can states buy all bitcoin?

[Ucy]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

it's crazy, and it's impossible. how one organization or one country buys all the existing bitcoins. you are too naive to think. That will never happen.

It is very important to think, my friend.
You seem to be underestimate what humans are capable of.
Forum members need to continue discussing stuff like this, you never can tell, some members somewhere could be patching things up for us to make things difficult for the wannabe tyrants.

[gredisgold88]

surely will be a monopoly, but ownership of 51℅ bitcoin in one organization is quite difficult at this time.

[squatter]

Well yes the bitcoin 's current capital is 65 billion in terms of usd since the US has earned billions and billions of dollars everyday, they can easily bought entire bitcoin network withour having any problems but i think it is impossible for a country to buy bitcoin.

What would the point be though? They would have a coin with zero use and a fork would appear at the last spot before government buyout.

How would anyone know when the government buyout occurred? A government wouldn't need to announce it to the world, anymore than they need to announce any of their financial hedges.

Anyway, of course no government can buy all the bitcoins. To do that, all holders need to sell to them. Many holders won't sell for any reason at all, and more yet wouldn't sell to the US government. Some bitcoiners have principles!

[ramsdaj28]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

If ever an organization/state buy all bitcoin, there will be what we call "MONOPOLY" where only one person/group who runs a product. In case bitcoin monopoly happens, there will be (I think) a huge drop in the value of bitcoin. It does not make sense for an organization to buy ALL or MOST bitcoins and keep it. Once a cryptocurrency stops rotating in the market, its value will flactuate.

[xuan87]

If the states buy all the coin then the value will become zero, it will just the same with the country creating new coin and when the country monopoly all the coins people will find another coin to used because I believe the users used Bitcoin because it is decentralized and anonymous

[Raffy11]

I think that will never happen because a states won't waste their money just to buy a bitcoin that has no steady price. How could they buy all  the bitcoin in the world if the people won't sell their butcoins.

[babarian]

how can we buy all the bitcoins? bitcoin is spread almost all over the world, with different people, it is possible that not everyone will want to sell its bitcoin, so in my opinion bitcoin will not be able to be purchased as a whole by an organization

[Karimeen]

            Some states in the united states are much intrested to introduce bitcoin to their states with a friendly regulation mean time some other states are thinking  to by all bit coins from the market.It is a tedious
task to by all bitcoins from the market.In the beginning ,they may get some to the normal market price but later the price will shoot up.

[michellee]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

the one thing that in my head is they can control bitcoin and the price although they can not control blockchain. they can make the price is up and down by themselves and we can not do anything except following they want. but I don't think that this come to easy for them to buy the whole of bitcoin amount because it will need huge money and we talk about big money.

[cafucafucafu]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

First of all to buy all bitcoin the government needs to print a ton of money and that would cause inflation. So yeah, if they wanted to do this they'll do it at the risk of outraging every single person in their country, and is basically an impossible plan.

Even if they do decide to do this(foolishly) they are just pumping the price up.

There are so many long term bitcoin holders that won't sell their coin because they know that the price is artificially high and fiat by that point would be quite useless. So the government can probably only buy a tiny portion of all coins in circulation anyways.

[mrcash02]

They could kill Bitcoins this way, but there are many people involved on this market and I don't think they will sell all their Bitcoins for now. There are smart people holding too many coins and they know if they do this (sell their Bitcoins to an organization) they will kill the currency. There are enough Bitcoins in circulation on different hands, for now we are safe.

But I think some governments are already thinking on this possibility, if Bitcoin becomes a big problem for them, to kill it this way is a solution.

[jc89]

Even if they can, I don't think the states will buy it all. And in the first place, will everybody sell their coins? Let's say they did. So, what are their plans and what happens next? It's not like they're gonna buy every coin there is then sell it again after some time. It's not like people will buy it again from them unless they sell it at half the purchasing price.

[CryptoTamer]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

buy all bitcoin? NO, it's impossible because:
- not necessarily all bitcoin owners want to sell their bitcoin
- maybe some bitcoin will not be sold (because the owners lost access to their wallets)

[Scorpion]

I mean I guess it's possible to try and get a very dominating amount of Bitcoin but it would be impossible to get all the ones in circulation right now, some private keys have been lost and hacked and what not and as crazy at it might sound some people would refuse to sell unless it was for $1,000,000 per BTC or something.

[shimbark123]

No this will not happen. There were a lot of private holders for bitcoin. So it means that they can't buy ALL bitcoins in the whole world. Well they have all the money they need in order to buy all bitcoins.

[jekjekman]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

If they wish to do that then they must already did that before because why in the world will they do that now when the price of one bitcoin is more valuable compare to the recent years. and if they really want to do it and their only reasons is to kill Bitcoin then it is up to them now but if their only intention is to make a profit out of it then let them be as money makes you money in the world of investments.

We can make different kind of consipirancy anytime we want and that is great because some people will get an idea out of it and this organization that is in power will think first before doing so, but at the end of the day we can't do anything when it comes.

[ajmapalo22]

This is impossible as far as I know there's no way to trace the ownership of bitcoins circulating in the market so how come they can buy it unless all of those people will try to sell them. Bitcoin is all over the world now not in one country and the privacy of owners are tight enough that even in transacting none of their personal information were disclose to anybody. This is one of the main reason why some government does not want the adaptation of bitcoin it's very private and clueless.

[magneto]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

Thereotically, this is possible.

The government could potentially just issue a huge load of fiat currency and buy into bitcoin. But then not only is this driving bitcoin prices up substantially which is good for holders of bitcoin, it will also mean that the monetary base becomes heavily inflated.

There is only so much bitcoin that people are willing to sell. The government can only buay bitcoin off these people and it's a finite amount and probably won't affect bitcoin much even if they did buy it.

[bravehearth0319]

what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.

the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.

but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.

I think that won't be happen anyway. Because if they can, I guess from the very start they did it already even China if they can buy all bitcoin supply they're the one who will first to do it, but its not what happen which means they're capable or able to do it.

[Nawaytes]

Yes it could happen and not just a country can buy it, even a very rich person can buy it and control the price.
I don't think that someone or a country will destroy the bitcoin price, but it could happen. So always keep your wealth in fiat money, not digital, and leave some of it as bitcoin assets.