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Title: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:12:06 PM Do you think it would be possible for a person/entity to collect all bitcoins?
Like they only buy bitcoins and mine them and accept it as a form of payment. Is this theoretically possible? it should be right? what's stopping them? Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Demille on July 21, 2014, 05:16:49 PM What's stopping them? Unlimited wealth.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Baitty on July 21, 2014, 05:18:50 PM They would have to purchase those Bitcoins from people who already have Bitcoin so they will be paying a lot of money to get those off people then if they did purchase lets say 100% of Bitcoins then the supply and demand of Bitcoin is not really there any more as 1 person owns the whole of Bitcoin.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: brokedummy on July 21, 2014, 05:19:33 PM Somebody could collect a lot yes, all no. Some are lost forever. Some are not for sale.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CanaryInTheMine on July 21, 2014, 05:19:49 PM Do you think it would be possible for a person/entity to collect all bitcoins? No. Like they only buy bitcoins and mine them and accept it as a form of payment. Is this theoretically possible? it should be right? what's stopping them? No. Economics: laws of supply/demand. You won't have enough resource to acquire scares goods. you can't live that long at this point in time. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: johnd7 on July 21, 2014, 05:23:27 PM Let's say we have 1 billion dollars and we try to buy all at once bitcoins, but we cant get them all because most of them not on exchanges, it takes 6 months to buy %99 i am sure some people will forget and never sell their BTCs. So practically impossible to see.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: str4wm4n on July 21, 2014, 05:26:55 PM bitcoins = pokemon
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:31:03 PM bitcoins = pokemon Gotta catch 'em all! What would happen if somebody collected all of them and they sold 1 bitcoin for like $50000,would you move onto another coin or would you try to get the coins circulating again? Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:31:41 PM Let's say we have 1 billion dollars and we try to buy all at once bitcoins, but we cant get them all because most of them not on exchanges, it takes 6 months to buy %99 i am sure some people will forget and never sell their BTCs. So practically impossible to see. Lets say all available bitcoins. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Cryptopher on July 21, 2014, 05:40:34 PM They would constantly need to know what is the number of available bitcoins. That figure could change as time goes on during their quest to collect and hoard. Plus how could you prove that the other coins were unavailable?
Added the fact that they would need to wait until all bitcoins are mined, and that the remaining bitcoins would need to be sent with no transaction fee, or hashed by the said person solely. At least those are some of the assumptions in my mind... Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 05:42:15 PM Let's say we have 1 billion dollars and we try to buy all at once bitcoins, but we cant get them all because most of them not on exchanges, it takes 6 months to buy %99 i am sure some people will forget and never sell their BTCs. So practically impossible to see. Lets say all available bitcoins. Most people hold, and hold, and hold, and hold... It is IMMENSELY difficult to purchase all BTC in existence, since a lot of coins are still being held by people. Plus it would destroy their own cause, because if you own all the coins, then no-one else wants them, and the price drops to $0, since everyone would have moved to other coins. They're no stupid, and they thought it out. It won't work. EDIT: Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 05:44:43 PM They would constantly need to know what is the number of available bitcoins. That figure could change as time goes on during their quest to collect and hoard. Plus how could you prove that the other coins were unavailable? Well my coins are unavailable, so you got your answer there.Added the fact that they would need to wait until all bitcoins are mined, and that the remaining bitcoins would need to be sent with no transaction fee, or hashed by the said person solely. At least those are some of the assumptions in my mind... The number is kind of unknown, since an unknown number of coins have disappeared and been destroyed, and so 13 million is just an estimate. All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:45:04 PM . Plus how could you prove that the other coins were unavailable? That may be a problem. Nice thinking though, although it was quite blatant I don't think i would of thought of that. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:47:46 PM All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Lets say this person decided to buy them after 2140. I it seems like, I was just quite curious when I thought of that. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: spazzdla on July 21, 2014, 05:48:18 PM Do you think it would be possible for a person/entity to collect all bitcoins? Like they only buy bitcoins and mine them and accept it as a form of payment. Is this theoretically possible? it should be right? what's stopping them? Do you think it would be possible for a person/entity to collect all bitcoins? No Is this theoretically possible? No some have been destroyed, someone *could* buy all the ones not destoryed/lost.. but..(see what is stopping them) it should be right? ?? I assume you mean is it moral to allow this.. yes it is the idea of capatilsm has been so twisted.. what's stopping them? My last 100 mBits is $7,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.00 So do you know anyone with that kind of $? Title: Re: Is it possible for somebody to collect all bitcoins? Post by: seriouscoin on July 21, 2014, 05:51:06 PM what kind of dump shit is this? This forum contains more idiots everyday....
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Cryptopher on July 21, 2014, 05:53:12 PM My last 100 mBits is $7,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.00 So do you know anyone with that kind of $? I know a few governments who might be able to have a whip round and generate that sort of figure ;) Title: Re: Is it possible for somebody to collect all bitcoins? Post by: juju on July 21, 2014, 05:53:33 PM Do you think it would be possible for a person/entity to collect all bitcoins? Like they only buy bitcoins and mine them and accept it as a form of payment. Is this theoretically possible? it should be right? what's stopping them? Its impossible because many of us would never sell our coins for fiat currencies. I think alot of us will not spend coins until they are ubiquitous and are spendable nearly everywhere. This diverges from your topic a bit but something that I think people come to realize is you don't want to exchange your Bitcoin for Fiat value, what good is this except to garner more Bitcoin. You want to spend your Bitcoin as is on goods and services. Because of that I don't think anyone will ever be able to buy all of the coins existed. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 05:54:48 PM All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Lets say this person decided to buy them after 2140. I it seems like, I was just quite curious when I thought of that. Plagiarism much? Get it right. This is still a poor argument, few people will buy all the coins after 2140, and chances are you'll be dead by then. EDIT: Oh ho ho! Nice trick! Not going to work. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 05:55:40 PM what kind of dump shit is this? This forum contains more idiots everyday.... You're quite serious about your coin. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Cryptopher on July 21, 2014, 05:56:00 PM All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Lets say this person decided to buy them after 2140. I it seems like, I was just quite curious when I thought of that. You got the quote BB code the wrong way then, that wasn't my quote - it was Yakamoto's. I've corrected it as above :) Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 05:57:26 PM what kind of dump shit is this? This forum contains more idiots everyday.... You're quite serious about your coin. How old are you? These aren't what mature people would say, and they'd not reply with a crappy response such as yours. I agree with him fully. This forum keeps getting populated with idiots and it's getting annoying. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 05:58:08 PM All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Lets say this person decided to buy them after 2140. I it seems like, I was just quite curious when I thought of that. You got the quote BB code the wrong way then, that wasn't my quote - it was Yakamoto's. I've corrected it as above :) Title: Re: Is it possible for somebody to collect all bitcoins? Post by: kokojie on July 21, 2014, 06:00:27 PM Let's say we have 1 billion dollars and we try to buy all at once bitcoins, but we cant get them all because most of them not on exchanges, it takes 6 months to buy %99 i am sure some people will forget and never sell their BTCs. So practically impossible to see. lol you are extremely lucky if you could buy 10% of all bitcoin on open exchange with 1 billion dollars. Then the next 10% would cost you at least 10 Billion. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 06:01:49 PM what kind of dump shit is this? This forum contains more idiots everyday.... You're quite serious about your coin. How old are you? These aren't what mature people would say, and they'd not reply with a crappy response such as yours. I agree with him fully. This forum keeps getting populated with idiots and it's getting annoying. I was trying to play a pun with his username but okay. I'm 15 by the way, that would explain it. Let's end the argument there. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: KeyserSozeMC on July 21, 2014, 06:05:09 PM Is it possible to collect all the apples from the entire world? ( Comparing BTC with apples doesn't make sense, but the answer is similar )
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: barangunel on July 21, 2014, 06:05:45 PM If you are asking about buying all the bitcoins:
Quote What if someone bought up all the existing bitcoins? Only a fraction of bitcoins issued to date are found on the exchange markets for sale. Bitcoin markets are competitive, meaning the price of a bitcoin will rise or fall depending on supply and demand. Additionally, new bitcoins will continue to be issued for decades to come. Therefore even the most determined buyer could not buy all the bitcoins in existence. This situation isn't to suggest, however, that the markets aren't vulnerable to price manipulation; it still doesn't take significant amounts of money to move the market price up or down, and thus Bitcoin remains a volatile asset thus far. So yeah if bitcoin won't fall the network will continue finding more coins until 2140. So the one wants to buy all of them won't be alive until all bitcoins are found :P Title: Re: Is it possible for somebody to collect all bitcoins? Post by: CrackedLogic on July 21, 2014, 06:07:01 PM Is it possible to collect all the apples from the entire world? ( Comparing BTC with apples doesn't make sense, but the answer is similar ) You can always grow more apples, but i guess I understand. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: franky1 on July 21, 2014, 06:10:59 PM if it only takes 10,000 coins to move the market price from $600 to $800, then imagine the price rise of buying 100k coins
now imagine the price just to get 1 million coins.. i ask yourself again, do you think you have the funds to buy the other 13mill coins now the price is multiple thousands of dollars per coin.. i dare ya, buy them all :D Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Cryptopher on July 21, 2014, 06:11:03 PM Is it possible to collect all the apples from the entire world? ( Comparing BTC with apples doesn't make sense, but the answer is similar ) Wipe out every apple tree and you have a chance, but no doubt some kid will be growing one out of a petri dish. There's no feasible way to collect all XBT, not in this life time. Not unless you somehow managed to get every address to send to your own address - but even that would be a logistical nightmare lol. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: acs267 on July 21, 2014, 06:17:17 PM All the bitcoins will be mined in 2140. Yeah, they're DEFINITELY going to be alive then. So what exactly have you thought through? This seems like a poor argument. Lets say this person decided to buy them after 2140. I it seems like, I was just quite curious when I thought of that. The difficulty will be sky high in 2140. But you probably didn't think about that. And I only told you half of the answer. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: DjPxH on July 21, 2014, 06:42:05 PM Definitely possible but not very probable. They could be the fetish obsession of some weird and creepy collector one day. He'd polish his BTC all day long and show them to strangers without being asked to. Talk about tainted coins!
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: R2D221 on July 21, 2014, 06:51:26 PM They couldn't possibly buy all coins because I'm not selling mine. As simple as that.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: InwardContour on July 21, 2014, 06:59:44 PM They couldn't possibly buy all coins because I'm not selling mine. As simple as that. There are also many coins which are lost forever, encrypted in wallets with forgotten passwords or wallets.dat files lying inside some old broken hard disks. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: DjPxH on July 21, 2014, 07:15:38 PM They couldn't possibly buy all coins because I'm not selling mine. As simple as that. What if they just decide to use force? Imagine you're the last person who hasn't given up their coins. You now have to fear that every sound you hear and every shadow you see in the corner of your eyes is a creepy guy who's after every single satoshi! If he has some weird attraction to BTC, you'd have to face a very aggressive and potentially dangerous collector! Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Beliathon on July 21, 2014, 08:36:01 PM bitcoins = pokemon Gotta catch 'em all! What would happen if somebody collected all of them and they sold 1 bitcoin for like $50000,would you move onto another coin or would you try to get the coins circulating again? Essentially, this is why it is impossible to collect them all. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: AliceWonder on July 21, 2014, 09:47:16 PM Soon I'll have a bunch of them. Probably never all, but a bunch.
You see, I keep creating sock pockets and from those accounts, releasing alt-coins that are pre-mined and/or ninja-mined. Some I sell for bitcoins to suckers in an IPO and the rest to suckers after the pump. My collection of bitcoins is growing quite rapidly, and isn't costing me any fiat. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 10:02:21 PM Soon I'll have a bunch of them. Probably never all, but a bunch. Holy crap!You see, I keep creating sock pockets and from those accounts, releasing alt-coins that are pre-mined and/or ninja-mined. Some I sell for bitcoins to suckers in an IPO and the rest to suckers after the pump. My collection of bitcoins is growing quite rapidly, and isn't costing me any fiat. Prepare to see a huge influx of new alts being created by Jr. Members and so, we got the next money-making method over here! Sadly, though, I don't think I'm going to ever be able to match your speed of... "production", as I'm not very good with creating alts, no matter how hard I try. A lot of my gathering of BTC is done via working in the service section (writing mainly) and through signature campaigns. Never bought any BTC, but I may in the future. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: AliceWonder on July 21, 2014, 10:15:10 PM That was a joke, well, a half-joke.
I think it is going on - I think a lot (but not all) of altcoins are being produced by a ring for the purpose of hoarding bitcoins. And that method doesn't result in buy orders, not from them. Eventually when more people catch on, the game will be up and we will see them start selling bitcoins for cash as they move on to their next scam. And bitcoin will drop in value. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Yakamoto on July 21, 2014, 10:19:01 PM That was a joke, well, a half-joke. A perfect time to amass more!I think it is going on - I think a lot (but not all) of altcoins are being produced by a ring for the purpose of hoarding bitcoins. And that method doesn't result in buy orders, not from them. Eventually when more people catch on, the game will be up and we will see them start selling bitcoins for cash as they move on to their next scam. And bitcoin will drop in value. Even if they start selling, there will be a pretty big backing, even if the price does drop. They'd have to be selling a lot of BTC in order for it to be serious, and even then there's a lot of support at the $400 range. I'm not saying that your suggestion isn't true, it's a lot more accurate than some may think. I see what you mean, and I do believe that it is a likely scenario. It will be interesting to see what happens. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Kipsy89 on July 21, 2014, 10:31:46 PM That was a joke, well, a half-joke. I think it is going on - I think a lot (but not all) of altcoins are being produced by a ring for the purpose of hoarding bitcoins. And that method doesn't result in buy orders, not from them. Eventually when more people catch on, the game will be up and we will see them start selling bitcoins for cash as they move on to their next scam. And bitcoin will drop in value. Whoa man, I thought for a second you're really pulling this off. Man, that'd be not very nice. But have you been to the Altcoin section? That's some pretty messed up stuff there! Hundreds of altcoins. And each and every one of them seems to have their proponents who care for it! Title: Re: Is it possible for somebody to collect all bitcoins? Post by: williamj2543 on July 21, 2014, 10:35:22 PM Already there are thousands if not millions of bitcoins that are lost, meaning they are stored on a address where the private key is forgotten or lost. Also there will be some people that won't want to sell you your bitcoins.
Title: Re: Is it possible for somebody to collect all bitcoins? Post by: Harley997 on July 21, 2014, 11:10:16 PM They couldn't possibly buy all coins because I'm not selling mine. As simple as that. This is not the only reason why this would not be possible; every 10 minutes the miners "create" an additional 25 BTC via found blocks so the maximum amount of time anyone could potentially "own" "all" of the bitcoin would be for 10 minutes. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: williamj2543 on July 21, 2014, 11:30:01 PM They couldn't possibly buy all coins because I'm not selling mine. As simple as that. This is not the only reason why this would not be possible; every 10 minutes the miners "create" an additional 25 BTC via found blocks so the maximum amount of time anyone could potentially "own" "all" of the bitcoin would be for 10 minutes. Title: Re: Is it possible for somebody to collect all bitcoins? Post by: AliceWonder on July 21, 2014, 11:36:12 PM Already there are thousands if not millions of bitcoins that are lost, meaning they are stored on a address where the private key is forgotten or lost. Also there will be some people that won't want to sell you your bitcoins. If I recall, some were sent to invalid addresses that can never be recovered. The client checked for address validity but the protocol didn't, and some coding mistakes in home brew solutions sent some coins to invalid addresses and the transactions were accepted. |