0 sats \ 2 replies \ @DiedOnTitan 17 May \ on: Bitcoin - We can't let this get fucked up to! bitcoin_beginners
I would be careful with this claim. Certain aspects of bitcoin can and are frequently manipulated...namely the price. Whales can manipulate the price all day long. Buy $1 billion in BTC, sell $1 billion in BTC, the price gets thrown around like a pitbull shaking a chew toy. Normies get their panties knotted in a twist when the price drops 50% in a day or two. Grizzled veteran hodlers see a buying opp.
We have seen ordinal jockeys manipulate the tx fee dramatically. Look at the sat/vB on block 840005 as a recent example.
China banning mining caused a huge (temporary) drop in hashrate.
ETFs and big exchanges like Coinbase building up huge reserves of Bitcoin could re-hypothecate and cause pricing distortions....and so on.
I stand by my statement as it pertains to the protocol and the rules by which it runs....
Of course - there is a potential for this base layer to be manipulated as well I suppose, but when compared to the other "base layers" of monetary systems such as gold, silver, stones, good faith....none of these even come close to being as stable as that of Bitcoin.
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There are indeed aspects to the Bitcoin protocol that cannot be manipulated or changed:
- Fixed supply: There will never be more than 21mm.
- Immutable ledger: Transactions once validated under a few blocks cannot be double spent, changed, or deleted.
- Consensus rules cannot be arbitrarily changed.
- Decentralized: No single entity has control over the entire network.
Other PoW monetary systems like Wampum bead belts for example, used by Native Americans were not easily manipulated either. Not with the technology they had at the time. Trade worked for centuries with it. Gold could be diluted, but served humanity pretty well for millennia. I am bullish on the immutable properties of Bitcoin as well, but the price to fiat can, has, and will get manipulated.
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