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Author Topic: FED to Buy Bitcoin  (Read 1139 times)
f1lt3r
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April 09, 2013, 04:41:47 PM
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Scenario: The Federal Reserve Bank prints as much damn monopoly as they want, send the price of Bitcoin into outer-space, when they are the only remaining buyer(s), they crash the price and buy the majority of the supply. Game over.

Thoughts?
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Wole
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April 09, 2013, 04:44:37 PM
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Do we all get rich in the process?  Grin
NothinG
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April 09, 2013, 04:46:34 PM
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Having such high inflation would destroy the United States Dollar in the process.

f1lt3r
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April 09, 2013, 04:47:10 PM
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Wole: I would think... Not if they retain enough of the supply to control the amount of the supply to such a degree that they can still start and end the business cycle at will.
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April 09, 2013, 04:48:31 PM
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I would think... Not if they retain enough of the supply to control the amount of the supply to such a degree that they can still start and end the business cycle at will.
Currently, there are only a hand-full of methods to get Bitcoins from USD. Those methods would get flooded and possibly crash themselves. If it does happen that way, they would need to exploit those methods (banks, etc).

f1lt3r
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April 09, 2013, 04:48:56 PM
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Having such high inflation would destroy the United States Dollar in the process.

Good point. I guess it would depend on whether they could do it quick enough?

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April 09, 2013, 04:49:59 PM
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So that is the reason the price is going up so fast.  You figured it out. The FED is trying to buy all the Bitcoins!  Thanks for telling me that.  Now I know to hold until $1,000,000 per BTC before I sell.

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f1lt3r
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April 09, 2013, 04:51:38 PM
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So that is the reason the price is going up so fast.  You figured it out. The FED is trying to buy all the Bitcoins!  Thanks for telling me that.  Now I know to hold until $1,000,000 per BTC before I sell.

And then buy back your inflated dollars. Tongue
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April 09, 2013, 05:04:21 PM
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So that is the reason the price is going up so fast.  You figured it out. The FED is trying to buy all the Bitcoins!  Thanks for telling me that.  Now I know to hold until $1,000,000 per BTC before I sell.

And then buy back your inflated dollars. Tongue

Is the scenario that they print enough money to allow them to buy nearly all the bitcoins? They won't have to print very much. They are already printing $80 billion a month (40 times the total value all bitcoins).

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f1lt3r
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April 09, 2013, 05:06:19 PM
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Is the scenario that they print enough money to allow them to buy nearly all the bitcoins? They won't have to print very much. They are already printing $80 billion a month (40 times the total value all bitcoins).


Yikes.
jerk
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April 09, 2013, 05:27:29 PM
 #11

It can't end well...
f1lt3r
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April 09, 2013, 05:29:59 PM
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I understand how Bitcoin is protected against itself (difficulty increases etc), but how are the exchanges protected against money coming in from manipulative sources?

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April 09, 2013, 05:58:12 PM
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I understand how Bitcoin is protected against itself (difficulty increases etc), but how are the exchanges protected against money coming in from manipulative sources?

They're not, but there's not huge amounts of volume on them anyways.  MtGox is at about 105,000 for the day, so if someone was trying to buy them all up the price would skyrocket.
txoomy
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April 09, 2013, 06:06:19 PM
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Who knows what the Fed might do. Kinda scary that we can't see if they are buying btc. It wouldn't surprise me if they bought to create a bubble, then crashed it, to scare out btc investors..
cbad
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April 09, 2013, 06:19:57 PM
 #15

Scenario: The Federal Reserve Bank prints as much damn monopoly as they want, send the price of Bitcoin into outer-space, when they are the only remaining buyer(s), they crash the price and buy the majority of the supply. Game over.

Thoughts?

Even though the Fed isn't technically the government, if the government wanted to end the BTC ride, they would just use legislation to go after the exchanges and/or users - i.e. labeling users enemy combatants/terrorist and the exchanges as money launderers.  They wouldn't have to use economics to crush BTC at least for Americans.  Nothing is to stop other governments from doing the same and the scenario isn't ruled out right now since there is still a lot of progress to be made in terms of public adoption.
nrgBitmagic
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April 09, 2013, 11:20:36 PM
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Having such high inflation would destroy the United States Dollar in the process.

Uh, I think that's happening as we speak.
NetcodePool
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April 09, 2013, 11:22:12 PM
 #17

Bitcoin and others are a real threat to the fed.     I dont think they will let it go unregulated for much longer.   Expect some form of regulation... weather it is effective or not who knows.

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jag2k2
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April 10, 2013, 01:41:06 AM
 #18

maybe the fed is hoping to get rich off of bitcoin too

I believe that banking institutions are more dangerous to our liberties than standing armies... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. - Thomas Jefferson
jackl526
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April 10, 2013, 01:50:26 AM
 #19

I think this is very possible, however would they really print more money to do so? BTC is the enemy of the USD, and thus those invested in the dollar. They have the real power, not us. They will control it as they see fit. There is no room for economic revolutions and anyone thinking otherwise is naive and biased.

No, they will not get us rich in the process. Why would they do that? They will find ways to get you in a disadvantageous position and then scalp you. Plain and simple. They might even let it get to $5,000 and then fabricate a massive sell-off. This sell-off might not happen for years to come. It might happen tomorrow. We never know, and that's the power they have.
theFed
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April 10, 2013, 02:07:20 AM
 #20

maybe the fed is hoping to get rich off of bitcoin too
Ok... you got me, it's true.   Smiley
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