HK65 comments on From millions of dollars to under a grand: The dramatic fall of the NFT

But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.

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[–] mattyroses@lemmy.today 1 point 6 months ago (1 child)

That's just FOREX with extra steps?

If Russia controls the entire supply of Bitcoin (which is what you're saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it's just a Russian currency.

The whole supposed attraction of Bitcoin is that it's not a government currency, and the supply isn't controlled by a central bank. Ethereum has additional uses to that, but that's still one of the prime factors as well.

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[–] HK65@sopuli.xyz 1 point 6 months ago

Not the entire supply, just enough to affect prices. Basically the stock market but without even the appearance of it not being manipulated to hell.

And it's not Russia, or not just them, anyone with enough money to play can fuck people with sub-8 figure net worths over.

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[–] MalMen@masto.pt 0 points 6 months ago (1 child)

@mattyroses @HK65 starting another blcokchain is not as easy as copy the blockchain unless you convince the majority of people that your fork is better than the previous one

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[–] mattyroses@lemmy.today 1 point 6 months ago

Sure, there's a large network advantage.

But here you're talking about a hypothetical where, for some reason, a major government has bought up all blockchain tokens and won't release them. So nobody's on the original one anyways.

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