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Title: What would happen if someone owned all the Bitcoins? Post by: OneEyedJack on March 04, 2014, 07:10:09 PM What if some time in the future, one person winds up with all the mined bitcoins?
What then? Would Alt currencies be used? What are your thoughts? Title: Re: What would happen if someone owned all the Bitcoins? Post by: exlin on March 04, 2014, 07:19:20 PM Getting all bitcoins would end up being super expensive, don't think it is realistic possibility. But if that would happend, we would most likely move on to another cryptocurrency.
Title: Re: What would happen if someone owned all the Bitcoins? Post by: Gulinborsti on March 04, 2014, 08:16:28 PM What if some time in the future, one person winds up with all the mined bitcoins? What happens when you own all the money in Monopoly? Game over!What then? Would Alt currencies be used? What are your thoughts? Title: Re: What would happen if someone owned all the Bitcoins? Post by: RodeoX on March 04, 2014, 08:20:01 PM What if some time in the future, one person winds up with all the mined bitcoins? What happens when you own all the money in Monopoly? Game over!What then? Would Alt currencies be used? What are your thoughts? lol, I think that's right. Why would anyone want bitcoin if one person owned it all? That "omni-whale" would have spent billions to acquire something that now has no value or users. Title: Re: What would happen if someone owned all the Bitcoins? Post by: Perseus353 on March 04, 2014, 10:42:35 PM Bitcoin's value derives from supply and demand -- and demand is a function of distribution and utility. If someone had them all they would be worth nothing.
If you want to find this out for yourself -- just launch and new coin and hold all the bajillion twatcoins yourself. How much will they be worth? Title: Re: What would happen if someone owned all the Bitcoins? Post by: Bit_Happy on March 05, 2014, 09:28:19 AM Will never happen
Title: Re: What would happen if someone owned all the Bitcoins? Post by: medUSA on March 05, 2014, 10:04:03 AM What if some time in the future, one person winds up with all the mined bitcoins? What then? Would Alt currencies be used? I don't think any sane person would want to own all the bitcoins in existence. If someone tries to accomplish that, the decreasing supply of bitcoins will drive prices up. Eventually, it gets too expensive to buy and use bitcoins, people will find alternatives, another crypto or another payment system. Title: Re: What would happen if someone owned all the Bitcoins? Post by: BitOnyx on March 05, 2014, 01:36:04 PM If one person would own all bitcoins they might become worthless. It is possible since amount of bitcoins is not infinite but they would lose its decentralization and actual price tag on it would be confusing.
ps. monopoly you win when everyone else is going bankrupt, you can own all money but other might own all hotels and charge you for it ;) Title: Re: What would happen if someone owned all the Bitcoins? Post by: lemier on March 05, 2014, 06:32:46 PM yes as it was already written it would be the end of Bitcoin! It will loose it's function - it will loose its liquidity
Title: Re: What would happen if someone owned all the Bitcoins? Post by: RodeoX on March 05, 2014, 06:38:57 PM yes as it was already written it would be the end of Bitcoin! It will loose it's function - it will loose its liquidity True, but I'm not worried. The real reason why no one can own all the coins is me. Like a lot of you I would demand quite a price to be bought out completely. My coins are worth $12,000 per coin. Take it or leave it. :PTitle: Re: What would happen if someone owned all the Bitcoins? Post by: ZephramC on March 05, 2014, 10:03:11 PM yes as it was already written it would be the end of Bitcoin! It will loose it's function - it will loose its liquidity True, but I'm not worried. The real reason why no one can own all the coins is me. Like a lot of you I would demand quite a price to be bought out completely. My coins are worth $12,000 per coin. Take it or leave it. :PSome people will never sell their bitcoins so cheap ;) |