You still think Bitcoin is uncontrollable?

[PepeLapiu]

There are two stages to your proposed attack:
- Print more money
- Use new money to buy bitcoin.

The first stage of your plan will cause inflation. The price of everything will go up as you print more money. I don't mean the price of bitcoin, I mean the price of EVERYTHING will go up. That's inflation.

So the first stage of your attack by itself is pumping my bags. Making my bitcoin go up in fiat price.

Second stage of your attack further pumps my bags. If you buy up a ton of bitcoin, you will cause the already pumped price to pump even more.

If you increase the demand by actually being the demand, that causes the price to go up. Which makes bitcoin even more attractive to everyone else.

Essencially, your proposed attack is actually promoting bitcoin, not attacking it.

Take off your fiat thinking cap. You can't print money to solve any problems. You just make everything worst.

[Churchillvv]

Since the government can print money excessively, i believe that this is enough to have power over Bitcoin.

Government can print more money yes but can they control bitcoin with that? no because the high fiat is in circulation the low it becomes in value and the mere fact that bitcoin appreciates in time makes it more harder to gather all the bitcoin. Only a few would sell to the government and most would not sell them it becomes harder to have all the bitcoin assembled together for them to control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

I think you should think within possibly outcome and not to go beyond what can happen, being gullible is not only how think but how small and negative your thoughts are.

[Scarlett_23]

Since the government can print money excessively, i believe that this is enough to have power over Bitcoin.

Before you say that "me been gullible to my own thoughts" is in fully effect, take a minute to reason with me.

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

I also agree with you on this because Bitcoin is controlled only by demand and supply and not by the government or any group. One of the reasons for the decrease in the value of fiat currency is the increase in the amount of printed money. If more money is printed to buy Bitcoin, inflation will increase. At that time, the price of Bitcoin will also increase. Sellers are needed to buy Bitcoin. When large orders are placed, the price will increase rapidly because there is a small amount listed on the exchange. So if any country does such a thing, their economy can be seriously affected. So in reality, it is not possible to control the entire market by buying liquidity, price impact, inflation risk and so on.

[Marvell1]

No offense but if you think the government can buy bitcoin this way it shows you have no basic understanding of how economics and finance work.

It is no coincidence that Zimbabwe or Venezuela have four-digit inflation and their currencies are almost worthless. Or maybe you remember the German economy suffered from stagflation after World War II and their inflation rate was as high as 50% per month. All of this is because the government has been printing money uncontrollably.


So if the government prints money to buy bitcoin, this will only cause the price of bitcoin to skyrocket.

[PrivacyG]

I get what you are saying and printing money to finish evil plans is not a rare occurrence.

However.  The United States would be stupid to print money to the point of hyper inflation with the sole purpose of purchasing most of the Bitcoin supply.  Not only is it stupid because the Fiat value would immediately collapse.  But it is also stupid because they will have to purchase Bitcoin that is more and more expensive because many of us are not willing to sell at prices we consider too low.

Rather, they would manipulate the markets to their liking and to their advantage.  If they can place enough buy orders at a low price and then crash the markets with shocking news just like I presume they did this wekeend, they are already in a great advantage and instantly on a profit.  The more they can repeat this, the more Bitcoin they can get a hold on with no hyper inflation necessary.

[mirakal]

Since the government can print money excessively, i believe that this is enough to have power over Bitcoin.

Before you say that "me been gullible to my own thoughts" is in fully effect, take a minute to reason with me.

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

Just think about this…A lot of rich countries, but they never do that. Why? They understand the impossibility of manipulating the market and gaining control over it. They can print paper money, but does everyone in the government agree with it? No, because there is a limitation. They can only buy Bitcoin that is available and for sale.

There is nothing to overthink because the system has been working already. Buying more doesn't mean anything aside from having a huge profit in the future. Or, you have a lot of Bitcoin to spend. 

[Olatundespo]

You can print fiat, so don't overstep your bounds because the value of this digital asset can also decrease. Just as Bitcoin is important because it is buying through fiat you need to give more importance to your physical assets. Increasing your income range and creating alternative sources of income along with increasing physical assets through discretionary income, increasing your Bitcoin accumulation will provide you with financial security in the future.

Since governments can print money as they need it, they also print more money due to excess demand, which increases inflation. Power up your own printer (income) and accumulation Bitcoin compared to fiat savings. It's a digital and decentralised asset that is mostly free from inflation.

[asriloni]

There are two stages to your proposed attack:
- Print more money
- Use new money to buy bitcoin.

Instead of controlling Bitcoin, it's being called as a market manipulation. It's true fiat being used to value and manipulate the price of Bitcoin, but it can't be used to control it.

If you meant about controlling it, it should be in term of network, which is impossible since it's decentralized. You need trillions to do 51% attack to the Bitcoin network to make it happen. That's why i guess you were misunderstanding about the difference between market manipulation and controlling Bitcoin.

[davis196]

Since the government can print money excessively, i believe that this is enough to have power over Bitcoin.

Before you say that "me been gullible to my own thoughts" is in fully effect, take a minute to reason with me.

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

If the government start printing unlimited money in order to buy all the BTC two things will happen:
1.Hyperinflation.
2.The Bitcoin price will hit a gazillion dollars.
Hyperinflation would cause mass riots and protests, which would lead to the government collapsing.
The whole idea of the government buying as much BTC as possible would become pointless, since the BTC price will keep increasing.
You are talking about control over the Bitcoin price. Real control is when someone decides which transaction on the blockchain should be accepted, and which should be blocked.
The US government and the Federal Reserve can influence every financial market around the world, not just the crypto market. This is sad, but true.

[michellee]

It is easy to imagine what you say but it is hard to do. The more they print, the more they can lose value. How much money will you use to buy Bitcoin? With the increasing price of Bitcoin, that will be a lottttttt of money. Not many countries are willing to buy many Bitcoins because they need to use fiat to develop their country.

You should not think like that but only think simply. You buy Bitcoin with allocated money and accumulate more Bitcoin. You pass your day while you wait for the Bitcoin price to increase and sell it if you think you will make a profit.

[uchegod-21]

I will believe that the government can actually control Bitcoin if they can print more bitcoins. But if they don't have the powers to print more bitcoins, where then is the control? Ponder over this @op

That is never going to happen.

Yea. The most the government can do is to create fear and panic through manipulations. By manipulations, ofcourse we all know that it is all about price movements and this cannot in any be synonymous with control.

Bitcoin was designed to operate outside of government's control and that really is how it is. Bitcoin is capped at 21milion, the government can never reduce or add to that 21m supply. Whether they buy half of the total supply or even more, it doesn't make them any different from every other investors. We all control our private keys and can be our own bank devoid of third parties.  Maybe except those who rely heavily on exchanges; the government can control them through the exchanges.

[Alpen]

You don't get it. The more money they print. The lesser it's value
And the More expensive Bitcoin gets until their currency is worth nothing.
So if they used such strategy it would crumble their economy and shoot Bitcoins price.

Exactly. We've seen this play out in the real world many times. There are plenty of examples where a national currency collapsed, and the price of Bitcoin skyrocketed in local terms.

I remember the 'Africa premium,' where BTC was trading for nearly double the global market price in some countries during a currency crisis. It's ironic how many of those governments just devalued their currency, when they could have used it to buy Bitcoin instead.

[Furious 7]

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

Is this what you call controlling bitcoin?

They can buy but when it comes to selling can they control other buyers? Of course in this case everything goes back to the way it was before where when someone buys someone else sells and the government cannot control this because ultimately the situation remains the same.

They can buy a lot of Bitcoin, that's true but whether they buy a lot or a little it won't have any longterm impact.
In the short term it might have a slight effect but what happens in the long term? Bitcoin remains Bitcoin and no one can control it not even the ruling government because they can only take effective action in the short term not the long term.

[BitGoba]

Since the government can print money excessively, i believe that this is enough to have power over Bitcoin.

Before you say that "me been gullible to my own thoughts" is in fully effect, take a minute to reason with me.

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

 You don’t understand what Bitcoin is.Bitcoin was created to be money and fulfills the functions of money as a means of storing value, a medium of exchange, and a unit of account.It is a completely independent monetary system, separate from central bankers and fiat currencies. Bitcoin does not depend on fiat currency prices it operates entirely independently.Printing fiat currencies always eventually leads to high inflation and ultimately hyperinflation, in which the fiat currency is destroyed. Even the largest fiat currencies, like the dollar or the Swiss franc, will eventually experience a hyperinflationary collapse.What do you think people will use then to exchange, measure, and preserve value? Do you think they will go back to gold, or will they start using Bitcoin?

[lizarder]

Before you say that "me been gullible to my own thoughts" is in fully effect, take a minute to reason with me.

This is the hardest part of fighting the impossible because talking about thoughts we often forget how to overcome them. In fact, I was hesitant to buy bitcoin when it went down and then bitcoin went up again so I lost the momentum to make short-term profits.

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

It's not as easy as you imagine because even though you can print as much money as possible, you also need to think about the impact of inflation, exchange rates and economic slowdown which can cause problems so this is not the only solution that can be done even if the government has access to do it. The world economy is not seen as as simple as we think because it is directly related to the growth scheme in terms of a country's finances.

You can be in control, but not completely able to make policies as you wish because every government has rules that must be followed regarding money and so on. Especially when talking about individuals who may be quite limited regarding the financial resources they have, so the ability to balance this issue is needed better.

[fikrett]

All I have to do if I have the power is turn on the printer, buy as much Bitcoin as I can, since I can print I will keep changing all that fiat to Bitcoin, eventually I will have a lot of Bitcoin.

Tell me how this is not a big problem? One sneeze from me on the social media will disrupt the value of Bitcoin, it means I am in control.

Am I been gullible to my own thoughts after all? Undo the blindfold then, thank you.

Is this what you call controlling bitcoin?

They can buy but when it comes to selling can they control other buyers? Of course in this case everything goes back to the way it was before where when someone buys someone else sells and the government cannot control this because ultimately the situation remains the same.

They can buy a lot of Bitcoin, that's true but whether they buy a lot or a little it won't have any longterm impact.
In the short term it might have a slight effect but what happens in the long term? Bitcoin remains Bitcoin and no one can control it not even the ruling government because they can only take effective action in the short term not the long term.

Market is for everyone, true to that. But you can't control the minds of the people and the smart money flow, market is still there and BTC cap is so big nobody would be able to shake it to the right or left if he wants to, ever so slightly even.

[Ucy]

Well, money printed out of thin air is valueless. Once it goes into circulation, It will contribute to inflation in the USA and possibly the world, and this also weakens the value of dollar, Bitcoin price could increase based on this (weakened dollar) rather than the factor of increasing demand for it. And the price increase could happen in days, weeks or even months later.
When it comes to fiat money increasing the demand for Bitcoin and consequently increasing the price, it's something that could happen in the old, by creating a weak bubble and the bubble bursting later, because the demand is based on weak fundamentals. But now Bitcoin has become entirely resistant to such manipulation or bubble, and it will simply look like nothing happened to the price.
What move the price up today is strong fundamentals based on sound money(hard/clean money), Bitcoin principles, etc
 

[Danica22]

If you want to control bitcoin, you need to control its network, not a majority of its supply. Owning a majority of bitcoins does not give you any influence on the bitcoin network protocol, you also need community consensus if you want to modify or change it. It is a mistake to think that simply holding a majority of bitcoins gives you control over bitcoins.

Also, as some have pointed out, the government wouldn't be so foolish as to print money just to own a majority of bitcoin. Printing money only makes bitcoin more expensive because fiat money loses value if printed without tight controls.

[henry_of_skalitz]

If you want to control bitcoin, you need to control its network, not a majority of its supply. Owning a majority of bitcoins does not give you any influence on the bitcoin network protocol, you also need community consensus if you want to modify or change it. It is a mistake to think that simply holding a majority of bitcoins gives you control over bitcoins.

Also, as some have pointed out, the government wouldn't be so foolish as to print money just to own a majority of bitcoin. Printing money only makes bitcoin more expensive because fiat money loses value if printed without tight controls.

Yep. If they think of such a thing, they would do it gradually, bit by bit, until there is no risk to them swipe the rug in the favor, just like they always do.

[CryptoBuds]

You need to know that bitcoin price increases not only because demand is greater than supply but also because fiat currency loses value. The faster fiat currencies lose value, the faster bitcoin prices rise. Meanwhile, indiscriminate money printing is one of the main causes of inflation as well as currency devaluation.

Therefore, if the government prints money to buy bitcoins, this will only cause the value of bitcoins to skyrocket and their economy will collapse due to the severe devaluation of the local currency.