Ninjastic
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Board Bitcoin Discussion
Re: Can bitcoin be hijacked by world billionaires???
by
SimpleMan
on 11/05/2021, 21:11:20 UTC
Quote from: TimeTeller on May 10, 2021, 09:01:01 PM
Quote from: SimpleMan on May 10, 2021, 03:59:55 PM
Quote from: wiss19 on May 09, 2021, 05:58:49 PM
Quote from: Newlifebtc on May 06, 2021, 12:31:25 PM
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
Billionaires like Elon Musk and big companies like Tesla have enough money to buy bitcoin in bulk, in amounts that are up to billions of dollars, but I don’t really think any one of them are ready to hold for a very long time.

All these investments that they are making are all for profit and I don’t think there is any other plan apart from that. That is why you have seen Tesla sell a percentage of their Bitcoin assets. If they should buy up and have no one to sell it to, then it’s of no use to them. They will always want to invest in something that will grow as a company, and for them to grow, capital is one of the necessary things that they need.

Also what does hijacking even mean in this context? Bitcoin is huge right now. Even a billionaire slowly but surely will have trouble to gain massive influence over Bitcoin. We are talking about a trillion dollar coin. If you own $5 billion in cash, even for it is not a trivial task to gt control over that coin. Especially when they start in bulks they also further drive the price up, making it even harder for themselves to gain influence.

I guess Bitcoin is beyond the critical point where a billionaire could try to gain major control. There is only one other possibility and that is that they already own the majority. If you invested a billion in 2014 or if you slowly bought over two or three years back then, you could afford to buy half a million Bitcoins for sure. That is a realistic scenario and I also believe that at least a few banks took a gamble back then and just bought coins maybe even just for a hundred million. That's change to them.

I also don't think they can easily manipulate the bitcoin market even if we say, they have large holdings.
If in case, these large holders will talk to each other and decide to influence the market, maybe they can.
But do you really think they will talk to each other regarding their plans for their bitcoin investments? I don't think so.
So in my opinion, they can't easily 'hijack' the bitcoin market, now that it is valued in a trillion dollar level.

The incentive structure of Bitcoin is very decisive here. If a billionaire or a group of billionaires have large holdings they instantly have an incentive for the network to be healthy, which partially translates into a good price and a decent functioning. In order to destroy or at last harm the network you have to invest enormous amounts of money that I think the only actor able to afford that could be found on the state level, not private individuals.