Bitcoin Forum

It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think

Bitcoin is not working that way since the start of its adoption, it is getting adopted by people all over the world, although the people that have first invested are gaining more. Your question about Tesla, I do not think the company is try to hold Bitcoin, Elon Musk has his own personal Bitcoin holdings, and he is not selling that yet, but Tesla Motors as a company are accepting bitcoin as a payment method for car purchase, and I do not think the company is ready to hold Bitcoin like some people will think.

This was April 26th news.

If we're going to believe what Musk says (https://twitter.com/elonmusk/status/1374619379929772034), they are planning on keeping all the coins from the sales:

Again, he has said a lot of things lately and I've been always suspicious of his tweets, and not just for the events this year, he has a long history of not telling the complete truth, omitting essential parts of his plans that turn things 180 degrees. Just like he did here, he is keeping the coins from the sale but he might sell the ones he bought as an investment, he didn;t lie and he didn;t tell the truth either.


This is no longer the time when a few whales playing around could manipulate the price when bitcoin was 100-200$ and a few million could turn the markets upside down, if he tries doing the same stuff now especially using Tesla funds for it he will be in serious trouble, why would he even bother to do so? Destroy a 1 trillion company and even get dragged in courts for a few billion?
He is too smart for this, he knows how to take some profits from hype but he won't play that dangerously with fire.

why should billionaires hijack Bitcoin? do they have enough money to buy it? very greedy and shameless about what he has, so he should hijack Bitcoin? isn't that too much? Why be a billionaire if Elon has to hijack Bitcoin?
Elon keeps quite a bit of Bitcoin on his Tesla. There may be some truth in the fact that Bitcoin was later controlled by several people. this will lead to price volatility. where Elon easily pumps and throws off the price.

but believe me we all disagree with that crazy plan. we still expect Bitcoin's nature, even without Elon Musk.

no because

1. as we saw the bitcoin market doesn't react to billionaires and what they do as with the FUD about Elon Musk didn't change the price even a little. similarly when he was hyping bitcoin up, we saw that his hype was not effective. we have also seen other billionaires try to manipulate the market like the fossil called Warren Buffet who has been spreading FUD about bitcoin for many years.

2. the market is growing and maturing and no one person can control it regardless of how much money they have.

3. despite the growth the market still can't handle billions of dollars dumped into it so any billionaire wanting to come in has to buy bitcoin slowly and in small increments which would take years otherwise the price would shoot up to $10 million.

4. bitcoin is proof of work that means unlike the shitcoins that use proof of stake it doesn't matter how much bitcoin you own, you have no power by just owning bitcoin.

My thought though but the rich always get richer because they have their way around anything, no matter the direction you twist it to ,I guess they have understood that crypto is the future and bitcoin is the future

Yes, bitcoin can very well be hacked by the billionaires. The fear of happening this is getting more prominent whenever we hear a news of corporates jumping into bitcoin bandwagon. Corporates are sitting of pile of unused cash and if majority of the CFOs start thinking like Square or Tesla, soon they will buy majority of the bitcoin supplies that are floating in the market. Then they will become the main driving force in the market and manipulate the market for their own benefits.

That's why too much attention from corporates is not a good thing for the commoners like us.

Quick reminder that Bitcoin's mining algorithm is proof-of-work[1], not proof-of-stake[2](as with Ethereum). Unlike proof-of-stake, you don't gain more power over the network the more bitcoin you have. To make changes that you'd like to the protocol, you'd need to convince the community for the change. In which, is almost impossible unless your proposal is actually good.

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[1] https://en.wikipedia.org/wiki/Proof_of_work
[2] https://en.wikipedia.org/wiki/Proof_of_stake

By billionaires do you mean banks or individuals, whichever one of them you pick Yes they can!

In trading this kind of money these guys bring to the table is called institutional money or smart money if you like, and if these guys hijack the market weak hands will lose out because these guys don't play around when it comes to manipulating the market,but the real winners would be the holders Afaik.

We cannot know what is going on in the head of Elon Musk.However it is because of him that he bought a really big quantity of Bitcoins that the price was impacted the first time to reach 50.000 usd for a Bitcoin.

Bitcoin can’t be controlled by a world leader or some rich guy can control bitcoin. Bitcoin has a highly decentralized market that makes it impossible to be controlled by an individual. If satoshi the creator of bitcoin can’t control the price from the beginning is afraid bitcoin has gone beyond the level of individual control.

My point exactly ,just hope they are not here to spoil the market but rather to make it better than it is by making it readily available

It's possible, but unlikely, because there are so many bitcoin holders, especially those who have been in the game since the beginning. It would be a fantastic move for any organization to embrace and hodl those coins in order to dominate the market, but as I previously said, there is a very slim possibility given the millions of BTC hodlers and the fact that Satoshi is still holding a million bitcoins. Maybe if this happens, Satoshi will come out and take a big step to stop it, which is why he's hodling so much bitcoin, what do you think? ::)

..but if this happens, hoping that they shouldn't control it for their own desire.

It makes no sense that billionaires would end up having interest on hijacking bitcoin. Even though they wouldn't commit such felony, they cab influence the market as much as they want. Just take a look at how much impact Elon Musk made in the market, even bitcoin was affected together with dogecoin. Instead of hijacking it, they will probably just make their money grow much more with the help of bitcoin and everyone who will go against their plan will surely recieve the least benefit from crypto. Bitcoin can still show its dominance by not being hijacked or hacked by the richest individuals in the world but on the other hand, they can manipulate its price for sure.

You are anxious about all this but with the understanding I have, it doesn't work that way, like you said many investors have shown their support for bitcoin by investing, I will not look at it from your angle put from the point that is a great push for bitcoin and for its publicity.

If you mean that it could be the possibility for the 51% attack to happen on bitcoin, that will still be a NO. Most of the miners aren't billionaires though and it's possible but it's too rare to happen. I think hijack isn't the right word here.

bitcoin is not easy to hijack, if bitcoin can be hijacked, there will be news every month about someone's bitcoin being hijacked. billionaires or large companies in the world will not pirate bitcoin to someone who holds it, this will make the lives of billionaires and large companies going to chaos because they are haunted with guilt and fear of being put in jail. billionaires will definitely choose to buy bitcoin or mine bitcoin to make it safer.

He can't control the price of bitcoin, there are a lot of individuals who have huge vested interest on the market. It's good that we can purchase Tesla, that is welcoming news indeed. But it won't have any effect as far as crypto holding goes. Institutions, retails investors, average joes can still invest on bitcoin. But it will become a race now as they are really coming into the picture. So for us ordinary investors/traders, we should take advantage and continue to stacks sats as bitcoin is getting scarce.

Nah. It is not posible. Elon can hold a large number of bitcoin but he cant control it. Besides, bitcoin transactions are transparency and people will eventually notice when there is a wallet holding a lot of bitcoin. The price will suddenly drop due to that reason

In my opinion, bitcoin is becoming a war of currencies.  Some doubts have been raised as to whether it was conspiracy theories, but to strong resistance from Elon Musk + Tesla or a contemporaneous alliance like Micro Strategy, it made no difference.  Could it cause Bitcoin to fall in freefall?  Even though Tesla's publication rate for the pre-adjustment is 10%, who will verify that?  It's easy to see that bitcoin is moving sideways this week.  At the same time, the altcoin had a very strong bull run.  This seems to be the sound for another correction.

I don't think the concept is like that. they (the billionaires) have no shortage of money to pirate bitcoins. they can buy in very large quantities.
moreover for elon, i think he used to say that he kept bitcoins and definitely not a small amount and he said he bought not in a short time, i think they are just like us and not mean to manipulate the market.
but on the other hand it could also be like because it is very easy for them to control the market now especially with their countless money they will very easily manipulate the market as many people think

I can see that people have different opinions here, so the question isn't a simple one. I believe that Bitcoin cannot be hijacked by billionaires. Firstly, miners are doing their job independently, so generating new coins and confirming transactions are things that billionaires wouldn't control. If they tried, it would be extremely hard to gain control of the mining business because it already has its strong players. As for controlling the price, I don't think this can happen either because of two things:
1. The more they try, the harder it gets. The more demand of BTC appears due to buy orders and hype, the higher the price becomes.
2. If they want big purchases or to sell a lot at once, they're most likely not going to do it on exchanges, but via OTC deals, so the market wouldn't feel the change much.

hijack or hack ? they cant but you mean manipulation ? yes it can be but the guy clarified this before that its not his objective .
 tesla is one of the merchants that accepts bitcoin and what merchants do with their sales ? i think they dont hold the money but they roll the money buying new stocks for selling .
manipulation is bad but merchants accepting bitcoin is a good thing for bitcoin because this widens the adoption for bitcoin .

Anyone can buy Bitcoin including you as much as they can with the available Bitcoin supply.

Piracy, it can't... but to control their own Bitcoin which they have bought / stored is possible, based on the existing crypto market movements.

conclusion:
Automatically where something is increasingly scarce with no new production, only in the existing supply trade, this can determine the price of the item is increasingly valuable at exorbitant prices, for that this factor could happen to Bitcoin in the future, where demand increases, the available supply is running low, this is a common thought and makes sense for the world of commerce.

"Hijacking Bitcoin" could mean different things. Simply buying all supply is unrealistic, just like you can't buy all the gold or oil in the world. Hijacking the course of Bitcoin development is more interesting, for example someone can introduce a new group of developers, create a contentious forks and try to convince Bitcoin users to switch to it. Something like BCH and BSV, but backed by billionaires, governments, etc. So far all these forks failed, because Bitcoin community is strong, but Bitcoin community changes with time, so maybe there is some risk of such attack in the future.

This is exactly my worries and I hope they don't hijack it by skyrocketing the purchase Price to something that an average man can not partake in???

Is owning a lot of bitcoin somehow hijacking it? Or what do you even mean? Price suppression? Price manipulation has happened since bitcoin was brand new and there are still ton of pseudonomoys whales and og accounts that can manipulate the price when ever they like. There will be more regulations against that, but cryptos are still in gray area compared to security exchanges with stocks and commodities.

Being hijacked? Really?  :D  There is no way for billionaires or any group, company etc. to "hijack" Bitcoin. They can only manipulate the price in the way they want. But they can't prevent people from investing into Bitcoin and make a lot of profit. Bitcoin can't be anyone's property.

Yes, Bitcoin can be appropriated by the world's billionaires. They have money so they boldly buy in and wait patiently when bitcoin goes down without fear. After each price drop, Bitcoin skyrocketed, and they quickly got rich. Famous billionaires such as brothers CAMERON AND TYLER WINKLEVOSS, Mr. MATTHEW ROSZAK, Mr. TIM DRAPER, Mr. MIKE NOVOGRATZ.

Actually if all billionaires around the world will do an agreement regarding on buying at the same time or shall we say manipulate they can actually make bitcoin move. Even if they only tweet about supporting it they can create a movement on bitcoins. Many people will think that its a good sign and everyone don't want to miss the pump for seeing that since every good news in crypto is valid and people make it as a basis for them to enter their positions.

As the world's billionaires invest in Bitcoin, bitcoin will continue to surge. We always encourage billionaires to buy Bitcoin. When they buy Bitcoin hoarding, it leads to Bitcoin scarcity, the price of bitcoin will skyrocket. That is how they make a profit. You know the billionaire Michaels Saylo. He is the CEO of business analytics firm MicroStrategy, which boomed thanks to Bitcoin's record-breaking 2020 price hikes. He is behind MicroStrategy's $ 1.1 billion Bitcoin investment.

I prefer not to use the word "Hijack" but i can use the word "bought". Bitcoin is currently available in the arket for anyone who wants to buy for the time being as it is stilll available, ther will be  a time when it can no longer be as readily avaiable as it is now as big boys have started buying and using it as a store of value.

What do you think the current situation is, the institutional investors are ruling the market and with the amount of coins they are holding they can determine where the market goes. If you consider the Bitcoin market as a speculative market then you are attracting these heavy investors who could pump the market with their money and they will book their profit whenever they want and if you are not careful you will end up burning your asset as well.

How can an average man not partake in bitcoin? Anyone can buy small fractions of a bitcoin; you don't need to buy one whole bitcoin. Just like how you don't need to buy one whole kilogram of a gold bar, but instead you can simply buy 1 gram.

I'm sure they can control the price but can't fully control bitcoin, if all bitcoin is on Elon Musk then he is the most disadvantaged person, the Community in cryptocurrency is very important. That's why even if Elon can control the price, there are also those who benefit from Elon Musk, such as long-time restraint and miners.

Well, that's what I'm thinking right now. The word "hijack" as it is not exactly correct is price manipulation. In addition, Elon also needs other investors to buy bitcoins that he owns, I'm sure it can't be mastered by one person, just price manipulation.

billionaires can invest in BTC. that's all they can do and that's what Elon did as well. he's a role model for the billionaires and make more money instead. manipulate price would be possible after all they do have the money to do it. institutions are the kind of guys that might actually be doing this market manipulation but all of them will have to clash. but if you mean hijacking the blockchain, it's going to cost them for trying and in the end, lose still.

Look at it in this way, if the Billionaires of this world buy all the bitcoins in circulation, then who is going to determine the price for them to sell it? We had a situation like this with my kids, where one of the kids in their school had very rich parents. So what happened was that as soon as there was some new "craze" at school, this kid will get his parents to buy him loads of these things (like marbles or collector stickers etc.) and he will spoil it for the poor kids.

So the kids quickly caught up with what happened and they collectively decided to create a new "craze" every week. The rich kids parents quickly got fed up with all the money that they had to spend each week, to buy these things.... so they stopped doing it.  ;D

There are 1000's of Alt coins out there, so if the rich people of the world want to buy all bitcoins, then we just change the "craze" to a new Alt coin... and let them push up the price.. so that we (early buyers) can profit.  ;D

this isnt a hijack and its a kind of positive one for bitcoin. there might be people holding some large amount of bitcoin but not that they will be controlling the price. and moreso there are many people waiting to buy it up when anyone who has some seemingly large amount dumps. Tesla adopting bitcoin as payment service is bullish for bitcoin. these are the kind of big adoption we need.

How can one know a wallet that is holding a lot of bitcoin in it if the owner don't show it to you ??? Just asking because I wish to know this too

If they can buy all the bitcoin there is then they can probably "hijack" bitcoin but I don't think that they don't see the point of doing so because they know that when they do it, the prices will rise and a lot of people is going to sell their bitcoin and the price will go down making their bitcoins lower in value.

By that news, whales will surely buy huge amount of bitcoin that can really affect the price of bitcoin in the market.

Elon Musk or Tesla can really manipulate bitcoin and other cryptocurrencies when they just tweeted something that related to it.

It is hard to deal with big investors especially that they have the power to move the volume and make a trend about a certain crypto.

Every market has market manipulators. From stocks, commodities, currencies and cryptocurrencies. I believe Bitcoin can also be manipulated by the richest people in the world. But the case of Bitcoin being manipulated by Tesla seems unlikely. The bitcoin market can only move in the long run when history shows it. Bitcoin will be scarce and if someone sells Bitcoin someone else will buy it even if Tesla sells all of their bitcoins. Tesla accepts Bitcoin to pay for electric cars, but not everyone with Bitcoin buys their car and not everyone with Bitcoin will pay Tesla cars with Bitcoin. So we shouldn't worry about Tesla manipulating the entire Bitcoin market.

Elon Musk is not "world billionaires". He is the richest man in the world,but he doesn't represent all billionaires around the world.There are many billionaires,like Warren Buffet and Charlie Munger,who hate Bitcoin and will never embrace it.Most of the billionaires around the globe are neutral towards Bitcoin.They simply aren't interested,or they know something about BTC,but they don't want to buy Bitcoins.
I don't believe that Elon Musk can control the market and dictate the BTC price.He has influence over the crypto market for sure,but control and influence are two completely different things.

No one will show their addresses to anyone else unless you are sending them Bitcoins.. ;D

But you can see all the transactions which happen on the blockchain and addresses with their balances. There are analytics companies that track the transactions and can judge whether an address belongs to someone.

To OP, it will not be easy to manipulate the price now as the circulating supply is spread over thousands or hundreds of thousands people.

I guess no, at least you have to a lot of bitcoin to can be able to manipulate bitcoin price movement. Since bitcoin is already high and its fee for one transaction is already high as well then I'll bet there will be a few people who will be able to use bitcoin as mean of payment, like buying the tesla car.

Most of them, will only use bitcoin as mean of investment place so as they will sell bitcoin first to money fiat and then they will buy anything they want. By the way this is an old news, we already known it and even this information has given a good move for bitcoin price at that time. Also, I just thinking that Elon Musk intention is he just proof that he is very serious about bitcoin.

It is true that influencing the market and controlling the market are two different things. Therefore, Elon Musk will never be able to control Bitcoin.
Elon Musk only influences other people to buy Bitcoin or Dogecoin, for now he only focuses on these two coins. And I admit that what Elon Musk
did through twitter had a pretty good effect on the price of Bitcoin and Dogecoin. Especially for Dogecoin, the increase in price is beyond many
people's expectations, I think if there are other rich people like Elon Musk, that's a great thing for the crypto world.

it could have been done, but doesn't it require a large amount of money to do it. and i don't think elon musk will go that far. he just wanted to make the market rowdy and gain influence from the crypto community.

they can buy up most mining power maybe.
but why wuld they. if they own n destroy the current mainnet, probably another clone will be born with a ledger snapshot from before the event. and all prople follow the new clone with the true ledger.

In cryptocurrency, in my opinion, it makes no sense to try to concentrate in yourself such a quantity of a certain type of it so that you can completely control it. In this case, market participants can switch to using another cryptocurrency and the abandoned cryptocurrency can completely depreciate.
For bitcoin, this is unlikely to happen, since about 18 million bitcoins have already been issued, which have already spread around the world. Given its high price, this will be very difficult to do.

In my opinion, Elon Musk cannot control the price of Bitcoin. The reason for that is Elon is not the only person in the world that has a huge vested interest in the coin and the cryptocurrency market as a whole. Although I would say that we can be grateful to him that he is one of the few entrepreneurs who is selling his products payable in Bitcoin. Right now with so many corporations around the world starting to take an interest in Bitcoin, we small time traders and investors should also be taking advantage now in stacking all the satoshis because Bitcoin is becoming very expensive.

Whales has their own differences which makes them unique dealing cryptos though we know what the basic thing they can do. However, billionaire will not hijack bitcoin. Because they are already rich and their are more richer than them in terms of Bitcoin imo. So, billionaire will not waste their time hijacking Bitcoin instead they will make money from their investment.

Exactly my point ,the scarcity will lead to price control on prize hike and it is manipulated by this few elites

bitcoin no one controls even the satoshi who created bitcoin do not have the right to control bitcoin, let alone people who hold bitcoins even in large quantities.

Sooner or later, this would have happened anyway, one way or another it was necessary to be ready for this. Now you need to understand the shares that these companies and private investors buy. If they own significant shares, then of course this can affect the course if they unite in some kind of "club" or somehow begin to coordinate their actions with the purchase and sale of bitcoin. But I doubt that this will happen in the near future.

There is no way for Bitcoin to be someone's personal currency. It's decentralized in the end. Nobody can claim that he/she can own it. And this will always go on like that. People will be able to reach Bitcoin and invest into it very easily.

I don't think Bitcoin is synonymous to shares in that exact way were one who owns the largest amount of shares in a company or organization somewhat controls/runs it's affairs, Bitcoin is different, it's users have control and freedom of their coins, I know institutional investors are buying quite a large amount, but that doesn't give them any sort of control, if they dump their coins, the price could fluctuate, but that'll be only temporarily.

The thing is despite the influx of big corporations and companies into the Bitcoin network, it cannot be 'hijacked' by them, if that was possible, then the network wouldn't be absolutely decentralized, which it actually is.

This sounds really funny, talk about the world's billionaires, they are really giant elephants while we are just small ants but this small colony of ants is overwhelming in numbers, and the elephants that want to attack and take over our territory will be very difficult, in the face of our fierce resistance, their strengths cannot last too much. Besides, they also do not have great ambitions for bitcoin when they are mastering major markets in countries, bitcoin only brings excitement to those who are not rich and want to seek further development.

I think it wouldn't work like that. Or maybe he only want to show bitcoin adoption so people can really believe bitcoin can be used as transaction and then it can make more people adopted it and then bitcoin price can increased. About to control market, i don't think that can happen easily because there are a lot of people from who ordinary until rich people who hold it too.

It's not about who controls, it's all about who HODL and if they would plan to hodl it for too long then that would be great since it will help to maintain the price and I don't think billionaires would waste their money just to secure holding more Bitcoin. Remember, the last Bitcoin that's going to be mined is 100 years from now.

Even if there's a limited amount of Bitcoin circulating the market this would be enough to make Bitcoin price nearly go to 1 sats is equal to 1 dollar. Scarce of Bitcoin makes it more stronger and will affect everything. That means the price will pump beyond to what we could imagine.

It seems that there is no such risk yet...

Bitcoin is a PoW currency.
Its mining cannot be concentrated and made permissioned since energy can be produced literally anywhere in the world.
Mining pools do not make Bitcoin mining centralized, because you can always change the pool or start a new company of this type.
And because PoW mining is permissionless, the free market works as intended and it is most profitable to mine Bitcoin in poor countries with low GDP per capita.

So it is the poor who rule Bitcoin, not the billionaires  :)

There are also important non-mining nodes owners (validators), but they still do not have to be wealthy people, because running the validating node is cheap and a home PC is enough for that.

Since you are thinking about the price of Bitcoin going to 1 Satoshi equaling to $1 Dollar, have you ever imagined what the transaction fees would be, right now we are spending around 40k Satoshi to make a transaction and going by your prediction you have to shell out $40k per transaction and do you think logically that anyone would do that  :D.

With the price so high right now, Billionaire investors dominates the market, we cannot say that they are hijacking the market, it is a capitalist market place and everyone is free to do whatever they want.

How can a few elites control the market though? Bitcoin will not be control by anyone, it's too big now, many crypto exchanges are around as compare like 5 years ago. And then we have retail investors and traders, and institutions and then whales. Unless these few elites that you are calling are going to collude with each other to bring or manipulate the price, but I highly doubt that.

Maybe your presumption is applicable to DOGE, because it's about 100 people control its entire $50 billion market.

Yeah. those who have large amounts of assets can always manipulate prices. I don't think it's right to say manipulation or hijack, because prices are very much influenced by their asset activity. and as you say, this is a capitalist, you are free to do whatever you want as long as it's yours. it has become the law of the market today and we as ordinary holders can only adapt and take advantage of the market they compile

Billionaires have a big interest in cryptocurrencies recently, it is true. The thing what is not true is that they can own Bitcoin like their property etc. . How could they do such thing when it comes to a decentralized money system? Nobody owns it and won't be able to also.

This.

Bitcoin is just money. You can't hijack it. Why are people trying to say owning bitcoin is hijacking?? Anyone can own bitcoin. It can't be hijacked by anyone as long as it stays decentralized. Why would anyone care one way or another who owns bitcoins? Billionaires wanna load up on bitcoin...have at it, makes my Bitcoin worth more. And why wouldn't they? It'd be bizarre if they didn't want to own bitcoin, and it doesn't hurt Bitcoin if billionaires own it, or millionaires own it, or the poor own it, or corporations own it, or banks own it, or governments own it. It's just money, anyone can own it. There's no such thing as hijacking it, that's the whole point of it being decentralized. And as mk4 points out, owning it doesn't allow you to control the means of production, like in PoS, so you can't hijack it by owning a bunch of it.

yes I agree with you, there is no way they would do that. Bitcoin is difficult to control because it requires huge funds to do so. different from other coins, the market cap of bitcoin is more than 50% of the total market cap of the crypto market. so it requires huge funds and let's not forget retail investors, they can also be variables that can destabilize the market.

Haven't invested in DOGE, but it seemed to be pretty hyped coin just how much it pumped after Musk just hyped people up to invest to it.
As for Bitcoin, I don't understand why people still think that it could be manipulated and controlled by the government.
We already have fake-toshi that doesn't even know shit about Bitcoin.

Most of the millionaires and billionaires in the world showing their interest on cryptocurrencies. It seems to us that cryptocurrencies undergoing to billionaires but impossible because it fully decentralized mature. So all people can participate in cryptocurrencies.

The crypto market has nothing to control as it is free for everyone to enter into transactions. to collect a lot of coins that can happen, but to control the market by someone will not be able to even though they have a lot of money.

It will not be easy for the elite to be able to manipulate the market, unless the elite is compact in making communities with each other so that market price movements are very influential because they have been manipulated. although Bitcoin is the crypto with the largest trading volume, the role of a group of whales can certainly influence the market price

They have the money to buy bitcoin and in turn hijack bitcoin, they can hodl what they bought and let the prices go up until they are satisfied with the prices and then dump all of it. I don't think that hijack is the right word but hostage might be the closer term.

Why should there be rulers on Bitcoin? And what does it matter if the “poor” ones secure the network? And who told you that being rich doesn't mean that you can mine bitcoins?

There's a hereby abuse of the word “community”. People tend to use this word to reflect or justify a consensus change. The problem is that there isn't a definition for the “Bitcoin community”. Who exactly is the community of Bitcoin? The developers? The miners? The users? Do they all have the same rights upon Bitcoin? Supposedly, yes, but pragmatically no.

The irony is that the forum itself says that the miners don't vote for consensus changes, but Taproot was a miners' agreement. They did vote for this change.

I dont think that just because Elon Musk said that, People that wants to buy a Tesla will then decides to first go buy some Bitcoin with their Fiat money and now go buy a Tesla with Bitcoin, I believe it is really if you own Bitcoins and you needed a Tesla, you can just go ahead and purchase one instead of selling to fiat then buy a Tesla. I think since he is now involved in Bitcoins Investment, he might as well accept it for payment.

Even 1 billionaire could give significant effect to the market like the obvious example is elon musk and by far the strongest weapons to affect the market are fud and shill. Any capital you spend to manipulate crypto will definitely get outweighed by these fuds and shill that takes next to none capital of yours. Though a group of whales could definitely affect the market if they make planned movement at the same time making their sell off or buying looks massive and gives sense of doom to many people psychologically like making the market fear of dumping.

I used "rulers" term figuratively, but it is related to reality.
With Bitcoin trust is decentralized, but still every user (at least those running full nodes) is responsible for this network.
The miner has additionally the right to decide what transactions to include in the block, and every now and then draws a chance to control it.

It is possible that living in a highly developed country can be a favorable circumstance for running a Bitcoin mining company.
But developing countries are doing well in this market.
A good access to capital alone cannot determine your chances of success here, nor that your market share will be sustainable.

Well, they can make some influence on bitcoin but i think it'll remain it purpose for ordinary users. And nobody canceled altcoins.

What's the connection of the cancellation of altcoins ? is there any related comment on that?

Lol They can Hold and Buy so much Bitcoin and can atleast Manipulate the prices but Hijacking ? nope i don't think they can do such because there are many Investors inside and they have all different target in Bitcoin so Interest are different .

Well he did accept bitcoin as payment for their company its a good thing for crypto community. not sure what he trying to do but when he accept bitcoin as payment he already being a part of crypto community and also tesla its not small bussiness and his bussines its phenomenal in many country and when he accept bitcoin it also introduce bitcoin for some majority who didnt know what bitcoin is . from my vision he just support bitcoin.

In any case, all actions of the Tesla company and its owner are primarily aimed at obtaining their own benefit, I think it is a big mistake to think that these maneuvers were to improve the position of bitcoin in the market, everything is simple there, its own benefit and its own profit, thanks to your name and brand.

From the little experience am having I believe bitcoin is already being messed up by billionaires and I believe they are just being with matter of time bitcoin will be hijacked permanently which I believe is a really bad idea because the price of any coin will be controlled by them and is not really a good Idea currently the rate at which bitcoin price pump and dump is really bad and it won't really help bitcoin and will also have negative impact on altcoins.

How can one know who is holding more bitcoin and even if it is known is there any binding law against it ,as to report the account or aometgy to be done to reduce the bitcoin a Walker is holding??

If the world billionaire's want to accumulate bitcoin and for this they buy bitcoin, then this is nothing wrong in that. They have the money and they can buy anything they think have greater potential. You cannot call this as hijacking bitcoin. Fiat money can be hijacked by printing and distributing unfairly but for bitcoin the process is simple. You need to buy it in order to become a big whale.  :)

But then those who have more fiat and more dollars can accumulate more bitcoin as compared to the middle or lower income class person ?

Will this not get unfair advantage to the institutes and rich people to gather more bitcoin which is already limited in supply.

Wasn't billionaires already invested since 2011? It doesn't mean anything, just that the more demand the higher the price will go. For most today price of Bitcoin is making it unavailable to buy one whole Bitcoin but you can buy lower amounts, and the higher the price goes there will be more decimals.
It doesn't mean Bitcoin will be hijacked, but since the inception and the realization of a few uknown features of Bitcoin, it became evident that nobody would use it as payments method, but instead as an asset that resembles gold. The high fees and the inability to scale as payments network is clearly giving the impression that it won't be used this way. It is already used as store of value, or named else "digital gold" because it shares similarities with gold. Since gold is an asset many billionaires have invested in, the same is now happening with Bitcoin.
Those that invested early and held part of their investment, or the early miners that didn't sell everything, they had that in mind since the very early days. There are posts about Bitcoin having potential to reach a million dollars even from 2011 when price was just a few dollars.

Well we can't deny the fact that institutions with money are investing heavily on btc lately and by extention means they can have a large percentage of the supply which also translate to having the ability to control the market with amount they hold, I guess technically you can say they could control the market but this institutions understand business and understand what is good for business, I don't think they will deliberately want to hurt the market.

Those who understand the basics of Bitcoin will not take any of this FUD seriously. First of all, Bitcoin is a decentralized asset and it is designed to stay that way. Billionaires can invest in Bitcoin, but they won't be able to manipulate its exchange rate or other aspects. And perhaps that is why they are busy manipulating the shitcoins such as Ripple and Dogecoin. Any thoughts on why the market share of these shitcoins went up so much recently? IMO, that is because the whales are manipulating their prices and the supply. BTC prices are suppressed, because such manipulation is not possible with Bitcoin.

They cannot do that by simply doing such things because controlling its price, takes a lot of work than you imagine. If you think that you don't understand, you don't need to because it's so complicated. As you can see, if there was an organization that has lots of money in their storage, they've already done what you think but from the start of BTC's revolution, we find that in many cases the support to get the price to increase are from normal people like us when we flock to buy BTC in bulk.

I supposed to say thank you for having them, actually.
These people are not going to hijack Bitcoin but instead, they are enjoying the market and feels that digital currency means a lot this time, sometimes we think a sort of price manipulation. That could be the truth but we are also benefiting from the hypes they do and make a profit from it.

But what I don't like about Elon Musk, he was so smart. He comes to crypto by first shilling Dogecoin, then next to Bitcoin, and finally, promoting to Tesla cars has come. That is more than about manipulation but this how Elon run's his business, his company in the crypto community.

In my opinion, no one can manipulate the price of bitcoin, but if you play the market price it could happen because they billionaires have a lot of capital to do it because basically the market price depends on supply and demand so there are no individual elements in bitcoin.

Billionaires like Elon Musk and big companies like Tesla have enough money to buy bitcoin in bulk, in amounts that are up to billions of dollars, but I don’t really think any one of them are ready to hold for a very long time.

All these investments that they are making are all for profit and I don’t think there is any other plan apart from that. That is why you have seen Tesla sell a percentage of their Bitcoin assets. If they should buy up and have no one to sell it to, then it’s of no use to them. They will always want to invest in something that will grow as a company, and for them to grow, capital is one of the necessary things that they need.

I have in mind why billionaires should hijack Bitcoin? Is it for their own benefit or what?
I have noticed that ELON is doing something beneficial for all BTC owners because it can provide huge benefits for everyone and for himself

Who do you think are responsible for rise and fall in the prices of cryptocurrency generally? The activities of the whales of course. And who are the whales in the Cryptocurrency world of today? There is no doubt that the whales are made up of billionaires whose a single buy or sale effect the market. I don't see any other hijacking that is beyond that. They determine what becomes of the price at any time they please.

Also what does hijacking even mean in this context? Bitcoin is huge right now. Even a billionaire slowly but surely will have trouble to gain massive influence over Bitcoin. We are talking about a trillion dollar coin. If you own $5 billion in cash, even for it is not a trivial task to gt control over that coin. Especially when they start in bulks they also further drive the price up, making it even harder for themselves to gain influence.

I guess Bitcoin is beyond the critical point where a billionaire could try to gain major control. There is only one other possibility and that is that they already own the majority. If you invested a billion in 2014 or if you slowly bought over two or three years back then, you could afford to buy half a million Bitcoins for sure. That is a realistic scenario and I also believe that at least a few banks took a gamble back then and just bought coins maybe even just for a hundred million. That's change to them.

Hijacking in terms of boosting of crypto popularity or making some hype is what Elon did, the term hijacking is quite confusing it seems illegal when used, maybe billionaires will just use their money to manipulate the market but not totally manipulated as there are many ways and users who uses crypto without them knowing. They can manipulate at some time or event but not to the point they are only the one who will be benefited on it.

I also don't think they can easily manipulate the bitcoin market even if we say, they have large holdings.
If in case, these large holders will talk to each other and decide to influence the market, maybe they can.
But do you really think they will talk to each other regarding their plans for their bitcoin investments? I don't think so.
So in my opinion, they can't easily 'hijack' the bitcoin market, now that it is valued in a trillion dollar level.

Bitcoin is the best online crypto in the world and recently most of the billionaires and millionaires showing their deep interest in cryptocurrencies and they already accepted Bitcoin as their products service payments systems. If it continuing,then I called strongly Bitcoin will go under billionaires.

There's no chance of that ever happening considering most of the Bitcoin OGs and Maximalists would never sell their holdings for anything. Another point I'd like to point out is that Bitcoin is a community project and cannot be controlled by a single entity or entities. It isn't the first time that such event has been attempted and won't definitely be the last. The interesting thing is that BitcoinBTC continues to be stronger than ever. I know it may look bad since a host of big corporations and individuals have joined the bandwagon but it would take much more than that to gain control of Bitcoin.

Right. Bitcoin can be manipulated by these billionaires. They can change the bitcoin market. The price of bitcoin fluctuates sharply as rich billionaires invest. But besides that, the risk will be enormous when billionaires withdraw from the bitcoin market. Many investors will go bankrupt, many young people will lose their chance to get rich.

Nope, not in the slightest. Tesla acquired only around 43.000 BTC, while there are 18.7 million bitcoins in circulation right now. Do you realize what a scarce amount Tesla and Elon own? Not to mention, that simply owning the BTC doesn't have anything to do with controlling it. You need a computer with a processing power >51% of the total network power. Which is..impossible.

And even the government had failed as well. This is truly it means that no one can make Bitcoin as a centralized project, maybe that be going to happen if a single person or group of people work as one and buy all Bitcoin available in market. But that seems impossible, no one could risk their money only for that position.
And just to ask why we should bother ourselves thinking like Bitcoin can be controlled, can be fully manipulated? Coz in the first place it was not created for that reason but it comes to have a different platform and market design.

Yes. There have been several attempts in the past to either manipulate or control bitcoin but all those attempts all came out fruitless. Bitcoin has been resilient through all the hard folks, strict regulations from governments and other agencies and even survived a community divide - which still didn't work. That's the thing with decentralized projects and communities, the power is in everyone's hands. So until a majority win, nothing happens. It's just too bad for government and other big corps who are control freaks. I think they figured that they won't control bitcoin so they have no choice than to be part of the community and get a a piece of the cake.

The incentive structure of Bitcoin is very decisive here. If a billionaire or a group of billionaires have large holdings they instantly have an incentive for the network to be healthy, which partially translates into a good price and a decent functioning. In order to destroy or at last harm the network you have to invest enormous amounts of money that I think the only actor able to afford that could be found on the state level, not private individuals.

In some way they really can, since they can buy off large portions of the supply and keep it, effectively making them the whales of the bitcoin market. This could be averted however if more and more small-time investors like us are to invest even just a little bit into bitcoin. We can level the playing field by numbers advantage, and if they are to take over the market, we can simply dump the coin and make it worthless so they can leave it alone.

I mean yeah you could probably manipulate the market if you could buy a big percentage of bitcoin like for example up to 40% of all of the bitcoin, I mean if you can but not totally a full control of it.

At the position of bitcoin, these days a lot of whales are holding bitcoin unless all of the whales are gonna do the same they could surely manipulate the market but manipulate by 1 company or people would just cost or would be too much.

When it comes to bitcoin technology I've read some that there are high reward or bounty on hacking the bitcoin technology but still until now it is still unhackable, I mean we surely expect a lot of people and companies are trying.

i think billionaires are supporting bitcoin and will not probably hijack, they have lot of money why would interest in such digital coin if they have more investment on it. bitcoin has been popular and hype today and many investor are trying to engage in it. billionaire is supporting bitcoin and not hijacking on it. thats my personal opinion btw.

In my opinion, hijacking is impossible. Blockchain technology is not easy to hack or hijack.

I think its part of what we so called Bitcoin adoption wherein you could exchange your BTC with goods and services just like Tesla starts to accept BTC as medium of payment. Also, well-known individual has taken interest on investing in cryptocurrency and it only natural to attracts other investors to buy BTC due to those people's influence which is enough to increase the demand but it doesn't mean they've fully control over BTC price.

The y cam attack the market though, they buy every coin available in the market and hodl and let it sit in there laps never to see the light again or they will buy all the supply then continuously dump and pump the market to the point that retail investors can't keep up.

Do you have any idea how much money they would need to buy every single coin and let it sit idle in their wallets? They would need trillions of dollars, tens of trillions of dollars. It is not possible to hijack Bitcoin just by buying the coins in circulation.

Well mate, as of the moment, he has changed his mind about his company accepting Bitcoins to purchase Teslas. Obviously, he has been doing some sort of manipulation in the crypto market. Many supporters of crypto have already seen his intentions and I think people will change the way they see Elon Musk. For me, I would still see him as a great innovator and futurist. But as a businessman, of course that is a different story. Many will view him as an opportunist and master manipulator. Like McAfee.

- They can buy part of the supply but other billionaires or millionaires starting from crypto can also raise the price and sell part of the supply to influence the strategy of outside billionaires, suddenly two forces collide and create an important balance in the market, some individuals want to circumvent these problems, sometimes they will pay the price with their total wealth. Bitcoin is a public playground and each force has small takeover phases with the market, but very quickly, the initiative will be rotated continuously.

These can take risks and they are not worried if they will lose their money but I can be sure that they don't allow it to happen with them. Many rich people come and invest in Bitcoin because they saw such a profiting market, they invest a huge chunk of the total supply as they can afford to have it. I'm not sure if that be going to be a sort of manipulation but one thing I sure of is that they become more greedy and they want everything to fall into their hands.
That is crazy I think, money sometimes makes people become evil.

Money can buy anything that has worth, if you are asking if the Billionaires can hijack Bitcoin, technically yes by producing 51% attack on the network.  But on the trading environment, I think no, since Bitcoin will cost more the more these Billionaires collect and hodl coins.  Traders are wise that they can adjust selling order to gain maximum profit.

Bitcoin can't be captured by anyone like I said before but people who have big influence are continuing to act like the cryptocurrency market is their playground. I've understood it clearer after the latest news we got.

Why would they need to hijacked bitcoin? they already have plenty of money, wealth and riches? what do they have to do with it? not unless they were extreme greed of money and they want bigger barn for all their stocks. I don't think they would still do that, although they have the capacity to do so, I just think they wouldn't do that anymore for goodness sake.

Whales are the most influential in this cryptocurrency ecosystem where they can manipulate and control the market flow. Maybe, crypto is their playground to make money since crypto is a place where huge money is overflowing. I think despite of their influence they will not hijack crypto as respect to everybody who are making money too in cryptocurrency. I hope everybody will have much better result and abundant life because of crypto.