Bitcoin Forum

What if all the rich people come together and buy most of the BITCOINS can this lead to the control of power again in the hands of few.

If they do have the money to buy on,why not? They can manipulate price on that one and could affect the price easily but not totally the owner of bitcoin.No one owns bitcoin but as an investor you would able to give effects but thinking off to be a Big investor on bitcoin you would need billions of money in order to be considered as a whale for sure :D

I think control of power can happen, if they can afford to buy most of the bitcoin. however, it takes a lot of capital to buy most of the bitcoins at current prices  :o
I like it if they want to start at this time because there will be a pump if they start it  ;D

it would be helpful if entrepreneurs take part in the bitcoin business, how the big impact on investment will progress and in the success of ICO, when entrepreneurs invest in ICO progress automatically we as well as bitcoin seekers will prosper.

well if rich people wil unite and buy tons of bitcoin it will rise the price but the in my opinion thats will be the cause of new bubble as we people who cant afford to buy even a satoshi will shift to other crypto and rich people will e holding a worthless things like what happen in tulip bulb during 1600 ... when it happen bitcoin will lose it pride and worth....

They certainly could and when they do, they can control the price of bitcoin to their advantage. But people can easily move on so when another crypto offer the same but with the advantage to many, they can easily switch crypto so i dont think richest people would do that.

They could, but there is a high chance that they would manage to destroy their investment if they tried to buy up all of it because they would severely limit the supply (and thus demand) if they only bought and did nothing with it. If you can't use it, why own it?

It would also cost tens of billions of dollars to buy up most pieces of Bitcoin, and that's something that only a few groups of people in the world have and would likely not have an interest in buying most of Bitcoin. There would be more money in investing in Bitcoin, strategically.

That is a good thought. When some people alone have large amounts of bitcoin then other coin prices will also automatically increase. It could be eth and bch to be an alternative. But I'm not quite sure this will happen because as we know that bitcoin is owned by everyone !!

If that thing will really happens then let them be as if they will do it in an instant, if big time businessman of each countries in the world buys bitcoin the price of it will go high of course but if they are all in, there must be some to still buy it to grow the price if not it will be stable or else if there is no way to go it will fall down. Just a matter of time though, maybe the can control the price of Bitcoin by their investment but it is too risky also for them.

Let them do it who cares a single billionaire can't do anything to the price because no billionaire would put all his funds in bitcoin because at end it still has many risks involved if the price falls by 100$ they will get losses in millions only the government can now control the price as we saw in the case of china now a single person can't make any difference

If they can afford buying all bitcoins, sure they will control the market.

wont ever happen

Yes, because we cannot control them whether to buy few or more of it. But surely to control the bitcoin he or she really needs lot of money to invest on we cannot just control it by million investment but actually billions of dollars to start controlling the fluctuation.

we already see collusion from the biggest bitcoin businesses in the industry. I'd say we are already half way there. You don't have to own all the bitcoins to own the market, you just need to control the vast majority of the ins & outs of bitcoin in order to exert control over it. We've seen this with the mining industry, exchange industry, bitcoin news industry, moderator positions, etc.

It's in a business man's best interest to get as much of the market as possible under their wing, purely for profit reasons.

In example, they didn't have to buy up all the gold in order to control the market... we've seen collusion in the spot prices of gold for 50+ years now among international banks, it's called "the fix" and even though it is completely legal, it has been abused countless times. Some of the biggest names in the banking industry recently settled for millions of dollars over manipulation of gold prices...

http://heartlandpreciousmetals.com/deutsche-bank-admits-it-rigged-gold-prices-agrees-to-expose-other-manipulators/

banks = exchanges, exchanges = banks. It's just a new descriptive word for something we've had for 100s of years now. The one "shining" difference between bitcoin exchanges & banks is exchanges aren't mean to store your money on, just exchange, even though people still use them as storage (aka banks).

If that's gonna happen I don't think bitcoin market would last because people will lose interest in bitcoin there would probably fixed Price for bitcoin and the market can possibly crashed...no one owns and control bitcoin it is designed to circulate in the market without anyone controlling it not government, banks or any multi millionaire businessman

You are right, There is no problem if they start to buy a millions of bitcoins. we can just move to another cryptocurrency and let them enjoy their bitcoins. I think it will loss his value soon after a lot of peoples are quit it and start to collecting one other coin.

A businessman can be the owner of the particular bitcoin market is he will decide to build his own bitcoin exchange and that will serve as a bitcoin market and i think that it is easy to do because it just need some programmer to do some awesome stuff with the complicated things like building the website piece by piece and after that then the businessman can finally owned a bitcoin market.

Anyone who attempts to buy most of the bitcoins will not take all bitcoins but they can buy more than 50% the bitcoin so that they can control the prices. They also know that if they buy all bitcoins then no use for them so they will not do that mistake. Very big risk involved in buying a single product with a such a huge investment so mostly they will not do that mistake.

I would be very happy if they tried it, because it will have a good effect on us because bitcoin prices will skyrocket. This is an advantage for those of us who already have bitcoin, though only slightly.

I guess not, if they will do that today considering the today's pricing its like putting their money at a high risk situation, business people tend to think wisely and will not engaged on a high risk situations, what they could do is to play with it, create FUDS and mouthful ways against bitcoin for their own interests.

I totally agree, there are a lot of billionaire businessmen out there who can buy the entire market with their billions but it wouldn't be a wise investment to them and so I doubt if they will go for it except manipulating the value to their advantage.

No I am not agree with this statement. Because bitcoin is not a tangible thing and one cannot hold all of it. I think all the people who already invested in bitcoin are businessmen, because bitcoin is also a digital coin online business and the investors small or big are making money through investment and trading. And if the businessman tries to take over bitcoin, the people will withdraw their investment.

I think if these very rich people buy all the Bitcoins they would rise the price to the stars for sometime, but when people start seeing it's all controlled by a group of people they would lose interest on the currency and would migrate to another Crypto-Currency. So Bitcoin would be worthless... Probably the price would fall hard right after and these rich people would have done a bad deal.

What would they gain if they own most of the bitcoins? Bitcoin market would probably collapse if they do that so their investment is lost. If they want to control the price, aren't the whales are doing that already? In my opinion, they CAN form a group and buy most of the bitcoin but they WILL not do it.

Aint gonna happen pal. No rich guy in the right state of mind would put all his money to buy bitcoins. Even 50%. Because at the end of the day, bitcoin is still unsure. And if the price drops, even just a couple of bucks, they would lose millions. But if that thing really happens, then that could be a possibility. But still, i really think it is too far from reality(this thing you are talking about).

I agree, for them it would be a completely useless investment. Because prices would pump so high that no one will be able to afford bitcoin and therefore the supply/demand (this drives the market) will be unbalanced. So investment wise it's not worth it for them.

I think they can once they invested the billions of dollars of their money because it really takes lot of money to have it and control it. But I think it is hard to happen. No single person and not even group of people can buy 16 million bitcoins in circulation.

This is a funny question. Well I don't think its possible. Can't just wake up one morning and decide to buy all bitcoins. That's a very daring thing to do you know.

surely they will control the price of Bitcoin...
and they could have made the Bitcoin price more stable. I hope those rich people will help us get Bitcoin soon to get the legality because they can certainly manage the government a bit.

It will raise the price of bitcoin significantly. Well, only if they do did it. Buying tons of bitcoin requires a lot of capital. Imagine buying millions of bitcoin would take you. It would take over billions of USD meaning you have to spend and invest a big sum of your money to bitcoin. Even if you are the top billionaires in the world, I think there's no one who would take the risk that big just trying to control its price. Well, it will be certainly good if they can as most of bitcoin holders get a bunch of profits but who'll buy 1 bitcoin if that happens. They'll just buy just fractions of it based on the money they want and they can right? That's why bitcoin is good and is for everyone.

Yes. Need much money to buy around 16.000.000 bitcoin in the market.
But if they can buy most of them, they can manipulate the price and its not good news.

I dont think so, because there so many business man and they engaged in any businesses.

i think businessman or even business assosiation will not engaged on putting thier money into it., bitcoin price is not stable and if the price controlled by one person thier is the possibility that lot of bitcoin will quit.

Manipulation on its finest, I think they can manipulate bitcoin if they bought several bitcoin before.. then they can do this, but for sure they are holding it for a long-term and helping the economy.

Yes they could, but bitcoin users already a lot so it will difficult for them to get the total control, and they need to balance their domination because when they monopoly too much then people will find other coin, and causing  the price will be very unpredictable, usually whales prefer alt coin, it is easier  to control it

If they try that then the price of bitcoin is going to skyrocket and each bitcoin they buy is going to become more and more expensive, if it is up to me I will not care if they tried since that will mean the price of bitcoin will go up exponentially and then we could all become millionaires and as long as you invest that money wisely your future is going to be secured, but I doubt they are going to try buy bitcoin in that way since they are going to lose money if they tried that strategy.

They can't simply do this because while buying tons of bitcoin, the price will keep increasing like crazy and it will be high so that they won't afford to buy more. And the total expense for such action would be around $200-400 billion dollars or more for 50% of the bitcoins.

That would be great then isn't? It will make bitcoin increase at higher pace and all holders will benefit. Believe it or not, most people owning lots of bitcoins are also rich people and sometimes they're also the reasons on some pump and dumps. We small holders will just ride the wave. Let us just be smart enough.

 No one can handle the market of bitcoins, bitcoins is no government and nothing tax bitcoins grow fast and learn.

They could do so, but are they going to do it, of course not, they understand how the markets works, if they invested a huge sum of money in bitcoin the price will skyrocket and they will need to pay an higher price for each new coin they want to buy, so if someone rich is stocking bitcoin it is likely doing it in secret and using different business to do it in order to not bring attention to himself.

Not literally own the market but instead he has the power to control or manipulate the market like what have happened this month. I am not quite active but an observer. Since there was a manipulation, thinking that someone invested big amount and with false news, bitcoin had a crisis. But knowing that bitcoin is stronger, more have chosen to hodl.

I think that would depend on how much he will invest in the market. If it is a big amount then surely he can be one of the people that can influence in the changes of prices but not the owner of the market. No one holds the market alone, it is run by the whole population and every cent in the market counts. Surely we all have a part in the growth or war on bitcoin.

I dont think that is going to happen because rich people have better investments where they can invest their money than bitcoin. They are going to have the power but the price would go up very slowly because they would own 90% of bitcoins.

Maybe if a few billionaires decide to invest hundreds of millions of dollars( this looks like a big amount for us but for them it is not that huge) into bitcoin that will change the situation. But that is less likely to happen because bitcoin is not the best place to invest that huge amount of money because if they control 90% of bitcoins the price will go up very slowly or it will maintain.

Good thing about bitcoin, it has a limited supply so even if all of the rich people buy all the coins each and every one will benefit from it. Remember bitcoin is not yet "the currency" so if the price goes high you still have an option to convert it to fiat. So if you own 1 bitcoin and after all the rich people buy the coins the price goes up to $1 million then you can convert it to fiat and you are an instant millionaire. That is the good thing if the supply is limited.

Bitcoin is freedom, no one owns it

Good thing about bitcoin is that it is not controlled by anyone and it has a limited supply and no one can create a bitcoin from anything. If the rich people decides to invest in it and try to control its price everyone who has a bitcoin will benefit from it. So if they decide to buy majority of the coins it's price will go high and people who have coins can sell it on a higher price.

I know that some of the huge amount of bitcoin owners usually do that to manipulate the price. They buy or sell it to breakdown the price of the bitcoin, to panic the investors and later on bring it back to normal to earn more profit. They can only manipulate but i think they cannot be the owner of bitcoins.

Large traditional investors are now turning to Crypto and bitcoin. The Crypto market will definitely be the most aggressive investment trend in 2018. I believe so.

Besides your priorities change as you accumulate wealth, when you do not have a lot of money the priority is in building wealth so you may take riskier choices like investing in bitcoin to grow up your capital but once you are happy with the amount of money you have your strategy needs to change from building wealth to preserve your wealth that is why many of the people that are very rich have no interest in investing in bitcoin.

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If (hypothetical) they will buy most of the bitcoins, then we will be rich. Could they have control after that? I don't think so. This is because if there are only few users remained, it would be boring and the demand will cease. Bitcoin is limited so acquiring the majority of it can affect the higher class finance. Thankfully, it's not their nature to all agree about anything.

No businessman or governments will handle bitcoin. We are Satoshi Nakamoto we own this market whether you are rich or poor coz everyone is welcome in Satoshi's market.

No never bitcoin is decentralized no one can handle or control it even if the government of powerful country .soo bitcoin is index currency

If a group of wealthy users would have the majority of bitcoins that would practicly mean that is owned by private association but I don't think it's possible. Bitcoin belongs to everyone and it can't be private ownership, that would also mean in a way that is centralized because this group of people would then have the full control over it and influence it according to their interest. But like I've said in practice that is not possible.

These billionaires are very competitive and will definitely not collude with their peers/rivals. They're extremely diversified. I think they're a good reason why the price is where it is right now. I imagine that for every Richard Branson who's already playing in the market, there are a couple of people keeping a low profile but with the same amount of skin in the game.
As others have mentioned, they'd have to buy in 1 shot, which is risky, or buy more slowly and see the price increase as they buy. Either way, it is a huge risk and they could lose millions. Plus, as us small fish would start cashing out, the demand would probably go down. Everyone probably has a target at which they'd sell. The demand would probably drop a quite a way if us small fish don't keep acquiring.

I can definitely see a day where some of the altcoins start to get on their radar, and they would likely also want to dabble there with the top few coins while they're comparatively cheap.

I also assume that if they try to corner the market via an investment vehicle like futures and them  ETFs, they'd  fall under scrutiny and could possibly run into issues like the Hunt brothers with the silver market in the 80's.

Whales are already manipulating the price, and mostly it has been great for us tiny players, which all of us are. I don't think shorting BTC will work. CME and CBOE already have built in protection for the investors in this futures deal. People wanting to short will likely only be able to do so on a limited basis.

We are definitely at the mercy of the whales right now. We wilI be even more so soon.

I think the prediction that I read somewhere from a bullish hedge fund guy was that after futures go live and if they work out well, ETFs would follow in 6-8 months.

That would be truly interesting and perhaps scary.

We're just beginning the truly wild part of this ride.

That would be nearly impossible with the current market demand to cryptocurrency, especially to bitcoin. Even though these businessmen would need to show their true worth, I don't think ot would be enough to buy the majority of bitcoin. And if many rich people try it, ordinary people won't using bitcoin anymore.

I see they can exercise power control anytime, but it takes a lot of capital. so if they do they can control the price. but do not master bitcoin. because bitcoin can not be controlled by anyone.

I think bitcoin is decentralized and we believe that no one know about bitcoin that who is going to operate bitcoin and from where it's going to operate but my opinion is little different because what I believe is that I’m sure that there is someone who is going to monitor bitcoin and they know the users of bitcoin and they are also trying to get hold on market trade because bitcoin is now a very stable currency in market and no one can be the owner of market.

I have read somewhere that 90% of currently available bitcoins are on 10 wallets. So in a sense what you are saying is true. Early investors who recognised the potential of bitcoin early on are the biggest owners of bitcoin. Whether those are devs or businesspeople, we dont know.

yes exactly some are not taking this they dont want to spend time to invest in bitcoin but some are never wanted to get poor they wanted to get rich even better so some are taking the advantage and make some way on how does it can be how they can benefited in bitcoin and can earn an amount of money that are can triple their money so some rich people are taking this for their sake.

No one has direct control of bitcoin but there are many entities that have a lot of power in bitcoin, the core developers, the miners and the whales are all very powerful and have indirect control of bitcoin, and governments are going to begin to influence bitcoin as well with their laws and regulations and finally we the users are powerful as well since we as an aggregate can decide if a fork is successful or not by using it or not.

Obviously that will deliver most of the power towards them. This is what happened when Roger tried to manipulate the prices of the BCH and it was made possible all because of they had lot of pumping power by using big money. Even if you had billions of dollars then you can also manipulate the prices yourself that too alone!

Who knows that they are already altogether and are the reason for current manipulations. :-)

Yes and it will be too dangerous for us bitcoin holders, having bitcoin be monopolized by these rich people.
Once they took control of bitcoin they can easily manipulate it's price and may be able to kill it's economy whenever they want to. Regardless, of the demand because they know that we the user has no choice.

That is blatantly incorrect. Current bitcoin distribution is widely spread you can see it by googling 'bitcoin rich list,' although some early investor and Sathosi itself lock some big amount bitcoin to support bitcoin in the future.

to be honest, a small group of actual elites could completely corner the market on bitcoin. this has hapened before, in traditional insdustry with way more mundane things. look up the sumotumo copper affair, and follow the related Wikipedia links. Its a pretty interesting dive.

the less considered vector of attack by a whale group, however, is if they have the common sense to invest heavily in mining. for making a better miner, then funding the production of said miners, they could corner the mining market specifically, and dominate the network with superior hashing power. this would cost so much less to do than manipulating bitcoin price; why waste money changing the price when you can simply control production?

if he/she have the money why not..but i think they wont...bitcoin have it own use why they gonna buy not gonna using it? better by some and invest other coin like eth/ltc

the businessman can be the owner of the bitcoin market and if they do this, they can control the price but I don't think that they can because the market does not depend on them. the market is work because buy and order and even they have the power to control, they still difficult to do this, because bitcoin user is not just them. many of bitcoin user don't want to be controlled by some people or some groups.

Yes because if millionaires come together and buy huge volume of Bitcoins then the Bitcoin community will be dependable on their actions. Let me just say they own half of the total supply of Bitcoin then every single transactions they have to make will trigger a pump and dump depending on what they are doing with their Bitcoins and they will be called whales who are now able to control the flow of prices on the market but I don't think they will do that just to manipulate the market since it is risky too but that could possibly happen and will surely make some more profits to them of course.  If they will then they can because they are millionaires or even billionaires.

No matter who it is or what it is, there is no chance for any people or organization to be the owner of the bitcoin market because the bitcoin market is all about being decentralized and that decentralization gives freedom to the people in different places to buy and sell bitcoin without having issues or problems because there is no people or organization that dictating them.

If the businessman afford to purchase most of the Bitcoin, then possibly control of power can happen

I do not know where you got that number but that number has to be wrong, 16.7 million coins have been mined if what you said was true then that will mean that 15 million coins are in the hands of just 10 individuals, it is estimated that satoshi holds 1 million coins that would mean that the rest of those people hold even more coins than satoshi, that seems ridiculous to me.

Theoretically, this is possible, but in practice - hardly ... I do not think this will happen.

Some people are fear that only business man are the owner of bitcoin so I want to suggest them if you have a small number of bitcoin then you are also the owner of bitcoin and be remember that bitcoin is a decentralized currency and no one can affect or can control bitcoin personally.

All those people who have bitcoin are the owner of bitcoin not only business man because bitcoin is not the currency who is working under anyone if you have bitcoin then you are the owner no one can affect your bitcoin are can do anything with bitcoin.

I think the possibility of this happening is very high. It might be a good business to them if they bought out the Bitcoin and start circulating the transactions by themselves.

Everyone who invests in bitcoin is technically an owner of bitcoin cause you got a shared part from it. So if businessmen will buy a majority of all the bitcoin in the world, they will probably able to a have a control of bitcoin. They can affect the situation in the market and dictate its price. And those who own a little bitcoin will be affected by these. Those with large bitcoins control the pumps and dumps in the market.

Money can make every things but bitcoin market is so big to be controlled by few people.
they will take the biggest risk in the world.
if they success can control bitcoin and buy it like them want.
The problem is that many of the currencies that were mined in the early days do not know who made them minerals and therefore can launch those currencies and lead to a price collapse.
The rich are looking for profits but will not hold a lot of currencies if someone wants to make the price collapse.
We can use the price even if it is Satoshi.

This is possible, however nobody has done it yet. If it does happen, then they can control the rise and fall of bitcoins to suit their needs.

of course, he can because if a businessman have much money and he decides to build bitcoin market site then he has a big opportunity to create another profit in the future. but not all businessman want to risk his money to create something that he doesn't know and I think he will learn first about cryptocurrency especially with bitcoin so he can build bitcoin market. but I am sure that bitcoin market is attracting businessman to have a site because the profit is bigger than they can imagine.