Bitcoin: No As Uncontrollable As Many Think
(Edited)
There are many, especially maximalists, who feel that Bitcoin cannot be controlled. That might be true to a degree but it can be bought up.
In this video I discuss how Bitcoin is going to be deflationary, which is not the uptopia people think it is. The fact that the establishment can buy up the supply means it is no longer the "people's money".
▶️ 3Speak
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Just in case you missed this @aggroed says he is doubling the number of accounts every 2 weeks! That’s phenomenal growth and in line with what you have been saying about Hive making millionaires and crypto ending debt.
https://leofinance.io/@cryptowendyo/splinterlands-super-cool-easy-play-to-earn-crypto-nft-game-for-everyone
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Let's think in perspective. When the big entities, corporations and governments will own the majority of bitcoin, what do you think the miners will do? Run the blockchain independently and uninfluenced by the new whales? I doubt that. So even that won't bitcoin have - its own forged path.
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Summary:
In this video, the speaker discusses the misconception that Bitcoin is completely outside the control of traditional establishments. He asserts that as more entities like governments, institutions, and corporations acquire Bitcoin, the digital asset could become increasingly centralized, leading to wealth concentration and a potential loss of accessibility for the masses. The speaker emphasizes that the finite nature of Bitcoin makes it susceptible to being bought up by large entities, which could impact its distribution and accessibility for average investors. He questions whether Bitcoin can truly remain decentralized if a significant portion ends up in the hands of a few powerful entities. The video puts forward the idea that as more institutions and corporations jump into the Bitcoin space, the digital asset's value and ownership landscape could drastically change, potentially leaving smaller investors with limited access.
Detailed Article:
The video opens with the speaker debunking the commonly held belief that Bitcoin operates completely outside the control of the establishment. He argues against the notion that Bitcoin is the "people's money" or a symbol of financial freedom. According to the speaker, the recent actions by China in banning Bitcoin mining have led to a dispersal of mining operations globally, resulting in a more diversified hash rate across different regions. This dispersion of mining activity is seen as reducing the influence of individual miners within the network.
One primary concern highlighted by the speaker is the finite supply of Bitcoin, which leads to its deflationary nature. While many view this scarcity as a positive attribute, the speaker foresees potential issues arising from the concentration of Bitcoin in the hands of powerful entities like corporations, central banks, and sovereign wealth funds. Examples are given of companies such as Tesla and MicroStrategy that have already invested substantial sums in Bitcoin, raising questions about the distribution and control of the digital asset.
The speaker questions how much Bitcoin will eventually end up in the hands of various entities, such as governments, financial institutions like BlackRock, JP Morgan, central banks, and wealthy individuals like Elon Musk. The scenario is painted where if Bitcoin were to increase significantly in value, the wealth and influence of those holding large amounts of it would skyrocket, potentially exacerbating wealth inequality.
A key argument presented is the disparity in purchasing power between large entities and individual retail investors. The speaker points out that while institutions like Fidelity have vast amounts of capital at their disposal, regular investors may struggle to acquire significant holdings of Bitcoin. This trend, if it continues, could lead to a scenario where a few major players hold the majority of available Bitcoin, limiting its accessibility to the general public.
In the final segment, the speaker discusses the consequences of a large-scale acquisition of Bitcoin by Fortune 500 companies, banks, governments, and sovereign wealth funds. He speculates on the potential implications of such entities entering the Bitcoin market, contemplating the extent to which their massive purchases could impact the overall supply and distribution of the digital asset.
The video closes with a reflection on the uncertain future of Bitcoin's decentralization, especially in light of increasing institutional interest and investment in the cryptocurrency. The speaker emphasizes the need to consider the broader implications of large entities accumulating significant amounts of Bitcoin, potentially reshaping the landscape of cryptocurrency ownership and accessibility for retail investors.