You still think Bitcoin is uncontrollable?

[Bobrox]

I can't fully agree with your opinion about bitcoin is uncontrollable since government have many regulation about cryptocurrency and most of top countries hold many bitcoin so far such as United Stated recently hold 198.012 BTC. But top government have bigger influence to make bitcoin dump and pump drastically after their economic decision make bitcoin difficult defend at higher price or going drop to lower price.
I remember well how much liquidation last week after Donald Trump announcing with China import product traffic and become bigger amount of liquidation in history.

However bigger influence of government regulation make bitcoin uncontrollable but bitcoin keep stronger after facing many bad news will return back to higher price although need time. Don't be afraid about how many time the government giving bad impact for bitcoin after their decision but at the least bitcoin will return to higher price and raise up more higher than latest drop price.

[Mahanton]

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.

Basically, we know that the more money the government prints, the more the value of the currency will decrease, and inflation will occur. Even if the government prints excess money, it will become worthless for its country, if the price of the currency decreases, it has no value. Moreover, we know that Bitcoin is a limited supply where no one can increase it at will, so its price is unlikely to decrease. The more money the government prints, the more money they buy Bitcoin, the price of Bitcoin will increase, it will not decrease because there is a limited supply of Bitcoin. I think your thought is logical, but it is basically not possible in the real world, rather, the government of any country would not want to destroy their economy, in which case Bitcoin will continue to operate as it has in the past, as it is currently operating, and as it will continue to operate in the future.

The idea of governments printing unlimited money to buy Bitcoin sounds powerful at first but it breaks down when you think about how economies and currencies actually work when a government prints more money without real value backing it that currency loses purchasing power fast inflation rises and confidence in that money drops sharply so even if the government starts buying Bitcoin with it the value of the fiat it’s printing keeps falling meaning it will need to print even more just to buy the same amount of Bitcoin and that spiral would destroy its own economy before gaining control over anything.

Bitcoin is designed to resist this kind of control its supply is fixed at 21 million and it doesn’t bend to manipulation by any central authority printing more money doesn’t create new Bitcoin it only makes the printed currency weaker so the more a government tries to buy Bitcoin through inflation the higher Bitcoin’s price climbs because supply stays the same while demand rises. Also if a government tries to hoard Bitcoin it would only make the market more decentralized people around the world would see it as proof of Bitcoin’s strength not weakness they would start buying more which drives the price even higher governments can own large amounts but they can’t change its code its supply or the way transactions work that’s the core of what makes Bitcoin unique and independent.

[LeyMonte]

You can never control Bitcoin by printing paper money, because if you buy Bitcoin with paper money, you will have to create a lot of paper notes and buy Bitcoin with them. The more paper notes you create, the more the value of money will decrease and even if you want to, you will not be able to maintain the value of your fiat currency. Then you will face more danger, because the demand for Bitcoin is increasing day by day because large holders are holding Bitcoin.

Yes, Bitcoin can be purchased manually with paper money, but the amount of paper money that will be spent to buy it seems like a lot of money will have to be printed. Even if money is not printed, a lot of money will be spent on one side. Bitcoin can never be controlled by doing these things. Uncontrolled Bitcoin will continue like this. Thinking about buying Bitcoin with paper money will only increase inflation.

[AGogi2003]

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.

Bitcoin can not be control that is why he have much value and people are given truest on it and buying to invest for the long term. If you think if you print paper money thinking you will get all the bitcoin. he can not be possible because they have policy they have the actual amount of money they print every year in county because if you think they didn't put that rules you won't see anything to buy again because everyone will be holding money and won't work anymore. And he will definitely reduce the value of money and that is why they have limit of creating.

Bitcoin is high value but you can still invest at the lower price because not everyone have the capacity to buy one bitcoin and think he will invest for the long term. So we should not be waiting our time on bitcoin control we should invest what we can afford to lose because you can't predict or control bitcoin just invest what you can lose and set your target and anytime the price increases you will surely get your profits.

[uchegod-21]

You can never control Bitcoin by printing paper money, because if you buy Bitcoin with paper money, you will have to create a lot of paper notes and buy Bitcoin with them. The more paper notes you create, the more the value of money will decrease and even if you want to, you will not be able to maintain the value of your fiat currency. Then you will face more danger, because the demand for Bitcoin is increasing day by day because large holders are holding Bitcoin.

Yes, Bitcoin can be purchased manually with paper money, but the amount of paper money that will be spent to buy it seems like a lot of money will have to be printed. Even if money is not printed, a lot of money will be spent on one side. Bitcoin can never be controlled by doing these things. Uncontrolled Bitcoin will continue like this. Thinking about buying Bitcoin with paper money will only increase inflation.

Every effort the government tends to use to control Bitcoin often backfires. Most governments are already realising this, that is why we see that they are now becoming more bitcoin friendly. What is the hate for when it has brought no benefits, instead it keeps strengthening Bitcoin?

They understand that it is not wise fighting Bitcoin using fiat.  The fiat is the one that gets weaker and not bitcoin. OP is still very new to Bitcoin and does not understand economics. If he does, he should understand the dangers of printing money excessively.

[Dogedegen]

So, you can estimate how much is currently available by adding the total bitcoin on exchanges. There are charts showing this. According to cryptoquant.com the reserve is around 2.4m BTC and has been steadily falling for years. It used to be at 2.8m earlier this year.

Of course this doesn't tell us how much there is for sale because if a large buyer comes with an offer 20% above the market price, the market is going to let him grab some BTC and then adjust to the premium, but what if he also increases his offer? Eventually people are going to start coming with their reserves and selling to him at $200k per btc then 220k then 250k and so on, but there's going to be a limit of what he can spend. If the premium goes to 1m per coin, is the government going to continue its print? I very much doubt that.

I am sorry but this point of data does not tell us anything, you are wrong to bring this up. Unless there is a very significant change in the numbers then it is meaningless. When there is more market activity and when the price is pumping with more intensity the supply on exchanges tends to increase as more people bring supply to sell. If it fell to 1.5M or 1M or less then I could consider it a bit more meaningful.

And will the bitcoins on the market be available? This is also a big question when buying bitcoin. Which market can offer large amounts of bitcoin at the same price? There's bound to be a waiting line for buyers. Okay, let's say the OTC market is like whales making transactions. The question is, will they sell? This is certainly not easy.

The Bitcoin market is pretty liquid and I don't think this is going to change much. As the price continues to increase there will always be people who want to sell at the new prices.

I can't fully agree with your opinion about bitcoin is uncontrollable since government have many regulation about cryptocurrency and most of top countries hold many bitcoin so far such as United Stated recently hold 198.012 BTC. But top government have bigger influence to make bitcoin dump and pump drastically after their economic decision make bitcoin difficult defend at higher price or going drop to lower price.
I remember well how much liquidation last week after Donald Trump announcing with China import product traffic and become bigger amount of liquidation in history.

Having Bitcoin does not give you any control over it. They can influence the market price of Bitcoin but this is because they are manipulating people. That is they are controlling people, they are not controlling Bitcoin! That is the irony of human understanding. You got this point entirely backwards, the humans are the ones that are the issue. Bitcoin is not controllable.

[Antotena]

Yes, Bitcoin can be purchased manually with paper money, but the amount of paper money that will be spent to buy it seems like a lot of money will have to be printed. Even if money is not printed, a lot of money will be spent on one side. Bitcoin can never be controlled by doing these things. Uncontrolled Bitcoin will continue like this. Thinking about buying Bitcoin with paper money will only increase inflation.

The price of Bitcoin is an illusion created by people that speculate the price of Bitcoin. If everyone has it in kind that Bitcoin is going to be worth a million dollars today, then it's going to be done in a matter of time, it's not about been purchase with lot of money, when it first came out, it was trading far less than what's it's trading today and the price it's going to trade tomorrow is going to be a very huge one too, that's how the price has always been since the beginning.

Bitcoin is by choice but fiat is force down on our throat because of government effect, they called it legal entity that must be used because they control, they make the laws how it's going to be used but Bitcoin doesn't have any law, it doesn't limit people that want to have it, it doest give power to some certain people but people who have the money to guy more of it tend to be the person people support, example is Micheal Saylor, the community respect him but you see the government, everyone doesn't like them.

[Renampun]

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.

And you think that printing money to buy Bitcoin is that easy, if they could do it like that, then they would have done it a long time ago, but in fact, it's not as easy as you think, that doing so would quickly devalue the currency and that would cause high inflation, and that would destroy their economy. on the other hand, when they buy more Bitcoin, it will encourage others to do the same, and more people might hold their Bitcoin and that will make the price of Bitcoin skyrocket, and that means the government needs more money to buy, and that will only worsen the situation. and in the end, the one who benefits here is Bitcoin, since then it will increase in value, while the government will suffer the consequences of their decision to print too much money.

[Pauldesaints]

Government is not one man business where one takes  decision at will by himself.before coming out with such decisions,it will be subjected to a alot of  legislative process for there approval.
When there are large volumes of fiat money in circulation,it has alot of negative impact on the countries economy.printing of money is not done at the president proclamation.but will have to undergo whole lot of process.

[Abiky]

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.

Well, yeah. But doing such a thing becomes counter-intuitive. Because printing more money will lead towards the devaluation of Fiat. This means a higher-priced Bitcoin over the long term. It'll be impossible to buy all of the circulating supply this way. They won't be able to control the network itself either. Especially when it requires tremendous amount of processing power (hashrate) to perform a 51% attack. Nodes are widely distributed around the world, too.

For now, Bitcoin remains uncontrollable. Hopefully, governments will never find a way to centralize it. Otherwise, it will be the end of Bitcoin for good.

[MusaMohamed]

Well, yeah. But doing such a thing becomes counter-intuitive. Because printing more money will lead towards the devaluation of Fiat. This means a higher-priced Bitcoin over the long term. It'll be impossible to buy all of the circulating supply this way.

Buying all bitcoins in circulation is truly impossible but even impossible mission is done, it is not enough to control Bitcoin network this way. The Bitcoin blockchain, its network and its coin circulation are all different.

They won't be able to control the network itself either. Especially when it requires tremendous amount of processing power (hashrate) to perform a 51% attack. Nodes are widely distributed around the world, too.

For now, Bitcoin remains uncontrollable. Hopefully, governments will never find a way to centralize it. Otherwise, it will be the end of Bitcoin for good.

Two tools as calculators on 51% attack success probability can help understand this impossible mission better.
https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

In Bitcoin network and mining history, there were times with very big and dominating Bitcoin mining pools that were able to do 51% attacks but they did not do it. They knew that if they did 51% attacks, they won't win any game but they will trigger a fail game for themselves.
The evolution of mining pools and miners’ behaviors in the Bitcoin blockchain.

[BALIK]

For now, Bitcoin remains uncontrollable. Hopefully, governments will never find a way to centralize it. Otherwise, it will be the end of Bitcoin for good.

There is no way for the government to make Bitcoin centralized in these days.

It can be said they had the opportunity to do that in the early days, when bitcoin was not popular, the bitcoin network had not become too decentralized. Because at that time there were not many miners, the number of nodes was small and concentrated in one country like the US, Europe or China. But now the number of miners and nodes has increased many times and is distributed globally, the community has also become stronger. The bitcoin network has become more decentralized than ever. Therefore, trying to centralize bitcoin these days is nothing short of mission impossible.

[Catenaccio]

There is no way for the government to make Bitcoin centralized in these days.

It can be said they had the opportunity to do that in the early days, when bitcoin was not popular, the bitcoin network had not become too decentralized. Because at that time there were not many miners, the number of nodes was small and concentrated in one country like the US, Europe or China. But now the number of miners and nodes has increased many times and is distributed globally, the community has also become stronger. The bitcoin network has become more decentralized than ever. Therefore, trying to centralize bitcoin these days is nothing short of mission impossible.

Decentralization or centralization is not made by a single Bitcoin miner so let's imagine that if government of a nation A want to centralize Bitcoin network in their hands, will it be possible, and will other nations and governments there not want to join the party to centralize Bitcoin?

With highly competitiveness from many nations globally together with individual and institutional Bitcoin miners, it makes up a very challenging and impossible task to finish and achieve by any Bitcoin miner from individual, institutional to governmental. Bitcoin will fortunately get benefit from it and increases its blockchain and network security with more new increasing hashrate and escalating higher blockchain difficulty.

[DanWalker]

Government is not one man business where one takes  decision at will by himself.before coming out with such decisions,it will be subjected to a alot of  legislative process for there approval.
When there are large volumes of fiat money in circulation,it has alot of negative impact on the countries economy.printing of money is not done at the president proclamation.but will have to undergo whole lot of process.

This is true, printing money is complicated and requires going through many legislative processes and needing approval from Congress. But the problem is not whether printing money is easy or not, but that printing money indiscriminately and using it for the wrong purposes will cause many consequences and risks to the national economy. That is why the idea of ​​printing money to buy gold, bitcoin is not a secret and every government knows. But they never do so, that action is no different than digging their own grave.

[lizarder]

Well said, Printing more money might look like an ab easy way, but in reality, it only weakens the economy by reducing the value of the currency. If solving debt was as easy as printing cash, no country would be struggling today. I also agree with you about Bitcoin its fixed supply is what makes it stand out.The real question, as you said, is whether governments are willing to adapt and invest in it. Some are still hesitant, but with time, many might realize the real benefits and change their mind.

The problem is not a limit on the money required so that countries need to print more money but rather how a particular country takes its approach to investment, as is the case with several countries which so far do not accept bitcoin in any form so even if they have money it will be meaningless. El Salvador has shown a new direction in the way they are taking their approach to bitcoin and it looks more successful than most countries out there expected. Printing more money is not a solution but rather creates problems as we discussed in the previous post so this is not the only smart strategy that can be utilized.

There are many sources that can be used by each country to buy bitcoin, but the question is the same, how do they make this approach and what steps encourage a country to take the approach of buying bitcoin as one of the schemes that needs to be implemented. If this is related to time, then every country should be able to prepare everything so that they can take a faster approach than the process that has been prepared.

[Mame89]

Yes, Bitcoin can be purchased manually with paper money, but the amount of paper money that will be spent to buy it seems like a lot of money will have to be printed. Even if money is not printed, a lot of money will be spent on one side. Bitcoin can never be controlled by doing these things. Uncontrolled Bitcoin will continue like this. Thinking about buying Bitcoin with paper money will only increase inflation.

Every effort the government tends to use to control Bitcoin often backfires. Most governments are already realising this, that is why we see that they are now becoming more bitcoin friendly. What is the hate for when it has brought no benefits, instead it keeps strengthening Bitcoin?

They understand that it is not wise fighting Bitcoin using fiat.  The fiat is the one that gets weaker and not bitcoin. OP is still very new to Bitcoin and does not understand economics. If he does, he should understand the dangers of printing money excessively.

That's right. Bitcoin cannot be controlled by governments even governments can't fight Bitcoin. This is proven by the many times Bitcoin has been declared dead, and several negative reports have been circulating about it, but none of this has worked; instead, Bitcoin has grown even more rapidly. It's no surprise that many governments are now aware of this, and many are even starting to adopt Bitcoin.

So don't think that Bitcoin will be controlled by governments in the future. Although governments can easily print money to buy Bitcoin, as you said, printing money indiscriminately will also have negative impacts, and I think governments are aware of this.

[DiMarxist]

Well said, Printing more money might look like an ab easy way, but in reality, it only weakens the economy by reducing the value of the currency. If solving debt was as easy as printing cash, no country would be struggling today. I also agree with you about Bitcoin its fixed supply is what makes it stand out.The real question, as you said, is whether governments are willing to adapt and invest in it. Some are still hesitant, but with time, many might realize the real benefits and change their mind.

The problem is not a limit on the money required so that countries need to print more money but rather how a particular country takes its approach to investment, as is the case with several countries which so far do not accept bitcoin in any form so even if they have money it will be meaningless. El Salvador has shown a new direction in the way they are taking their approach to bitcoin and it looks more successful than most countries out there expected. Printing more money is not a solution but rather creates problems as we discussed in the previous post so this is not the only smart strategy that can be utilized.

There are many sources that can be used by each country to buy bitcoin, but the question is the same, how do they make this approach and what steps encourage a country to take the approach of buying bitcoin as one of the schemes that needs to be implemented. If this is related to time, then every country should be able to prepare everything so that they can take a faster approach than the process that has been prepared.

The issue i see isn’t just about how much money a country has, but how wisely the use and value it. Printing more money might actually look like a good thing but in reality, it only leads to inflation and economic instability. Like you mentioned, El Salvador’s move toward adopting Bitcoin is a good example of how a different approach can create new opportunities for growth. Every country has the potential to follow similar strategies, but the main key is actually a good planning and execution. It’s not just about having the resources but it’s about having the right mindset, and timing to make those investments work. If governments take time to understand the process and act strategically, they can position themselves much better in the global economy.

[Bobrox]

Having Bitcoin does not give you any control over it. They can influence the market price of Bitcoin but this is because they are manipulating people. That is they are controlling people, they are not controlling Bitcoin! That is the irony of human understanding. You got this point entirely backwards, the humans are the ones that are the issue. Bitcoin is not controllable.

Exactly, having bitcoin does guarantee any one to control about bitcoin price actually many user only have few percent of bitcoin supply on their wallet, just trying to influence how to controlling the other get panic moment when bitcoin dump drastically to sell at lower price. I think ironic with many people mindset about bitcoin is uncontrollable when price suddenly decreasing due any bad decision made by government or top influence people.

That's right. Bitcoin cannot be controlled by governments even governments can't fight Bitcoin. This is proven by the many times Bitcoin has been declared dead, and several negative reports have been circulating about it, but none of this has worked; instead, Bitcoin has grown even more rapidly. It's no surprise that many governments are now aware of this, and many are even starting to adopt Bitcoin.

If you still remember when China banned bitcoin as legal transaction in their country price drop drastically but its not over yet for bitcoin raise most expensive price before China make bitcoin as illegal payment. Correct me if wrong, China banned bitcoin around 2017 and bitcoin price from $4k dropped to $3k, but without waiting longer time bitcoin success hit new ATH price and its not give long impact yet for bitcoin although fight by government. Government just have controlling with bitcoin regulation only at their country but they can't control all bitcoin holder around the world.

[peter0425]

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.

This is one of the most ridiculous thing I’ve heard in a while lol. You can print paper money but since it’s not from the central bank it will not be recognized as actual currency. You can print a million and all you’ll be doing is waste money. Even if you can print more money, the supply of bitcoin remains the same. You buying bitcoin will only make it more expensive as demand keeps going higher but supply remains the same.

[PepeLapiu2]

Sorry to tell you this guy's, but OP has a point. No, the gubernint and banks are not going to print money to buy Bitcoin and control it that way. That's absurd.

But if you think they are just going to let us take their money printer away from them and not put up a fight, you are delusional.

I think it's obvious, they have been corrupting and compromising the weakest link of Bitcoin - the core devs.

For the last 8 years spam keeps getting worst and worst and core has been repeating over and over:

 "we can't do anything about it and even if we could, we shouldn't"

"the miner fee market will take care of them"

Really? When does that start? Because the spam has been getting worst over that last decade. When does the miner fee market start to chase them away exactly?

Just look at mempool.space for yourself. The blocks are full of garbage. Bitcoin is dead if we don't wake up.

Join the fight, run a Knots node:
https://bitcoinknots.org/