Bitcoin Forum

Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.

They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.

bids and sells.

if you sell, price plunge
if you buy, price skyrocket.

if you want, you can sell right now 1 BTC for 10 000 USD.
and trust me, they have plenty of offer like that to wait a big (and crazy) player.

If this happens then the bitcoin price will be increased too much because there aren't much sell orders with the actual price.

Reminds me of that story:
A businessman comes to a village, where there are lots of monkeys. He promises that he will give $10 per monkey, initially people don't believe it but as time goes on, they start catching and selling nearly 50%(initial population 1k) of the monkeys to the businessman. He then tells the people that he will be going somewhere else and will come a month later with a better offer. A month later he does come back and this time offers $40 per monkey, now there are only 25% of the monkey left after villagers sell all the remaining monkeys. Once again the businessman before going to to some other village says the same thing as last time. And a month later after that comes with an offer of $160 per monkey, this time all monkeys are captured and sold by the villagers and the businessman gives the payments promptly, now no monkeys are left at all in the village. Now what the businessman does is, leaves his secretary in the village and goes somewhere else with the same promise as the other times, this time he promises that he will offer $640 per monkey next time. Now what the secretary does is, starts selling monkeys each for $400, as the villagers know they can later sell for $240 profit, and that there are no monkeys in the village that they can sell, they start buying the monkeys from the secretary. Now what happens you ask? The secretary runs away with the money and then meets the businessman who then laugh at the villagers' stupidity.
While the villagers have monkeys  :P

No. If he tried to buy so many bitcoins, the price would be skyrocketed before he would get even a small part of them. So, he would not be able to buy them in the firdt place.

To put it simply.
Suppose you want to buy 1 million bitcoins per $500 each.
You'll find just 100,000 coins at $500;
for the next 100,000 coins you'll have to pay $1000 each one;
for the next 100,000 coins you'll have to pay $2000 each one;
etc etc
and, in the extreme case you want all, all, all the bitcoins, for the last existing bitcoin you'll have to pay trillions of trillions and the whole galaxy.

Then they will have cornered the market, but usually that doesn't work out too well for the people who attempt it.  Like the Hunt bros with silver and some other dudes in the grain market years ago. 

it's not possible to corner the bitcoin market because all the coins are not created yet.

well, all is a question of supply.
you can't buy ... proprietary bitcoin unavailable on market for example (like my bitcoins in cold storage).

because it's my life economies.

 :D but if a big player is here, i can sell 1 BTC for 1 Billions.
good deal because ... they have always plenty of billions over the hand : http://www.celebritynetworth.com/list/top-100-richest-people-in-the-world/

If someone bought all the bit coin then it would be worthless since its not being used as money

Buying all bitcoin in circulation at $500 per is just not possible. Someone may have enough money to do so, but the only way they would be able to buy all bitcoin at $500 each would be if those who currently own them were 1. forcibly compelled to sell and 2. forced to sell at that specific price. In what scenario could that possibly happen?

I don't know man, if someone offers a million for a Bitcoin I wouldn't trust it.         

 :-* banking system will take care of the transaction for you ... after the regular 10 working days to confirm wire  ;D

How many coins are for sale at any one time? On the exchanges it's probably a few tens of thousands. Then you have OTC availability too. That might be another few tens of thousands. The rest is lost coins, die hard hoarders and those with zero intention of selling.

In one swoop then they might be able to buy a couple of hundred thousand coins, but in the process they'd clean out all of the exchanges. Sellers would pile in and keep on raising the price until it was in the tens of thousands and they'd still be several million coins short.

Somebody could perhaps buy every bitcoin in the world for like $50k each,

What would happen is a wealth transfer from those who buy to the ones who sell as there are no longer any bitcoins for sale and thus cannot be used and has no value.
IE they become broke (from being trillionaires) while the rest of us becomes wealthy.

Great analogy to show that bitcoins are actually monkeys.

Theoretically, this will never happen as there is too many lost Bitcoins and also, I am never selling my Bitcoin so yeah.... The price would still rise like it is now, nothing is going to change.

You know(don't tell me otherwise) what I mean to say

Really good ! I liked it ^^

Won't happen. Gates isn't interested enough, Buffet thinks it's a bad investment, and pretty much anyone else that COULD do so has no interest.


 On the other hand, if someone DID start doing so, it WOULD be noticed and would push the price a fair bit higher over time as it got more and more concentrated.

It's impossible, but let's pretend it did happen. All coins are mined, and this group or entity has all the coins. It's then basically the same as what is happening with all the shitty altcoins today. They will make it look like a lot people are trading and generating huge volumes, while it's basically a few people that do it. It will result in a coin that is being left and forgotten.

Microsoft accepts bitcoin.

https://commerce.microsoft.com/PaymentHub/Help/Right?helppagename=CSV_BitcoinHowTo.htm
http://money.cnn.com/2014/12/11/technology/microsoft-bitcoin/index.html

So, you could buy Windows 11 when it comes out.

It would eventually have to eat its own tail to keep this going...

https://images.rapgenius.com/c5f2bdfb3edbfbb6e05c9e018b847196.716x400x1.jpg

If anyone buy all the bitcoins means Bitcoin will be demand in the world Then automatically Bitcoin price will reach to more than 10000$ which can equal one bitcoin. According to speculators In the year 2068 Bitcoin will move to demand and every month we can see only one bitcoin as mining

impossible, the available coins on the market are no where near the actual available coins, that are held in many wallet

many will not sell for less than the last ath(those who bought at least) and i know i would not either

so at first if they want to buy everything they must increase the demand a lot, and thus the value will skyrocket in the range of 1k-10k

then they will sell at a even higher value

i dont think it could happen because not all bitcoins are on sale though if it would happen then the price would either grow a lot if the buyer would hold it or it would go down as people would be afraid to use it because of possible decrease in price if the person who bought it would dump it all at once

[HS]

 ::) you want buy Win10 ? Seriously ?
I prefer Ubuntu now because it has color on icons ... useless commercial OS !  >:(

In my country, many seller propose laptop now with no OS (FreeDOS) ... and this is very good !

[/HS]

Impossible, only a tiny amount of BTC is in sell order or even lying around in exchanges.

And there are so many exchanges, so you would cause a short term pump, but little long term effect and would lose money

There would be the biggest rise in the history of finance and the most epic and fatal crash. It would ring down through the aeons.

This hypothetical scenario would represent a massive transfer of wealth from the person buying the bitcoins to the people selling them.

Unless they are the same person, aka an exchange or massive pool

As most people said, there are not enough coins out there to even be bought by someone like Bill Gates. If this does happen I think the value of bitcoin will go up because there's not enough out there to be mined by all of us.

It is a question of supply and demand.
Unless the buyer kept buying indefinetly, the price would increase initially, but then fall back down to its equilibrium.

Higher price would attract more sellers and more miners, thus increaing the supply of bitcoins on the market, which would drive the price down.

I think that Bill Gates don't have time to just buy all the bitcoins in the world if he has all the bitcoins I think it won't be worth after all. That man have all the money of the world so yeah. Buying all the bitcoin where is going to store those coins than is so massive. So we will see if some one have 500K of bitcoin how the storage of him will work.

Making the decision and actually doing it are two different things.

Your prices are speculative and unlikely to be accurate.

Not to mention that with the current price, bitcoin market capital is $ ~ 7 000 000 000 , and if someone was to start buying like that, it would
raise the price to such levels that you would be left with no fiat to buy the remaining coins. Also there are always people that would never sell,
or never sell a portion of their holdings. Either way you turn it , it's safe to say that noone can buy majority of bitcoin, but each attempt would
surely lead to high increase in price.

If someone or anyone wants to buy a high volume of bitcoin then the price of bitcoin will be increased due to the low number of sell orders so the depth is not deeper so the price will be increased definitely.

nobody will ever be able to buy them all because there are millions that are held by the staunchest longs.

However, it would only take one whale to move the entire market many billions...... if he held long enough for the demand to catch up at the new price then he could feasibly make a profit, however, if you double the price buy buying millions of coins, then you have to have double the dollar volume to unload them.... so you would have to hold off on selling for a while.

That was a joke. I'd never directly pay for a Microsoft consumer client OS... I'm on volume licensing, so someone else paid it for me. Win10 is actually not bad, but don't believe the hype, it is still a "beta" version.

I think bitcoin will not survive because it will become centralized one. Bitcoin need to be distributed worldwide to get more adoption and rise of price. One man buying all will kill bitcoin.

It would give this person/group a lot of power. Since they control supply they can control the price.
Eventually this could be the end for bitcoin.

Most bitcoins are not on the exchanges. If someone would start buying such huge amounts the prices would skyrocket very quickly, so that 500 would be 5000 in hours and the miners would hold most of their coins in hopes of making it even more scarce therefore more expensive. Many holders would keep holding because of the same reasons. Such attempt would spiral out of control in days.

Well if they want to buy all the bitcoins of the world I would say that my bitcoins are worth 10.000 dollars each.
If they want to buy it. I doubt that they will agree. If they agree fine with me with that I have made a lot of profit with it.
Also where the hell will this group of people will store all the bitcoins in the world.

The price changes are much more dynamic.
The price of bitcoin would not remain at $500 once this big player starts buying - it will start to increase straight away.

Similary, the price will start to decrease once he stops buying and decrease even quicker, once he starts selling.

it most definitely wouldnt be a good thing in my opinion as this would prevent the countries from making it official currencies and companies accepting the payments in bitcoins if one person had the most of all mined bitcoins it would mean that he could dump the price at any time and people would be afraid of that

I don't think people would just buy all the bitcoins of the world. What for price would happen to bitcoin that.
I think it would be worthless at the end if no one else is using it.

this mean that they would sell at loss, because someone else will ride their wave and dump before them, so this whole strategy to buy a lot of coins in a short amount of time is stupid

no group or single person will do it