35 AM

Black Rock does not and will not control BTC if you implied about control on Bitcoin network.

They can have big shares in Bitcoin circulating supply but control the network, they won't have that power.

Black Rock started to show something big in the last year by investing in 4 of 5 biggest Bitcoin mining companies.

BlackRock is a major shareholder in 4 of the 5 largest Bitcoin miners. And they also spent their resources for Bitcoin Spot ETF application against SEC. Finally they succeeded and they are buying a lot of bitcoin last 40 days. Already surpassed MicroStrategy as a biggest public company holds Bitcoin.

https://bitcointreasuries.net/

Big players like BlackRock getting into crypto sure pumps up the excitement and short-term gains are sweet. BlackRock might be stacking up on Bitcoin but they can't call the shots on the actual network. Their investments in big mining companies and successful ETF moves show they're flexing some serious crypto muscle. Exciting times ahead to see how it all unfolds

takuma sato

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Quote from: thecodebear on March 10, 2024, 07:50:07 AM

Quote from: 0t3p0t on March 10, 2024, 07:05:15 AM

They literally don't have control in the network of Bitcoin however they can manipulate the market since they have huge holdings that can be used in advantage to them either they wanted to buy more or they just want to make profit from their hefty investments. These institutions see Bitcoin to be the best and profitable asset compared to maybe other investments available around that is why they are jumping into it.

Remember it isn't Blackrock's money. They aren't making profit from ETF directly. They are only making profit from charging fees for the ETF. The money in the ETF is clients money.

People keep acting like the Blackrock ETF is Blackrock's money and they can do whatever they want with it to try to manipulate the market lol. Some of ya'll need to look up what an ETF is. None of this is Blackrock money. They just buy and sell based on the buying and selling of their clients. They are simply a middleman for clients who want access to bitcoin as an investment. Say it with me: "THIS IS NOT BLACKROCK'S MONEY" lol

Some of you would be so much less worried about irrelevant things if you learned some basic stuff before you started worrying.

Blackrock has no control over the Bitcoin network because that simply is not how Bitcoin works, and they aren't even buying any of the Bitcoin in their ETF because that's not how ETFs work. Stop worrying over nothing.

The problem is that they can try to use their huge BTC holdings, even if in behalf of their clients, in order to push an agenda. If you look up at the pdfs that they presented to file their entries into the SEC and whatnot, they include disclaimers which basically say that you are going to be forced to follow whatever hardfork they want to make, clients of IBIT do not have any say on the hardfork direction. So they will try this again. They want of course the fee to make money, but they will also use this to try (again) another hardfork attempt. Anyone that does not see that this whole ETF thing is an attempt to fork the network is being deluded by number go up euphoria.

famososMuertos

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As they say in a colloquial phrase in these regions; "you kill the snake and now you're afraid of the head." It was not what a large part of the users were asking for, the ETFs, so now in fear mode for having a traditional investor with the percentage weight of less than 1%, they may have a lot of influence and in fact control that influence of the traditional investment sector , the media and large investors, but controlling bitcoin is at best unlikely, do not confuse that with control of public opinion, influence on the price, etc.

alastantiger

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Quote from: Best-mary on March 10, 2024, 03:21:49 AM

But then again, do you think this might back fire on us in the longer term? We all know what these men are all after is to be in control and that's why BTC came into reality cancelling all that making everyone their own Government of their assets.

I will ask you to research on the difficulty adjustment built into the bitcoin protocol. There is a lot of fundamentals about the protocol that no entity can change it like a light bulb. Blackrock cannot control it. Even if they somehow manage to acquire half the supply.

Hamza2424

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Hmm, The speed of accumulation of Bitcoin by these ETF giants is terrifying, and this is a big concern even though they are now having direct OTC deals with the miners which is not a big deal they can have but the amount they've already accumulated is showing that there's a very less time for us to accumulate enough Bitcoin from Open market, seems like their agenda is to accumulate the entire available on-chain supply and sell the paper contracts just like before.

Anyway, I won't suggest to anyone to invest through these ETF You better go for the self accumulation, it is safe and transparent and the biggest thing is custody, I don't want black rock or any giant contouring my money even though it is worth pennies I can decide by myself, this is what I need, and this is for what Bitcoin is recognized.

Cookdata

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Quote from: Best-mary on March 10, 2024, 03:21:49 AM

I mean, the funds coming from ETFs are really showing its worth. I can see the excitement on everyone's faces that bought BTC. I also have benefited a lot from it, engaged in different events like the Welcome to bull run on Bitget, some farming airdrops on Binance and many more.

But then again, do you think this might back fire on us in the longer term? We all know what these men are all after is to be in control and that's why BTC came into reality cancelling all that making everyone their own Government of their assets.

This is not the first time we are seeing such things. Grayscale Bitcoin were there before Bitcoin ETF were later approved by the security exchange commission (SEC) and what happen when GBTC were been traded? There impact on Bitcoin was liquidity which was the Bitcoin they were buying ast the trusts funds were increasing but that doesn't threaten Decentralization, the security and the scalability, more like they were in their own world of Bitcoin(GBTC) and native Bitcoin was doing it own and the Bitcoin they hold that time wasn't upto 1% of the total circulation, I don't think this ETF will be able to manipulate anything other than the price.

Whatever Blackrock or Microstrategy who are now the biggest holder of Bitcoin does, they can influence the price but on the properties of Bitcoin, they can't do anything and I hope they don't use investors Bitcoin like the way FTX did back then when they were using peoples fund and thinking of way to move the price further to recoup what they have spend within the company. Don't trust anything related to Bitcoin companies such as GBTC or any other Bitcoin ETFs.

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Quote from: Best-mary on March 10, 2024, 03:21:49 AM

But then again, do you think this might back fire on us in the longer term? We all know what these men are all after is to be in control and that's why BTC came into reality cancelling all that making everyone their own Government of their assets.

If in the long run, Blackrock acquired the majority of the Bitcoins in the market, they can only control the market price but not the Bitcoin blockchain. Owning Bitcoin is different from mining, confirming, and verifying Bitcoin transactions. They can manipulate the Bitcoin market "if" they hold the most Bitcoins but they cannot manipulate the Bitcoin blockchain. If they wanted to, they had to convince the miners and developers to go along with their plan to modify the Bitcoin specification to their liking make a hard fork, and make sure that they get the majority of the hashes making their chain the main one.

But in the current situation, it is good to see that Blackrock is putting more demand on Bitcoin. This will give more boost to Bitcoin demand and may serve as wake-up calls to those who are watching on the sideline.

Agbe

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Quote from: _act_ on March 10, 2024, 03:33:08 AM

Quote from: Best-mary on March 10, 2024, 03:21:49 AM

But then again, do you think this might back fire on us in the longer term? We all know what these men are all after is to be in control and that's why BTC came into reality cancelling all that making everyone their own Government of their assets.

You do not have the power to control bitcoin before you will make money from it. What BlackRock is most after is money, to make money from their customers and nothing more than that. I am talking about bitcoin network and not the ETF because the ETF is centralized which is normal as it is ETF.

First thing of all, to you _act_, congratulations for hitting 1k merits. You are my mate in the forum, I remember when we started the journey, and I always remember you when they analysed usernames that needed either merits or activity to rank up to the next rank. Once again congrats.

I don't know why recent newbies want to centralized Bitcoin. Few days ago a newbie said there should be a Central Bank where everyone can save their Bitcoin for safety. And we have to do KYC. And for them to know that once Bitcoin is controlled by an individual or group then Bitcoin will collapsed within few seconds because government will not allow Bitcoin to exist and will arrest and ban Bitcoin accounts. Therefore as it is like this, it is the best way with Bitcoin and it users.

Lucius

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Quote from: kryptqnick on March 10, 2024, 05:59:01 AM

Bitcoin ETFs currently have 192,255 BTC under their control. That's less than 1% of circulating supply, and that's the ETFs combined. Interestingly, the iShares Bitcoin Trust by BlackRock holds a similar amount, which is almost close to 1% of the total supply.
~snip~

All US spot ETFs together have a little more than 800 000 BTC (including Grayscale), which is still close to 5%, and it is increasing every day. However, as others have already written, it is not too important, but perhaps it is much more important that companies like BlackRock get involved in BTC mining, which can give indications that they have some long-term plans that are not really in the interest of BTC.

From their documentation (somewhere there is a discussion on the forum) it is evident that even before the approval of the ETF, they declare about possible BTC forks, saying that their company will not necessarily follow the chain that others would say is the real original BTC. According to my interpretation, this would mean that in the future we may have a fork that could result in a new coin that could be called BitcoinBlackRock (BBR), and one should never underestimate the power that such powerful companies have when they want to impose their interests.

Some may not even remember the attack launched by the BitcoinCash team sometime in 2017, and if they had more money they might have succeeded, because at one point they pumped their coin to about $3000, while BTC was only worth about $5000 at that time.

pawanjain

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Quote from: Best-mary on March 10, 2024, 03:21:49 AM

Hey guys how y'all enjoying this bull run? So something got me thinking after reading this news about Blackrock filing to get more BTC for their Global Allocation Fund.
Y'all can read the news here, it's a minute or 2 minute read: https://cointelegraph.com/news/blackrock-buy-spot-bitcoin-etf-global-allocation-fund

I mean, the funds coming from ETFs are really showing its worth. I can see the excitement on everyone's faces that bought BTC. I also have benefited a lot from it, engaged in different events like the Welcome to bull run on Bitget, some farming airdrops on Binance and many more.

But then again, do you think this might back fire on us in the longer term? We all know what these men are all after is to be in control and that's why BTC came into reality cancelling all that making everyone their own Government of their assets.

It's very vague when you simply say "control BTC" because you cannot simply control BTC. It depends on what the context is.
If you are talking about the bitcoin network then the entity needs to have more than 51% mining power to control the bitcoin network.
If you are talking about the bitcoin price then the entity needs to have a very huge supply of bitcoin but bitcoin being decentralized is distributed over huge amount of people.
It's not that easy to control or manipulate bitcoin price. Blackrock definitely has a huge amount of bitcoin supply but it will still be difficult for them to totally manipulate the bitcoin price.

Zaguru12

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Quote from: JayTrain on March 10, 2024, 08:26:13 AM

I believe that the involvement of major financial players like Blackrock in the cryptocurrency space could lead to increased legitimacy and attract new investments to the market. However, it could also pose a risk of centralization and the loss of the decentralized nature of cryptocurrencies. Nonetheless, it's positive to see such companies entering the cryptocurrency arena as it signifies another step towards its mainstream recognition.

It’s like you’re missing the whole point up mate, what kind of centralization can a big companies offer, no matter what they buy they can’t simply hold 50% of the entire bitcoin. Also bitcoin network is also not about the number of bitcoin you hold yes that’s only a topic to discuss if you say what if they decided to sell. It will simply mean a thing they will sell and if it is a very large amount they will market will react negatively to it after a short period of time and we get back to been Normal and you know the effect will affect just everyone too even them that have bitcoin holdings at hand but still for a short period.

As for bitcoin network decentralization nothing can centralize it because every node runner is part of the network and any move Must be consensus which means that even if blackrock today holds like more than 51% power of the network they can’t of things still there own way until other node agrees. So the talk of a centralization is not happening except if they get the consensus always on their back which will never happen

DanWalker

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Quote from: JayTrain on March 10, 2024, 08:26:13 AM

I believe that the involvement of major financial players like Blackrock in the cryptocurrency space could lead to increased legitimacy and attract new investments to the market. However, it could also pose a risk of centralization and the loss of the decentralized nature of cryptocurrencies. Nonetheless, it's positive to see such companies entering the cryptocurrency arena as it signifies another step towards its mainstream recognition.

I have also heard about bitcoin becoming more and more concentrated as large funds enter the market and hold the majority of bitcoin, I don't know if this is true or not. But I know one thing, the participation of large funds in the market or regulations is inevitable and we have no solution to prevent them. And once we can't do anything, why do we care? As for me, I will only look at the positive side when large funds enter the market, that will greatly impact the demand for bitcoin and will in turn help the price of bitcoin increase in the future.

ImThour

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Can we get rid of these "control" threads by now? I mean, why don't people understand that no third party entity or even the developer of the Bitcoin can take control of Bitcoin now.
It's at the stage where everyone needs to run the network or the biggest entities (Bitcoin Mining companies, Investors) will face a huge loss. They will have to keep the network alive to ensure more investors. More investors == More profit for any company like Blackrock.

JayTrain

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I believe that the involvement of major financial players like Blackrock in the cryptocurrency space could lead to increased legitimacy and attract new investments to the market. However, it could also pose a risk of centralization and the loss of the decentralized nature of cryptocurrencies. Nonetheless, it's positive to see such companies entering the cryptocurrency arena as it signifies another step towards its mainstream recognition.

Blitzboy

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Absolutely not, folks, lets get real - BTC controlled by Blackrock? Like asking, "Will the swamp control freedom?" No way. Remember that Bitcoin was established to avoid Blackrock's control. Indeed, their ETF entry injects capital and legitimacy, making us all winners throughout this bull run. Great, right?

Decentralization makes BTC beautiful. We lose focus when we worry about institutions controlling it. Blackrock's strategy is profit, not control. Though big, BTC's ethos is bigger. Bitcoin's blockchain technology prevents centralized power. Remember, its about individual empowerment?

Critically, stay alert. Accept gains, attend events, and enjoy the trip. Yet, always remember the core principle of Bitcoin: decentralization. Its our defense against traditional financial control. Helping people who fear, but dont lose trust in Bitcoin's revolutionary nature. A movement, not just an investment. My pals, movements are hard to control.

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