Bitcoin Forum

Hi Guys,

You may call me crazy, but i am worried about the fact that more companies are accepting bitcoins. I brainstormed about a possible doom scenario. I am happy to see that bitcoin is growing. But i still don't trust the banking system and the governments. I think when more and more companies accept bitcoins, they are going to sell the bitcoins to the government or banking systems. And the banking system and government wont bring those bitcoins back in the community. They will all save those bitcoins so they will control the whole system. And even worse if they have plenty of bitcoin they can sell them all at the same time to destroy it. What do you think of it?

It's would possible only in one country but not everywhere. Bitcoin currently looks like inthernet 20 years ago his banned, his is tried to controle countries with dictators.

Bitcoin is not proof-of-stake. You can't control it by holding Bitcoins. You could potentially destroy it by repeatedly buying and selling huge amounts, but that would cost a lot of money.

yes the same as you think, for this problem I also feel worried about that, now many big companies have received bitcoin. it might happen what you say because banks and the government themselves largely deny the existence of Bitcoin and they might be willing to pay any bitcoin for any of those companies, and without a second thought the companies would probably accept it immediately.

Just look at the media. In a few months their positions on the bitcoin have changed considerably. We are moving towards democratizing this currency and it is an excellent thing. People are more and more confident.

Banks and governments getting involved could control,or at least hold majority of available coins,price and availability of bitcoins in the same way they hold gold.

I won't call you crazy but you should really get some rest :).

It has been explained hundred of times. If they try to hoard coins it means less coins for sell, higher prices, demand and offer bla bla one coin will be worth a million.
Sure, they can then sell...but they will not crush the market. They will just drive the price back to where it was or not even that.
Probably they will end up selling the coins they bought for 10k with 1 dollar only to see the price recovering back in seconds.
I've seen a fee fat fingers mistakes on exchanges to know how markets react.

Who is going to pay for that? Do you honestly think there are governments out there who are willing to spend trillions to do what?
Crash a coin with 300k transactions and at most 30 millions users worldwide?
And as adoption grows this plan is becoming harder and harder.


And????
Satoshi is thought to be holding 1 million coins. Is that affecting BTC ?

Exactly. PoS can make a lot of problems. In PoW anyone can mine bitcoins and there will be always bitcoins that you can buy by selling your computing power, even when the block reward goes zero, you will still earn from mining fees. They would be just increasing the price of Bitcoin by not buying stuff with them.

Satoshi is hoarding a lot of coins and might not get to spend them while he is alive (if he still is). This is with best intentions. Holding Bitcoin is helping the network. Don't let years of government propaganda convince you that inflation is necessary and that you need to spend you money for the good of economy. This is just what rich folks that own big consumer companies want, it is not in your interest to do so.

Just hold bitcoins until you need to buy something and convince other people to do the same.

Sure in theory it is possible but for what reason would these companies want to destory bitcoin for? Bill Gates has shown bitcoin and by accepting and selling it the government for the sole purpose of tanking bitcoin would be not in his self-interest. I doubt he would go against his self-interest for the government given all we know about him. After all he is trying to help the world through his foundation if anything he would do the opposite and hoard the bitcoin leaving less on the market thereby increasing the price. He after all is for the good of the people I simply cannot see this happening.

Even without a worldwide adoption, the banking system, the govt, and financial companies around the world will still get involve in Bitcoin and try to profit from it. But I think "them" trying to control Bitcoin would be an extremely difficult task to perform (too much money, infrastructure, etc, etc) so I wouldn't be worried about that. What they can do is register/control what the btc users do with their coins (like Coinbase, tracking, monitoring, and keeping a database with personal data), put a lot regulations and taxes in order to gain profit from btc, and try to control the market (let's see how the Bitcoin Futures affects the market in the long-term).
But a large-scale adoption is necessary, we need bitcoin to grow, to be accepted everywhere, at the end of day, Bitcoin is the future.

Why would companies sell their coins to the government or to the banks when they know that holding Bitcoin would make its value to increase even more? And even banks or government hold much Bitcoin, they're just increasing the scarcity of Bitcoin in the market, thus making the value even higher. If so ever that the government and banks will sell all their Bitcoins in possession to make the value crash, loyal supporters and wise investors will just buy many Bitcoins. Bitcoin will not just die overnight. It has a great number of supporters so dying is not on Bitcoin's bucket list.

You went too far with your assumptions, It is clear that you believe in the conspiracy theory.
Why will governments wait till companies have bitcoins to buy it from them while they can buy it directly!
Why will governments waste all that money on buying bitcoins while they can take some cheaper measures to stop Bitcoin.
Anyway, we are living in a strange world where anything can happen :)

  :)   Of course we are worried when government and others large building are expending into bitcoin in the whole world how small are people moving on .and try to control the market long term with out it in  the whole  world system the bank and the government have their support each company in all countries is still part of the bitcoin .so they try to stop wages their money maybe everybody is trying to control bitcoin because of the gambling problem of every performance of money , infrastructures and ect.so it is not necessary for everyone to register and control all the sites in bitcoin users and includes the database , tracking, monitoring and then leaving the database with personal data .we really need bitcoin in our development of the whole world .bitcoin is our future ..

Bitcoin acceptance will definitely happen in most parts of the world, if not all. There are some countries that considered bitcoin as legal, you know.

Even though bitcoins are accepted by banks and the government in mainstream , it would still take a lot to bring it down. Many are holding to their btc.

Ultimately, this issue is what i believe will be the downfall of BTC specifically. Regulation and central banks themselves are not going to stand by and what the train go past. Countries will ban it and this will put a cap on how high the price can go long term. We see this day to day, and the most recent news from South Korea is just the beginning.

You are being paranoid. If the government or any other nefarious actor wanted to accumulate bitcoins, they don't have to wait for companies to accept bitcoins and then sell it to them. They can straightaway buy bitcoins from exchanges and OTC markets.
It will be a very expensive proposition to buy bitcoins and then dump them just to crash the price. And you aren't even guaranteed that this strategy will destroy bitcoin.

companies are not exactly governments...

At this stage, I think companies are announcing that they accept btc as a novelty factor and pr move. Paying for something with bitcoin is not practical at this time, due to high transaction fees and times. Companies start supporting bitcoin because they can advertise that they are a modern company.

The only problem with bitcoin is the transaction confirmations delay and the high fees, that is why some companies stopped accepting bitcoins.

The use of Bitcoin worldwide is becoming more and more popular and many are using digital currency for everyday transactions. Because Bitcoin is gradually accepted by many businesses for online payment. Adding Bitcoin as a payment for services and goods will open up the broader business market than ever before. In addition, digital currency has a much smaller transaction fee than traditional credit cards and is a decentralized currency for people rather than funds owned by governments or corporations.

The mass adoption won't happen from a day to another, so bitcoin still have time (and that time is really needed) to come up with the developments to cut the fees and speed up the transactions. This is why most of the people are waiting for the lightning network to go live, and that needs time because despite of that tests on the testnet was done and was successfull, it needs further testing before using it on the main net... There's no sense to start something when it's only half-done, so we have time to wait until tests are done and we can start using it.

Most of us just have a hesitation on bitcoin acceptance worldwide, but I'm sure in another one or two years bitcoin would definitely accepted worldwide for all the transactions and it is going in the right track towards that. Always there's a negativity created for a good transformation and the good thing would burn all the negativity once it comes live beating the blues. We need to just wait for a while to transact in bitcoin for all purpose. ;)

I think you are being too optimistic about the acceptance of bitcoin. Yes, bitcoin is booming today but does that chance the fact that there will be countries that are against it? ICOs are banned in US and China and those are very powerful countries. One to two years is such a small span for this big growth. We are just around a million users and that's nowhere near 1% of the total population. How can you expect that to blow up enough that the whole world is going to accept bitcoin and all the countries not accepting it will start to embrace it, in a span of one or two years? Bitcoin is definitely accepted worldwide by now since there are users in different places but not everyone and definitely not for all the transactions that we are having. Fiat money is still covering 99% of our transactions and that's going to continue for a long time.


People are starting to think that lightning network is a vaporware. Vaporware are just ideas that people can think about and it seems achievable but our current technology are just not yet enough to develop such.

I agree with you. At present, bitcoin is not well known and some countries have not accepted bitcoin payment in lieu of cash. It is not easy to get bitcoin into use in everyday life. When a bank accepts payment by BTC, that can happen. Currently it is only worth the digital network world.

theres nothing to worries accept global in this scenario this a big acheviement for bitcoin become global accetance.
do not worries about government control the cryptocurrency all of that have an solution and i think only taxes government want to get from cryptocurrency because the reason bitcoin as virtual currency hard to control of any institution.
about the banking system surely in this scenario, the banking industries ca not control also the cryptos because the crypto no need to use banking system all crypto user have an automatic banking system using the online wallet and can get good interest if cryptos increase the price in the market.

maybe a year ago, but that line is getting tired now. the network specs have been established, there are multiple interoperable LN implementations, and the testnet has thousands of nodes! not only that, but real LN transactions have occurred on the mainnet. there is even a vendor (TORguard) who is accepting mainnet lightning payments today: https://twitter.com/torguard/status/950383059735646209


i think people are getting a bit too comfortable. the major powers haven't gone the route of legal recognition like japan. and particularly of note in the US: the futures markets were self-certified. i think it's very possible that we see some clampdowns on the industry. i wouldn't be surprised to see an exchange or two shut down by the US government. and everything feels rosy now, but in the long run, i won't be surprised to see an about-face from major governments on mining and crypto payments.

Banks are the biggest enemy to Bitcoin.
In my country,a well-known company started accepting Bitcoin as a payment, and the governement in response to that just banned everysingle cryptocurrency and consider holding cryptos a crime.
I'm worried too about this.Your scenario is possible too.Imagine if banks own a big part of the bitcoin circulating? ??? That would be really aweful

Maybe your opinion is too cruel :D, Is there a party who is willing to destroy a thing where it is a favorable thing for that party. If that happens, it can be said that the bank is a destroyer of the country's economy.

Have you asked yourself why the Government and those banking systems will want to purchase btc?  For profit!
Then, why will they hold it

I think the main problem now is how to make governments in different countries not banned bitcoin, I see the Indonesian government is currently incessantly prohibit the use of bitcoin even for people who openly use bitcoin will be given a criminal, of course it will make the development of bitcoin ne worse to be accepted by many parties,,

There's nothing regular users can realistically do about that, unless you're living in the said countries and are willing and able to start a petition of sorts. Even then, I don't see anything anyone can do to make a difference. These countries banned Bitcoin precisely because they're closed-minded.

If Bitcoin does start getting international recognition as a currency though, with global merchant acceptance and support, they're likely to rethink their stance. Most are afraid of the theoretical damage it can do, but once other countries show that using the technology is beneficial, there's no reason for them to skip the party.

Yes, I am also very worried about this problem, if a country is strong enough, so can completely control the BTC price, you can through the destruction of the BTC or other ways to control the BTC.

You're not crazy at all. But I'd rather give it a shot and explore the possibility of living in a completely decentralized system before judging. I think its all about making sure that companies have an incentive to accept bitcoin and to trade themselves buying good in Bitcoin.

There is nothing better than having complete control of your financial situation without having the Govt and Banks interfering.  ;D

I'm actually looking forward to the day when Bitcoin will be finally accepted as a payment method in the vast majority of retail and e-commerce locations. I think it only takes one big (Amazon type) company and the rest will follow. We are still in the midst of a big change and while the technology itself is improving, the transaction-action is still very complicated clunky..

I'm Hodling and dreaming of a crypto future!

The price of bitcoin and its instability, and the global acceptance of it, are unrealistic, and many countries now do not accept bitcoin as a hoax.