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Author Topic: Is this Bitcoin's achilles heel?  (Read 5662 times)
whiskers75
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April 03, 2013, 03:44:28 PM
 #21

Well, 1,000,000$ would make me look stupid and irrealistic. Smiley

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Wouter Drucker
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April 03, 2013, 05:24:29 PM
 #22

How about just starting a new coin? Or jumping ship to, say, bytecoin.
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April 03, 2013, 06:48:59 PM
 #23


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Amitabh S
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April 03, 2013, 07:16:52 PM
 #24

Replace bitcoin with gold.

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April 03, 2013, 07:19:33 PM
 #25


How about a proper rebuttal, rather than name-calling? Of course we can always resort to handy little LOL-MEMES TROLL-MEMES when tough questions arise right? Wink
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April 03, 2013, 07:21:55 PM
 #26

I'd say not.  I have 1 BTC that I will never sell.  So... that's 1 BTC they couldn't buy.

Crisis averted.  Wink
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April 03, 2013, 07:23:43 PM
 #27

How about just starting a new coin? Or jumping ship to, say, bytecoin.

That's pretty much what me and my borther concluded would be the end result this actually happened, but then again we're back to square one. Except this time, as BigJohn stated, the pro-Bitcoiners would be billionaires who can use their new-found wealth to fund Bitcoin2/Bytecoin and maybe make its adoption rate a lot faster, etc.
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April 03, 2013, 07:41:42 PM
 #28

Out of my 5 bitcoin I will only maybe sell 4 and keep 1 and will only consider selling it if my 1btc is worth over $1000 and only if Bitcoin2.0 was up and running  Wink

No Bitcoin2.0 no sale at any price  Cool

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April 03, 2013, 07:46:49 PM
 #29

How about a proper rebuttal, rather than name-calling? Of course we can always resort to handy little LOL-MEMES TROLL-MEMES when tough questions arise right? Wink

Do you know that you can divide Bitcoins? Even if someone would by 99.99% Bitcoins the whole global trade could be done with that 00.01%. Althought the whole scenario is as plausible as asking what if somebody buys all the food from the world or something like that...

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tysat
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Keep it real


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April 03, 2013, 07:48:48 PM
 #30

Althought the whole scenario is as plausible as asking what if somebody buys all the food from the world or something like that...

^^ The best way to put it

It's impossible to buy every bitcoin.
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April 03, 2013, 07:54:57 PM
 #31

How about a proper rebuttal, rather than name-calling? Of course we can always resort to handy little LOL-MEMES TROLL-MEMES when tough questions arise right? Wink

Do you know that you can divide Bitcoins? Even if someone would by 99.99% Bitcoins the whole global trade could be done with that 00.01%. Althought the whole scenario is as plausible as asking what if somebody buys all the food from the world or something like that...
Yes, assuming the attacker wouldn't buy and sell them 10 second intervals we can carry on with one bitcoin or even .000000000000000000000000000000000000000000000000000000000000000000000000000000 00000000000000000000001 bitcoin for the entire universe.
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April 03, 2013, 08:00:16 PM
 #32

How about a proper rebuttal, rather than name-calling? Of course we can always resort to handy little LOL-MEMES TROLL-MEMES when tough questions arise right? Wink

Do you know that you can divide Bitcoins? Even if someone would by 99.99% Bitcoins the whole global trade could be done with that 00.01%. Althought the whole scenario is as plausible as asking what if somebody buys all the food from the world or something like that...
Yes, assuming the attacker wouldn't buy and sell them 10 second intervals we can carry on with one bitcoin or even .000000000000000000000000000000000000000000000000000000000000000000000000000000 00000000000000000000001 bitcoin for the entire universe.

The whole scenario is as plausible as someone buying all the dollars out of market faster than Bernanke and the boys can print more. I am pretty sure that you don't worry about that scenario very much, and that's for a good reason: It is impossible. Same with Bitcoins.

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April 03, 2013, 08:02:47 PM
 #33

So if I bought up all the coins it would cost me many millions of dollars. Once only I have them they are worth nothing. Why would I do that?

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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April 03, 2013, 08:13:22 PM
 #34

So if I bought up all the coins it would cost me many millions of dollars. Once only I have them they are worth nothing. Why would I do that?
Because you have more money than you can ever use or want and your motivations are to destroy Bitcoin for one reason or another.
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April 03, 2013, 08:18:46 PM
 #35

So if I bought up all the coins it would cost me many millions of dollars. Once only I have them they are worth nothing. Why would I do that?
Because you have more money than you can ever use or want and your motivations are to destroy Bitcoin for one reason or another.
But what motive could I possibly have? I would not be rich if I wasted my money so easily. Besides, as I bought up the coins the price would rise creating even more demand and encouraging more hording. It would be spectacularly expensive to even buy 10% of the market.
Rich people look for opportunities to make money not spend money.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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April 03, 2013, 08:22:48 PM
 #36

Theoretically, you could buy as many as possible, and then sell them as low as you can, crashing the market.  For instance, if you were to buy a million coins, and just set up thousands of selling orders for $1 that would crash the market, leaving people with a lot of doubt over their stability, which is enough to scare the big boys away.

It doesn't matter if geeks are still using them, its normal society that they want to scare off!


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April 03, 2013, 08:25:38 PM
 #37

What do you guys think?

I think how can u think no one thought of that before.

what a misleading headline of yours
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April 03, 2013, 08:29:52 PM
 #38

At the moment there is about 40 000 bitcoin available on 'visible'  market  if they buy all of them price will sky rocket ....

Is not this exactly what is happening lately?
 

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April 03, 2013, 08:34:07 PM
 #39

Rich people look for opportunities to make money not spend money.

We're talking riches beyond your wildest dreams my friend Wink
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April 03, 2013, 08:51:23 PM
 #40

You don't need to buy all bitcoins to screw up the system. You just need to have more btc than anybody else. Then you can take control over major bitcoin services, manipulate exchange rates and do a lot of other bad things, making profit out of this. And if somebody forks bitcoin-2.0 (there are a bunch of them already out there), just spend some of btc-1.0 to get as much btc-2.0 as possible, while they are cheap, and screw up bitcoin-2.0 for profit too.

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