Can bitcoin be hijacked by world billionaires???

[zbig001]

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.

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[BChydro]

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.

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  .

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.

[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.

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

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.

[kpierce77]

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.

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

[Bilgent]

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.

[thecodebear]

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

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.

[kidbounty]

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.

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

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.

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.

[isaac_clarke22]

~

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.

[Sihab76]

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.

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.

[Mr.sprin]

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.

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.

[jinxing]

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.

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

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.

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.

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

[Kong Hey Pakboy]

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.

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.

[BlackHatCoiner]

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

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?

To make changes that you'd like to the protocol, you'd need to convince the community for the change.

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.

[KaliLinux]

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

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.

[TastyChillySauce00]

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

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.

[zbig001]

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?

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.

[kizlod]

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

[kotajikikox]

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?

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.

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 .

[Dread Pirate Roberts]

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

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.

[MIner1448]

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.