U.S. Treasury Department says that DeFi and decentralized crypto markets threaten national security
(twitter.com)
-STRAIGHT UP PANIC MODE-
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (107)
sorted by:
Crypto like Bitcoin is not controlled by anyone just like gold. Crypto like Ethereum is controlled by some company. I might agree you if you meant Ethereum
Bull shit. I purchased my first coin for less than $5 usd.
5-6 years ago all big banks were condemning BTC. Then within weeks bought hundreds of millions. 18 months later, they announce it. Now how many fraudulent exchanges etc???????
YOU STILL THINK ITS NOT CONTROLLED?
So what? I bet you aren't still holding onto the ones you bought then. Nevertheless, neither of your points have anything to do with what I wrote.
Read recent posts. Of course I'm not holding anything besides metals and American fun dollaradoos so I can buy Some Sweet Creamy Mac n Cheese 40k to 20k rug pull in a couple months was amazing to watch
Keep telling yourself that.
BTC has been susceptible to a 51% hack since day 1.
Any commodity/security/crypto can be manipulated if you own enough. If you don't understand that. You should stop "investing"
GME is a prime example. Only illegal activity is keeping it from exploding.
You obviously missed the point inspoken made. Either that, or you don't understand what Bitcoin is. BTC is a PoW coin. In order to control Bitcoin, you have to control a COMPLETELY ORTHOGONAL asset from BTC itself. You must control mining (i.e energy). Anyone sufficiently wealthy could in theory own 51% of all outstanding BTC, but they still have exactly ZERO ability to control it. If you want to control it, you must instead exert influence over 51% of the mining ability. How much BTC any organization owns is totally irrelevant.
And Bitcoin mining is something that a concerted group of patriots can always resolve. It is infinite in size. There is a never a limit on how much you can add or who can add it. If a 51% attack ever became realistically possible, the entire Bitcoin community would come together to add additional mining capacity and thwart it. It will quite simply never happen.
This is why only Proof Of Work coins like Bitcoin are truly decentralized and the only ones that deserve to be called crypto. Others, like Ethereum that now rely on Proof Of Stake, allow anyone owning enough of the currency to also control the currency. They are hardly better than CBDCs. Don't even get me started on Ripple. Which uses a permission blockchain and is the prototype for all CBDCs.
TThe 51% attack has been completed successfully. Over half a decade ago. Only controlling the NODES.
You know how you control the price when you control the majority? You pump it with other accts. Lift it sky high. Say 40k then rug pull them bag holders to 20k LMAO
I Skipped most the shit you wrote then seen the ripple comment. Everyone in crypto knew ripple was a scam with in 90days.
You need to define what you mean by "control", because you keep mixing and matching definitions. There is 1) manipulating the value of BTC (i.e. the notional price vs another asset in a pair), or 2) commanding who is allowed to transact with the currency and under what circumstances. Those are entirely different things.
Yes, the price can be manipulated, and in fact with far less than 51% of the coins. Nobody has ever said otherwise. But most of your comments read like this response above. It appears to be a non sequitor, possibly with 2 different ideas merged into a single statement which then becomes unintelligible. Sentence 1 refers to mining nodes, and sentence 2 refers to value. They have no connection to each other.
Just some advice to help with future communication. When using the word control with respect to Bitcoin, please explicitly identify whether you are using the word to mean "manipulated value" or actual "command of how it can be spent". Those 2 concepts are often mixed and conflated in government issued fiat currencies. They are distinctly separate in crypto.