What happens when the bitcoin-bigplayers sell theire coins?

[Komodorpudel]

Hey Guys,

i don't know if this topic was already discussed, but i'am thinking about this for a few days and i think this is a big problem for the bitcoin-economy:

Currently, only 3 people own almost 6% of all bitcoins( if not, please correct me). For comparison with the eurozone, this would mean that 3 persons own 6 % from  9 148 000 000 000 Euro(Date: 2008), which means: 548.880.000.000 ....Thats ridiculous. When they sell all their bitcoins, the price would fall like crazy and the rest of the confidence in bitcoin is lost. Look at the price at this moment: Theire is now fundametal reason for the bitcoin price to fall, only a few bigger wallets getting sold and that starts a domino effect.
Imagine what happens when 600.000 coins get sold with market execution?!?

I think theire need to be something done to solve this problem and i think theire are only two ways:

1. The hard way: the bigplayers are selling the most of their coins on a rush and the bitcoin price will fall, but in the end their is a much fairer spread of bitcoins among the people. But this will cause a loose of confidence...."another bubble" would the media say.

2. the easy way: everyday the bigplayers sell a small amount of bitcoin...maybe around 100, when the trading volume gets higher maybe more...and so recuce their wallets and the possbile influence

But this hast the requirement, that the bigwallet owners agree with this plan, but some of them are millionairs anyway

But what makes me the most angry: Bitcoin was found, to get rid of banks or fed or the EZB and theire inflationary money politic. But I read enough in this forum and elsewhere to say: some people are acting the same way like banks on the so called "free markets": They manipulte the bitcoincharts with theie huge amounts of money they have...."sell high", "buy low"....the exact same thing bigplayers(the banks) are doing with gold right now. Okay, but enough about that...

What do you think about this?

Greets Komodorpudel

PS: Sorry for my average english

[tutkarz]

to be honest i would be mega happy if i would be online and price for a while would drop to $1 or even better to $0.01. I would buy everything available.
btw while we are talking about this, can someone sell me 10000 bitcoins for $1?

[worldinacoin]

Same for me, I can scoop up some, at the moment everything is so high.

[Chet]

There is no call for 'big players' to sell out fast anymore than there for big players in dollars or euros or gold to sell out fast. Why would they?
And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

[tutkarz]

There is no call for 'big players' to sell out fast anymore than there for big players in dollars or euros or gold to sell out fast. Why would they?
And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

good point, besides, they would sell bitcoins for what, for fiat? so the banksters will rob them? that wouldn't be wise.

[Miz4r]

There is no call for 'big players' to sell out fast anymore than there for big players in dollars or euros or gold to sell out fast. Why would they?
And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

11.2M divided by 7 billion = 0.0016 BTC for everyone

[Komodorpudel]

There is no call for 'big players' to sell out fast anymore than there for big players in dollars or euros or gold to sell out fast. Why would they?
And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

Yeah, probably "fair" is the wrong word. The people with the big wallets have earned all their coins because they were early adopters and so have a right to keep all their coins.

But a economy or currency can not rely on a the mood of 3 people!

[Zaih]

We won't ever see these 'big players' all selling in one go. That's fairly unrealistic.

The again, due to the nature of Bitcoin, we will be able to know if they're 'slowly' selling. This could have near the same affect.

[smoothie]

Hey Guys,

i don't know if this topic was already discussed, but i'am thinking about this for a few days and i think this is a big problem for the bitcoin-economy:

Currently, only 3 people own almost 6% of all bitcoins( if not, please correct me). For comparison with the eurozone, this would mean that 3 persons own 6 % from  9 148 000 000 000 Euro(Date: 2008), which means: 548.880.000.000 ....Thats ridiculous. When they sell all their bitcoins, the price would fall like crazy and the rest of the confidence in bitcoin is lost. Look at the price at this moment: Theire is now fundametal reason for the bitcoin price to fall, only a few bigger wallets getting sold and that starts a domino effect.
Imagine what happens when 600.000 coins get sold with market execution?!?

I think theire need to be something done to solve this problem and i think theire are only two ways:

1. The hard way: the bigplayers are selling the most of their coins on a rush and the bitcoin price will fall, but in the end their is a much fairer spread of bitcoins among the people. But this will cause a loose of confidence...."another bubble" would the media say.

2. the easy way: everyday the bigplayers sell a small amount of bitcoin...maybe around 100, when the trading volume gets higher maybe more...and so recuce their wallets and the possbile influence

But this hast the requirement, that the bigwallet owners agree with this plan, but some of them are millionairs anyway

But what makes me the most angry: Bitcoin was found, to get rid of banks or fed or the EZB and theire inflationary money politic. But I read enough in this forum and elsewhere to say: some people are acting the same way like banks on the so called "free markets": They manipulte the bitcoincharts with theie huge amounts of money they have...."sell high", "buy low"....the exact same thing bigplayers(the banks) are doing with gold right now. Okay, but enough about that...

What do you think about this?

Greets Komodorpudel

PS: Sorry for my average english

WHAT HAPPENS WHEN ALL THE PLANETS ALIGN WITH ALL THE STARS IN THE UNIVERSE? LOL

[tutkarz]

There is no call for 'big players' to sell out fast anymore than there for big players in dollars or euros or gold to sell out fast. Why would they?
And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

Yeah, probably "fair" is the wrong word. The people with the big wallets have earned all their coins because they were early adopters and so have a right to keep all their coins.

But a economy or currency can not rely on a the mood of 3 people!

those 3 people cant drop they bitcoins, those are people who believed in this, who supported bitcoin. Why they would want to kill they own child? And when they would sell to drop the price, rest of their bitcoins would loose value too, so its not practical.

[phatsphere]

those who have a lot and sell in one rush already did it. and most likely, they also regret it :-p

[tutkarz]

those who have a lot and sell in one rush already did it. and most likely, they also regret it :-p

i wish them good luck and i hope they enjoy they soon-to-be-worthless cash

[niothor]

those who have a lot and sell in one rush already did it. and most likely, they also regret it :-p

i wish them good luck and i hope they enjoy they soon-to-be-worthless cash

Yeah , yeah , would you still keep all your bitcoins when you could cash out a few or more millions and buy everything you wanted in your childhood ad not wait till bitcoin succes?

You know , tommorow you could get hit by a car and that's it or maybe worse, survive in a wheelchair.

Honestly , would you keep your bitcoins or sell them , make your dreams get true and forget about all the s***.

[Birdy]

i wish them good luck and i hope they enjoy they soon-to-be-worthless cash

Why do you assume they keep it in that?
Maybe they buy stuff with it? It's not like fiat will be worthless tomorrow, it will just slowly lose worth while more is printed out.

[Zangelbert Bingledack]

The wealth distribution in Bitcoin is NOTHING LIKE the wealth distribution in fiat money, simply because the fiat-rich have all sorts of other kinds of power besides money: political connections, power over the media, controlling stakes in major corporations, power over the clergy, etc. Without that kind of power, the Bitcoin-rich will have no way to hold on to their position nearly as strongly; when they spend, their money gets distributed to everyone else. When the fiat-rich spend, they just get more back because they have some control over the money flows.

The reason wealth is centralized in the fiat world is because power is also centralized in that world. There is some power centralization in the Bitcoin world, but it is dramatically less. And what power concentrations do exist are vastly less about to control where the money goes. None of the Bitcoin millionaires have influence over the central bank or government or media or church or major corporations.

With Bitcoin there will still be some concentration of wealth - that is unavoidable simply because some people are better at making money than others and care more about it - but it will be way less concentrated than in the fiat world.

As for what happens when the big players cash out, well, many of them have most definitely been cashing out all this time, and you can see what's happened so far.

[Birdy]

And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

While it's probably impossible to achieve something that is "fair", it's good to avoid the 1% of the people own 90% of the stuff.

[tutkarz]

i wish them good luck and i hope they enjoy they soon-to-be-worthless cash

Why do you assume they keep it in that?
Maybe they buy stuff with it? It's not like fiat will be worthless tomorrow, it will just slowly lose worth while more is printed out.

there are two different scenarios, one you are talking about, when someone quit his job and lives just by using bitcoins, which is good. and the second one i was reffering to is when someone just dumps all (or most) of his bitcoins at once while destabilising price. if such a person is moving large amounts of fiat to bank account and is not going to spend everything at once (which is not that easy when you own billions), then he will meet taxman, bankster fees and inflation. i dont think its good as long as you are not a bankster by yourself.

[Birdy]

there are two different scenarios, one you are talking about, when someone quit his job and lives just by using bitcoins, which is good. and the second one i was reffering to is when someone just dumps all (or most) of his bitcoins at once while destabilising price. if such a person is moving large amounts of fiat to bank account and is not going to spend everything at once (which is not that easy when you own billions), then he will meet taxman, bankster fees and inflation. i dont think its good as long as you are not a bankster by yourself.

Yes, he/she might get into some trouble, I'm not saying it was a great move to do.
On the other hand paying a lawyer shouldn't be a problem xD

[Komodorpudel]

And I really hate this 'fair' distribution nonsense. What the heck is 'fair'?

While it's probably impossible to achieve something that is "fair", it's good to avoid the 1% of the people own 90% of the stuff.

Thank you

My Post packed into one sentence.

The fact is: 3 personen have the capabilities to make bitcoin absolutely worthless. I don't think this is a good requirement  to make bitcoin common to anyone.

[Birdy]

Thank you

My Post packed into one sentence.

The fact is: 3 personen have the capabilities to make bitcoin absolutely worthless. I don't think this is a good requirement  to make bitcoin common to anyone.

The thing is, with other wealth on this planet it's the same.
I don't think it's preventing Bitcoin from getting popular, Bitcoin is the solution to the problems in the banking systems that are getting out of hands.