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Is that true for Bitcoin & Gold? Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? Surely the control jus

Is that true for Bitcoin & Gold? Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? Surely the control just lies with people who own a large quantity of bitcoin to be able to control the market. I agree that it's a opt-in alternative for people who find FIAT currencies lacking, maybe store of value is a use but it just feels within the speculative asset aspect. I feel the same way about it as someone storing a bunch of gold in a vault, which kind of cements my view. I suppose this is what I mean, I don't think NFTs are specifically bad, I value it in the same way i'd do dropping 6 figures on pokemon cards, except it's just slightly worse than owning a collectors item, which is my original point. So yeah - if the argument is that crypto/blockchain just exists as an alternative currency, and that's all it will ever really be used for, I suppose that's a use, i'd probably have all my money in crypto if I lived in a highly inflationary country

kjksf 1y ago
Governments print money because they want it and are ok with you loosing yours (via inflation). What you describe (buy high, sell low) is the opposite so what incentive the government (or anyone else) has to loose money? Sticking it to Bitcoin? BTW: it's not that I FIND fiat lacking. Fiat IS lacking. See all the printing of money by US, EU and everyone else. Most recent US budget is projected to add 5 $trillion, which will be printed. I merely RECOGNIZE the fiat is lacking and Bitcoin isn't.
- endymion-light 1y ago
  I mean - let's say a government wants people to return back to their currency, wouldn't they have a vested interest in attempting to create a large amount of sudden volatility in bitcoin so that people go back to the inflationary but more standard currency? And I may be wrong here so feel free to direct me to how to actually do it, but I struggle buying things with bitcoin without major fees, what's the actual acceptable method of doing so?
sneak 1y ago
> Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? No. Anyone purchasing an insane amount of Bitcoin would cause so much money to flow into the ecosystem that it would be quite difficult or impossible to crash later. The market used to be shallow. It isn’t now. The order books are deeeeeep.
rbanffy 1y ago
> Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? Governments regularly seize crypto wallets and sell assets at market price. I’m not sure how much BTC the US government holds, but it might be possible for a government sized entity to crash the market (and make some people ludicrously rich when it rebounds).

kjksf 1y ago

Governments print money because they want it and are ok with you loosing yours (via inflation). What you describe (buy high, sell low) is the opposite so what incentive the government (or anyone else) has to loose money? Sticking it to Bitcoin? BTW: it's not that I FIND fiat lacking. Fiat IS lacking. See all the printing of money by US, EU and everyone else. Most recent US budget is projected to add 5 $trillion, which will be printed. I merely RECOGNIZE the fiat is lacking and Bitcoin isn't.

endymion-light 1y ago
I mean - let's say a government wants people to return back to their currency, wouldn't they have a vested interest in attempting to create a large amount of sudden volatility in bitcoin so that people go back to the inflationary but more standard currency? And I may be wrong here so feel free to direct me to how to actually do it, but I struggle buying things with bitcoin without major fees, what's the actual acceptable method of doing so?

sneak 1y ago

> Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? No. Anyone purchasing an insane amount of Bitcoin would cause so much money to flow into the ecosystem that it would be quite difficult or impossible to crash later. The market used to be shallow. It isn’t now. The order books are deeeeeep.

rbanffy 1y ago

> Couldn't lets say a government purchase then dump an insane amount of coins at once to reduce the value? Governments regularly seize crypto wallets and sell assets at market price. I’m not sure how much BTC the US government holds, but it might be possible for a government sized entity to crash the market (and make some people ludicrously rich when it rebounds).