Can bitcoin be hijacked by world billionaires???

[Newlifebtc]

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

[Charles-Tim]

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.

Tesla Motors sold a portion of its Bitcoin (BTC) holdings in the first quarter of 2021, generating net proceeds of $272 million, the electric vehicle maker reported Monday.

This was April 26th news.

[stompix]

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.

If we're going to believe what Musk says, they are planning on keeping all the coins from the sales:

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

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.

is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market

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.

[Fesatmas]

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.

[BrewMaster]

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.

[Newlifebtc]

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.

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

[avikz]

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

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.

[mk4]

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.

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

[Woodie]

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.

[swogerino]

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

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.

[MrcMrc]

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.

[Newlifebtc]

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

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.

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

[finaleshot2016]

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

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.

[sapnu]

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.

[bosede1]

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.

[rhomelmabini]

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.

[dificanovi]

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.

[Baofeng]

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

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.

[Kabul]

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

[DOH!]

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.