What happens when one big player, say Blackrock or China, buys thousands of bitcoins? Bitcoin is very susceptible to whale speculation and that's how it all will end eventually.
IGOexiled already said it, but the difference between BTC and gold is that BTC relies on a very complex infrastructure and gold can be held and traded as is.
It's not about the rich and powerful, though. Of course they won't be targeted.
If you cause problems for the system, though, whether you are elite or not, you will be targeted in the same way they do now.
See my other comment, it is straightforward and imo incredibly likely that they tie in blacklists that essentially freeze the wallets of "terrorists". Over time that would be expanded to a social credit score system, where when your score drops too low your wallet cannot perform transactions.
Yes, it is absolutely possible, and imo very likely. Understand that now and start being vocal to make sure people don't get scared into accepting it when the time comes.
Read my other comment to understand what I mean. Sure, no wallets can be frozen NOW, but what I'm saying is that can very easily be changed, and to me seems incredibly likely that it will.
It won't matter if they are cold wallets or on an exchange. They will add in a requirement to verify the wallet is not on a blacklist to approve the transaction. I would bet everything I have that they will do that, create a false flag event and use it to force the blacklist check. Eventually that will be expanded to integrate a social credit score system.
Forks that do not implement the blacklist checks will not survive because the mainstream system will only recognize the mainline branches with blacklists (meaning you won't be able to use the forks to buy anything in the mainstream system). The same will be true for privacy coins, they just won't be allowed in the mainstream.
That's why I say it is incredibly important to be vocal about this now to try to raise awareness of what they will try before they actually try it. And probably more importantly, start now on creating parallel systems outside of the mainstream system so they are in place and will allow the forked bitcoin and privacy coins, because the mainstream will not be allowed to accept them when the time comes.
Nodes control the bitcoin network. Nodes run bitcoin clients, the largest of which is bitcoin core, but there are like a dozen popular clients.
The protocol changes over time, and enhancements are regularly made. From small changes to significant changes like SegWit and TapRoot. The "communities" that develop the popular bitcoin clients debate and come to a consensus on changes that will be accepted and implemented in all bitcoin clients.
All that is needed to add the ability to ban accounts is to have a major false flag that scares people enough, a call for emergency measures to implement a blacklist in the bitcoin protocol, and the bitcoin clients to agree to implement that blacklist. They would likely do it in such a way that it would use approved government lists (e.g. from FBI, CIA, U.N., Interpol, etc.).
Once a majority of the nodes on the network upgrade their clients to the newest version containing the blacklists, then instantly blacklists will become a thing. To me, the likelihood of this seems incredibly high. There are already plenty of rumors that Blackrock and Coinbase may join forces to push a fork that would move from proof of work to proof of stake, for example, so certainly a 9/11 style event could easily force something like blacklists.
The only recourse is to hard fork, and those opposed would need to maintain the bitcoin clients that do not accept the blacklists. In general, over time, only one fork will win, and that would probably be the one that is legally mandated in the emergency act of congress that would happen after the false flag.
Remember BCH? How are they doing now?
Similar things have already happened on Ethereum with Circle and USDC freezing TornadoCash accounts.
Not trying to doom and gloom, rather, pointing out that if you want crypto out of government control then you need to get involved, run nodes, build new blockchains or participate in alternatives, spread knowledge, and/or loudly advocate now before the false flags happen.
The idea that the ruling class would just allow themselves to be superseded, and not fight to the death to control any alternatives, is..well, that's not going to happen.
Start preparing and advocating and getting involved now.
No technology is control proof (cybersecurity 101) and no currency is immune to manipulation (economics 101). It seems cryptocurrency ideologues are illiterate in both spheres.
That being said, BTC has proven to be a good investment.
That paper from 1996 is just a summary of what was going on at the time in the development of electronic and digital cash, it does not mention or even hint at, the innovations of bitcoin.
In fact it goes heavily into the problems of double spending and fake tokens. The only way to deal with that at the time was to have a centralized approach.
That is why whenever the digital currencies of the time such as web money, perfect money, and especially EGold started to take off, the government was able to easily come in, raid the location, and shut them down immediately.
With the development of bitcoin, a successful decentralized approach, there was no simple way to shut it down.
This pathetic approach of trying to scare people by pretending bitcoin was planned, developed by, and controlled by the NSA just makes people laugh.
There is so much innovation going on beyond bitcoin such as with Ethereum, Monero, Cardano, and others and in such areas as defi that these pathetic attempts are like a little boy sticking his finger in a hole in a dike to stop a flood just as pressure is about to cause many other holes to pop and a deluge to follow.
It is over, the cat is out of the bag, the deluge won't be stopped.
Oh, so Bill Cooper said that a decade before bitcoin was invented, right before he died, did he. Well you got me there, as I can not find this information anywhere outside of your bold faced claims.
You already know Smith. ALL digital currency is a scam designed to enslave the masses IF we were stupid enough to use it regularly. Speak against the gov/corporations who control the electric grid, the internet and digital currency, they will shut off or limit your spending and buying ability. They can even shut off the ability for anyone to purchase from your retail shop.
You already know all this Agent Smith. I'm only educating the readers when I type it all out.
What happens when one big player, say Blackrock or China, buys thousands of bitcoins? Bitcoin is very susceptible to whale speculation and that's how it all will end eventually.
This is the closest you can get to how it might be manipulated. An private intel software firm controls the most crypto in the world.
https://www.zerohedge.com/crypto/these-are-worlds-largest-corporate-holders-bitcoin
Besides all the alt coins out there, not to mention Monero, the cat's out of the bag even if it was created by intel agencies.
Explain how to spend a bitcoin during a blackout, then show me a one-year period where nobody in LA experienced a blackout.
The power company controls the bitcoin.
My bitcoin was stolen by the FBI by intercepting the message confirming its transfer to the merchant on the silk road.
Value when stolen: ~$100, value today: ~$45,000.
We are in agreement comrade
IGOexiled already said it, but the difference between BTC and gold is that BTC relies on a very complex infrastructure and gold can be held and traded as is.
It's not about the rich and powerful, though. Of course they won't be targeted.
If you cause problems for the system, though, whether you are elite or not, you will be targeted in the same way they do now.
See my other comment, it is straightforward and imo incredibly likely that they tie in blacklists that essentially freeze the wallets of "terrorists". Over time that would be expanded to a social credit score system, where when your score drops too low your wallet cannot perform transactions.
Yes, it is absolutely possible, and imo very likely. Understand that now and start being vocal to make sure people don't get scared into accepting it when the time comes.
Read my other comment to understand what I mean. Sure, no wallets can be frozen NOW, but what I'm saying is that can very easily be changed, and to me seems incredibly likely that it will.
It won't matter if they are cold wallets or on an exchange. They will add in a requirement to verify the wallet is not on a blacklist to approve the transaction. I would bet everything I have that they will do that, create a false flag event and use it to force the blacklist check. Eventually that will be expanded to integrate a social credit score system.
Forks that do not implement the blacklist checks will not survive because the mainstream system will only recognize the mainline branches with blacklists (meaning you won't be able to use the forks to buy anything in the mainstream system). The same will be true for privacy coins, they just won't be allowed in the mainstream.
That's why I say it is incredibly important to be vocal about this now to try to raise awareness of what they will try before they actually try it. And probably more importantly, start now on creating parallel systems outside of the mainstream system so they are in place and will allow the forked bitcoin and privacy coins, because the mainstream will not be allowed to accept them when the time comes.
Nodes control the bitcoin network. Nodes run bitcoin clients, the largest of which is bitcoin core, but there are like a dozen popular clients.
The protocol changes over time, and enhancements are regularly made. From small changes to significant changes like SegWit and TapRoot. The "communities" that develop the popular bitcoin clients debate and come to a consensus on changes that will be accepted and implemented in all bitcoin clients.
All that is needed to add the ability to ban accounts is to have a major false flag that scares people enough, a call for emergency measures to implement a blacklist in the bitcoin protocol, and the bitcoin clients to agree to implement that blacklist. They would likely do it in such a way that it would use approved government lists (e.g. from FBI, CIA, U.N., Interpol, etc.).
Once a majority of the nodes on the network upgrade their clients to the newest version containing the blacklists, then instantly blacklists will become a thing. To me, the likelihood of this seems incredibly high. There are already plenty of rumors that Blackrock and Coinbase may join forces to push a fork that would move from proof of work to proof of stake, for example, so certainly a 9/11 style event could easily force something like blacklists.
The only recourse is to hard fork, and those opposed would need to maintain the bitcoin clients that do not accept the blacklists. In general, over time, only one fork will win, and that would probably be the one that is legally mandated in the emergency act of congress that would happen after the false flag.
Remember BCH? How are they doing now?
Similar things have already happened on Ethereum with Circle and USDC freezing TornadoCash accounts.
Not trying to doom and gloom, rather, pointing out that if you want crypto out of government control then you need to get involved, run nodes, build new blockchains or participate in alternatives, spread knowledge, and/or loudly advocate now before the false flags happen.
The idea that the ruling class would just allow themselves to be superseded, and not fight to the death to control any alternatives, is..well, that's not going to happen.
Start preparing and advocating and getting involved now.
No technology is control proof (cybersecurity 101) and no currency is immune to manipulation (economics 101). It seems cryptocurrency ideologues are illiterate in both spheres.
That being said, BTC has proven to be a good investment.
What Pathetic Nonsense!
That paper from 1996 is just a summary of what was going on at the time in the development of electronic and digital cash, it does not mention or even hint at, the innovations of bitcoin.
In fact it goes heavily into the problems of double spending and fake tokens. The only way to deal with that at the time was to have a centralized approach.
That is why whenever the digital currencies of the time such as web money, perfect money, and especially EGold started to take off, the government was able to easily come in, raid the location, and shut them down immediately.
With the development of bitcoin, a successful decentralized approach, there was no simple way to shut it down.
This pathetic approach of trying to scare people by pretending bitcoin was planned, developed by, and controlled by the NSA just makes people laugh.
There is so much innovation going on beyond bitcoin such as with Ethereum, Monero, Cardano, and others and in such areas as defi that these pathetic attempts are like a little boy sticking his finger in a hole in a dike to stop a flood just as pressure is about to cause many other holes to pop and a deluge to follow.
It is over, the cat is out of the bag, the deluge won't be stopped.
I wasn't born yesterday Agent Smith.
LightBringerFag says the line every time he gets called out for his bullshit.
Monero is the real bitcoin. Most people think Bitcoin works like Monero actually works.
Monero is fully private, when you send transactions no one can see who is sending, the amount being sent or the recipient. It is true digital cash.
https://moneromeans.money
Yawn
Keep clutching your federal reserve notes.
The bankers are crapping their pants and soon they will not be able to afford to pay shills like you.
I’m against fiat bills too.
Good luck getting anyone who made their nut off crypto to believe this
The internet is also a government op to get mass behaviour manipulated in a variety of ways
Yet here we are
Not entirely.
Makes sense to create the alternate to your currency so that you don't go broke
That's what Rothschild did with his bitcoin scam.
Confirmed what? Those things YOU have said 2 decades after his death?
Confirmed nsa made crypto currency
Oh, so Bill Cooper said that a decade before bitcoin was invented, right before he died, did he. Well you got me there, as I can not find this information anywhere outside of your bold faced claims.
I wasn't born yesterday Agent Smith.
Then make this make sense, Agent Smith.
You already know Smith. ALL digital currency is a scam designed to enslave the masses IF we were stupid enough to use it regularly. Speak against the gov/corporations who control the electric grid, the internet and digital currency, they will shut off or limit your spending and buying ability. They can even shut off the ability for anyone to purchase from your retail shop.
You already know all this Agent Smith. I'm only educating the readers when I type it all out.
Wow. You're not answering any of my questions are you? None of this has anything to do with Bill Cooper.
You Sir are a liar.
How is any of this connected to Bill Cooper?
It isn't. It's a shit sandwich, filled with fail and AIDS:
https://patriots.win/c/Conspiracies/p/17siJHcGpN/bill-cooper-confirmed-this-in-th/c/4ZA1LPhVLQw
Behold a Pale Horse.
He warned us about digital currency
Did The NSA Create Bitcoin?