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Omega Weapon
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December 02, 2017, 03:46:30 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Good thing about bitcoin is that it is not controlled by anyone and it has a limited supply and no one can create a bitcoin from anything. If the rich people decides to invest in it and try to control its price everyone who has a bitcoin will benefit from it. So if they decide to buy majority of the coins it's price will go high and people who have coins can sell it on a higher price. No one has direct control of bitcoin but there are many entities that have a lot of power in bitcoin, the core developers, the miners and the whales are all very powerful and have indirect control of bitcoin, and governments are going to begin to influence bitcoin as well with their laws and regulations and finally we the users are powerful as well since we as an aggregate can decide if a fork is successful or not by using it or not. |
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Even if you use Bitcoin through Tor, the way transactions are handled by the network makes anonymity difficult to achieve. Do not expect your transactions to be anonymous unless you really know what you're doing.
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buxlover
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December 02, 2017, 03:57:37 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Obviously that will deliver most of the power towards them. This is what happened when Roger tried to manipulate the prices of the BCH and it was made possible all because of they had lot of pumping power by using big money. Even if you had billions of dollars then you can also manipulate the prices yourself that too alone! Who knows that they are already altogether and are the reason for current manipulations. :-) |
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lasry
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December 02, 2017, 04:04:02 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Yes and it will be too dangerous for us bitcoin holders, having bitcoin be monopolized by these rich people. Once they took control of bitcoin they can easily manipulate it's price and may be able to kill it's economy whenever they want to. Regardless, of the demand because they know that we the user has no choice. |
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vv181
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December 02, 2017, 04:10:51 AM |
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I have read somewhere that 90% of currently available bitcoins are on 10 wallets. So in a sense what you are saying is true. Early investors who recognised the potential of bitcoin early on are the biggest owners of bitcoin. Whether those are devs or businesspeople, we dont know.
That is blatantly incorrect. Current bitcoin distribution is widely spread you can see it by googling 'bitcoin rich list,' although some early investor and Sathosi itself lock some big amount bitcoin to support bitcoin in the future. |
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GreenBits
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December 02, 2017, 04:34:51 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
If they do have the money to buy on,why not? They can manipulate price on that one and could affect the price easily but not totally the owner of bitcoin.No one owns bitcoin but as an investor you would able to give effects but thinking off to be a Big investor on bitcoin you would need billions of money in order to be considered as a whale for sure  to be honest, a small group of actual elites could completely corner the market on bitcoin. this has hapened before, in traditional insdustry with way more mundane things. look up the sumotumo copper affair, and follow the related Wikipedia links. Its a pretty interesting dive. the less considered vector of attack by a whale group, however, is if they have the common sense to invest heavily in mining. for making a better miner, then funding the production of said miners, they could corner the mining market specifically, and dominate the network with superior hashing power. this would cost so much less to do than manipulating bitcoin price; why waste money changing the price when you can simply control production? |
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ismadanniel
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December 02, 2017, 04:40:28 AM |
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if he/she have the money why not..but i think they wont...bitcoin have it own use why they gonna buy not gonna using it? better by some and invest other coin like eth/ltc
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michellee
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December 02, 2017, 04:49:00 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
the businessman can be the owner of the bitcoin market and if they do this, they can control the price but I don't think that they can because the market does not depend on them. the market is work because buy and order and even they have the power to control, they still difficult to do this, because bitcoin user is not just them. many of bitcoin user don't want to be controlled by some people or some groups. |
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0t3p0t
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December 02, 2017, 04:54:36 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Yes because if millionaires come together and buy huge volume of Bitcoins then the Bitcoin community will be dependable on their actions. Let me just say they own half of the total supply of Bitcoin then every single transactions they have to make will trigger a pump and dump depending on what they are doing with their Bitcoins and they will be called whales who are now able to control the flow of prices on the market but I don't think they will do that just to manipulate the market since it is risky too but that could possibly happen and will surely make some more profits to them of course. If they will then they can because they are millionaires or even billionaires. |
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DoublerHunter
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December 02, 2017, 06:27:07 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
the businessman can be the owner of the bitcoin market and if they do this, they can control the price but I don't think that they can because the market does not depend on them. the market is work because buy and order and even they have the power to control, they still difficult to do this, because bitcoin user is not just them. many of bitcoin user don't want to be controlled by some people or some groups. No matter who it is or what it is, there is no chance for any people or organization to be the owner of the bitcoin market because the bitcoin market is all about being decentralized and that decentralization gives freedom to the people in different places to buy and sell bitcoin without having issues or problems because there is no people or organization that dictating them. |
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Oliver A
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December 02, 2017, 07:13:20 AM |
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If the businessman afford to purchase most of the Bitcoin, then possibly control of power can happen
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Omega Weapon
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December 06, 2017, 06:55:24 PM |
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I have read somewhere that 90% of currently available bitcoins are on 10 wallets. So in a sense what you are saying is true. Early investors who recognised the potential of bitcoin early on are the biggest owners of bitcoin. Whether those are devs or businesspeople, we dont know.
I do not know where you got that number but that number has to be wrong, 16.7 million coins have been mined if what you said was true then that will mean that 15 million coins are in the hands of just 10 individuals, it is estimated that satoshi holds 1 million coins that would mean that the rest of those people hold even more coins than satoshi, that seems ridiculous to me. |
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Feuerbach
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December 06, 2017, 09:36:01 PM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Theoretically, this is possible, but in practice - hardly ... I do not think this will happen. |
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anga3636
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December 10, 2017, 07:22:45 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
If they try that then the price of bitcoin is going to skyrocket and each bitcoin they buy is going to become more and more expensive, if it is up to me I will not care if they tried since that will mean the price of bitcoin will go up exponentially and then we could all become millionaires and as long as you invest that money wisely your future is going to be secured, but I doubt they are going to try buy bitcoin in that way since they are going to lose money if they tried that strategy. Some people are fear that only business man are the owner of bitcoin so I want to suggest them if you have a small number of bitcoin then you are also the owner of bitcoin and be remember that bitcoin is a decentralized currency and no one can affect or can control bitcoin personally. |
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xwtfx
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December 12, 2017, 04:22:54 AM Merited by viper2zero (3) |
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Yes they could, but bitcoin users already a lot so it will difficult for them to get the total control, and they need to balance their domination because when they monopoly too much then people will find other coin, and causing the price will be very unpredictable, usually whales prefer alt coin, it is easier to control it
They can't simply do this because while buying tons of bitcoin, the price will keep increasing like crazy and it will be high so that they won't afford to buy more. And the total expense for such action would be around $200-400 billion dollars or more for 50% of the bitcoins. That would be great then isn't? It will make bitcoin increase at higher pace and all holders will benefit. Believe it or not, most people owning lots of bitcoins are also rich people and sometimes they're also the reasons on some pump and dumps. We small holders will just ride the wave. Let us just be smart enough. All those people who have bitcoin are the owner of bitcoin not only business man because bitcoin is not the currency who is working under anyone if you have bitcoin then you are the owner no one can affect your bitcoin are can do anything with bitcoin. |
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stickyknob
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January 07, 2018, 07:15:39 AM |
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I think the possibility of this happening is very high. It might be a good business to them if they bought out the Bitcoin and start circulating the transactions by themselves.
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albert11
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January 07, 2018, 07:35:46 AM |
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What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.
Everyone who invests in bitcoin is technically an owner of bitcoin cause you got a shared part from it. So if businessmen will buy a majority of all the bitcoin in the world, they will probably able to a have a control of bitcoin. They can affect the situation in the market and dictate its price. And those who own a little bitcoin will be affected by these. Those with large bitcoins control the pumps and dumps in the market. |
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Hateculd75
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January 07, 2018, 12:39:13 PM
Last edit: June 23, 2020, 11:46:15 AM by Hateculd75 |
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Money can make every things but bitcoin market is so big to be controlled by few people.
they will take the biggest risk in the world.
if they success can control bitcoin and buy it like them want.
The problem is that many of the currencies that were mined in the early days do not know who made them minerals and therefore can launch those currencies and lead to a price collapse.
The rich are looking for profits but will not hold a lot of currencies if someone wants to make the price collapse.
We can use the price even if it is Satoshi.
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nicesquawk
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January 11, 2018, 08:38:54 PM |
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This is possible, however nobody has done it yet. If it does happen, then they can control the rise and fall of bitcoins to suit their needs.
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michellee
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January 12, 2018, 05:36:04 AM |
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of course, he can because if a businessman have much money and he decides to build bitcoin market site then he has a big opportunity to create another profit in the future. but not all businessman want to risk his money to create something that he doesn't know and I think he will learn first about cryptocurrency especially with bitcoin so he can build bitcoin market. but I am sure that bitcoin market is attracting businessman to have a site because the profit is bigger than they can imagine.
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