Worried about global bitcoin acceptance

[Hermanus]

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?

[HALLASTERA]

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.

[odolvlobo]

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.

[sensei stupid]

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.

[Airdrop Manager]

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.

[tora]

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.

[stompix]

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?

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.

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.

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

[aleksej996]

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.

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.

[chukaday]

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.

[tomahawk9]

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?

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.

[Mind Control]

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?

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.

[khaled0111]

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

[ronics]

     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 ..

[europlastic]

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.

[climbberk]

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.

[Marileno]

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.

[jjacob]

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?

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.

[vicemi]

companies are not exactly governments...

[meer45]

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.

[crypto_Butterfly]

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