Who controls the Bitcoins?

[tee-rex]

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.

That's possible I guess. You've narrowed your band of people down to maybe a thousand 2010 users, of which possibly a couple dozen still visit this forum. I guess that would also depend on what your definition of whale is too.

Yes, you hit it right where it hurts. In my view, we can count as whales, or super-whales, the first thousand or hundred top Bitcoin holders. We can do basically the same with regard to whales among early adopters. Because their number will be much lower than the number of simple whales for obvious reasons, we should count only the first hundred of them.

[SvenBomvolen]

Bitcoins are decentralized ,they are controlled by no one.
If bitcoins being controlled by some one ,he would be the most targetted person ever .

What makes it popular is the decentralization, if bitcoin will be controlled by anyone then there's no big difference with the bank. Manipulation might happen and it will not give us the real situation of the market which will make our investment at risk.

   Lets hope it will stay decentralized, we all know there is many parties interested in blockchaine technology. Can bitcoin be controled by one person I dont know, behind every corporation there is team of experts, and they are dangerous cause they have a lot of money to invest. This huge corporations are specialist in divide and rule and I hope that will not happen to bitcoin, people should unite and work together on this.

[vindicare]

I don't think someone controlling the Bitcoins maybe the exchange/price can be controlled by the Chinese who are the majority of miners of Bitcoin but I think people are smart to know how to join the wave of it when the price goes low or high. If however, some group will control bitcoin we will know it for sure.

[dragonusa9]

i dont think that somebody can control bitcoin. because the fluctuation rate on bitcoin is unstable at any time
except the rate of bitcoin that people who have lot of bitcoin can control it

[n2004al]

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?

No one control bitcoin. And no one will can. Bitcoin is not official currency but popular currency. That mean that is value exist only because the people who hold it have decided that have value for them and have found way to make true this their faith.

[Fraxinus]

I don't think someone controlling the Bitcoins maybe the exchange/price can be controlled by the Chinese who are the majority of miners of Bitcoin but I think people are smart to know how to join the wave of it when the price goes low or high. If however, some group will control bitcoin we will know it for sure.

I agree,BTC isn't controlled by anyone,stop thinking that there is someone actually controlling it,yes,China has a lot of miners who are holders of BTC as well but that doesn't mean that they are in control because the demand is really high and BTC is always in circulation,it's hard to control BTC unless you have a really big share of it which is in the hands of a couple of people or organizations.That's when the control can be made but that's not the case so relax.

[deisik]

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?

No one control bitcoin. And no one will can. Bitcoin is not official currency but popular currency. That mean that is value exist only because the people who hold it have decided that have value for them and have found way to make true this their faith.

It is not particularly different with any other currency out there

If the population of some country abandoned their local currency (see Zimbabwe), it would quickly lose all features that made it into currency. The government could force the population to use the currency they issue by making people pay taxes in it and by paying salaries in the public sector with it, but that's pretty much all they can do. In many countries with hyperinflation, people used local currency only for such purposes (i.e. paying taxes and fees), while using, say, the US dollar for anything other than that, especially for pricey things

[ethereumhunter]

Bitcoins are decentralized ,they are controlled by no one.
If bitcoins being controlled by some one ,he would be the most targetted person ever .

i agree with this but as we can see with the price, i think the big player who have large amount of bitcoin wants to trying to control bitcoin and we can see the truth of this by the price in the market that is not going to high or to low. the big player of bitcoin don't want bitcoin to get down and only want to make bitcoin price is up, but not all the big player want to make this, the other player want to make bitcoin price is down and then they can buy many bitcoin and then they can sold it when the price is high.

[crairezx20]

Bitcoins are decentralized ,they are controlled by no one.
If bitcoins being controlled by some one ,he would be the most targetted person ever .

i agree with this but as we can see with the price, i think the big player who have large amount of bitcoin wants to trying to control bitcoin and we can see the truth of this by the price in the market that is not going to high or to low. the big player of bitcoin don't want bitcoin to get down and only want to make bitcoin price is up, but not all the big player want to make this, the other player want to make bitcoin price is down and then they can buy many bitcoin and then they can sold it when the price is high.

If there is a place or country that planning to control bitcoin it is impossible because bitcoin is decentralize and china you are talking about and i think it is already been discuss here that they can not control it even china has a largest mining farm.

[QuestionAuthority]

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.

That's possible I guess. You've narrowed your band of people down to maybe a thousand 2010 users, of which possibly a couple dozen still visit this forum. I guess that would also depend on what your definition of whale is too.

Yes, you hit it right where it hurts. In my view, we can count as whales, or super-whales, the first thousand or hundred top Bitcoin holders. We can do basically the same with regard to whales among early adopters. Because their number will be much lower than the number of simple whales for obvious reasons, we should count only the first hundred of them.

Satoshi is gone and not spending any of his. So you can rule him out. Many of the early miners wasted their coins buying shit like 20,000 coin pizzas, Allinvane had his stolen, tons of the early miners lost them at MtGox and so on.

I think there's way, way less than 100 early adopters that still have 20,000 coins or more.

Your using "early adopter" interchangeably with "whale" and those aren't the same. The Winklevoss twins have mountains of Bitcoin but you wouldn't consider them early adopters. They could sell half of their stash and crash the price to a penny. I've been mining and buying for six years and even I could probably move the price $100 alone when I sell all.

[bitcointalk]

Bitcoin is decentralized, so basically no one control Bitcoin, but the network.
do a search on google, and you will find more information

Google is your friend, friend.

[Positid]

Bitcoin is decentralized, so basically no one control Bitcoin, but the network.
do a search on google, and you will find more information

Google is your friend, friend.

This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.

[QuestionAuthority]

Bitcoin is decentralized, so basically no one control Bitcoin, but the network.
do a search on google, and you will find more information

Google is your friend, friend.

This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.

Sure, but there's not that much to say about bitcoin so we like to rehash the same shit over and over again for our signature campaigns.  If we googled everything we'd never make any money.

[noormcs5]

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

We are the one who contribute to make bitcoin to be known and I guess control is not the right term for us
but we are the one who makes the bitcoin moves to high or low value because it depends on the demand of it.

[deisik]

This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.

Sure, but there's not that much to say about bitcoin so we like to rehash the same shit over and over again for our signature campaigns.  If we googled everything we'd never make any money.

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

Do you feel the power and magic?

[cinchin]

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

[QuestionAuthority]

This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.

Sure, but there's not that much to say about bitcoin so we like to rehash the same shit over and over again for our signature campaigns.  If we googled everything we'd never make any money.

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

Do you feel the power and magic?

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

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

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

[mrcash02]

This thread should not be created, the answer is very easy and the question is very simple. One click in google then problem solve. Maybe next time a thread that will be created is something worth discussing for.

Sure, but there's not that much to say about bitcoin so we like to rehash the same shit over and over again for our signature campaigns.  If we googled everything we'd never make any money.

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

Do you feel the power and magic?

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

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

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

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

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

[deisik]

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

That's what I'm talking about myself

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

[QuestionAuthority]

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