What happens if some1 rich buys it all?

[ZephramC]

What happens when some super rich buys all the land and houses in a country?
(Considering the government does not cooperate with this rich one, that means only way of buying is voluntary exchange and not for example state tolerated blackmailing, bribing authority and police, usage of force, etc.)

[Exoskeleton]

unless there was something vary importaint you could only get with bitcoins.. causing the price to be high as people would be willing to pay almost anything for it.

Bingo. Thats the last piece. I've always thought that this right here is why bitcoin will stay around. Once you have enough coins and own a lot of mining power your ready. Then you sell items exclusively for bitcoin. Lets say its the future and 1BTC equals $100,000. You sell your amazing product at a 5% discount to cash in bitcoin instead. So even after the exchange rate your customers still feel like their money is going further. They all now are forced to know how to use bitcoin and they now all have a wallet.

Say you can buy the next generation neural net virtual reality on pre-order, but only using bitcoin. The system you want is valued at $10,000. You can only pay with bitcoin. But it sells for 0.095BTC which only cost you $9,500 in cash to get. You can scale this as the price of bitcoin goes through the roof with people trying to buy to make a purchase. With each generation of product you make the price in bitcoin a little less, encouraging people to hold knowing that the value will rise due to a guaranteed demand for coins. The people holding only drive the price higher. And the pre-order sales keep driving the coins right back into your pocket. Eventually you get most of the coins and you can set the price because you are the one selling most of them. You sell them back to your customers through exchanges and they trade them right back to you for a product.

This would keep people valuing bitcoin at insanely high levels. If you had multiple products that people would do anything to pre-order your set. Think if apple only offered its next i-pad 3D and i-phone hologram (or whatever the new tech is) for customers paying with bitcoins...seriously. Once someone starts doing something like this to pump the value of bitcoin its going to the moon. But what if they did this with a bitcoin spin off that is exactly the same as bitcoin, but not our bitcoin. What would that do to the value of bitcoin? Crypto coins have some amazing potential for manipulation once people start to throw some real money behind them.

[ZephramC]

This might work... If you can achieve and maintain "amazing product" monopoly on free market. But I do not think that real monopoly is possible without state cooperation.

[Exoskeleton]

This might work... If you can achieve and maintain "amazing product" monopoly on free market. But I do not think that real monopoly is possible without state cooperation.

You won't need a monopoly at all. In fact, you usually just have to be the first to market with a cool gadget. Or be a company where people will buy your products because they have an edge. Like apple. Wait untill 3d holograms or virtual reality systems are perfected. The first to market with a good working system could take billions of dollars in pre sales alone. These will be big ticket items that everyone will want in their homes.

[mgio]

This has already happened.


Bitcoins are only actually worth about a penny each, but an investor came along and started buying them up slowly driving them up slowly until they were above 100 dollars.

Now he has stopped and the price has just stagnated and people are looking at each other, wondering what to do. And wondering why many of them spent $100+ on a coin that doesn't actually exist.

[BTConomist]

I think the better question is "What if someone rich sells it all?"

[Exoskeleton]

This has already happened.


Bitcoins are only actually worth about a penny each, but an investor came along and started buying them up slowly driving them up slowly until they were above 100 dollars.

Now he has stopped and the price has just stagnated and people are looking at each other, wondering what to do. And wondering why many of them spent $100+ on a coin that doesn't actually exist.

Yes, it has happened already with Avalon and ASIC miner, and both those companys are at the top of the game that I mentioned earlier. You must use bitcoins to buy millions of dollars worth of Avalon chips and ASIC miner blades/shares. They then hold to inflate the value even more.

I don't agree with you on your position that bitcoin is worth a penny and does not exist. If each bitcoin is worth even a penny then it exists. The program is what exists and it has value. I know you can't touch it but its there.  Without going off into detail let me just say that bitcoin is worth more than you think in the short term. Long term? Who knows.

[KSV]

the ones who are saving wont sell it. . .

and i mean saving - NOT hoarding.