nexus99
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July 03, 2013, 09:01:46 PM |
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BTC value has dropped 15ish% in the last week?
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mdude77
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Activity: 1540
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July 04, 2013, 10:24:13 AM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
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I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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ask
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Activity: 1386
Merit: 1004
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July 04, 2013, 10:53:01 AM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
If you buy then and destroy those X which you bought, then only 21M-X will remain on the market and price will be bigger. You can not destroy them... THAT'S THE BEAUTY OF BITCOIN |
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NewLiberty
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Activity: 1204
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Gresham's Lawyer
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July 04, 2013, 11:15:30 AM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
It would be cheaper, and maybe even profitable (especially for those in the know), to create so much volatility using ETFs that it becomes difficult to use as a currency. |
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mdude77
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Activity: 1540
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July 04, 2013, 11:37:16 AM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
If you buy then and destroy those X which you bought, then only 21M-X will remain on the market and price will be bigger. You can not destroy them... THAT'S THE BEAUTY OF BITCOIN You don't understand. There's a finite number of bitcoins. Governments can and do make money out of thin air. They can buy every single one and destroy them, it won't even appear as a blip on the deficit. Yes, some people will make a lot of money off of it. But bitcoin as we know it will be destroyed. M |
I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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mdude77
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Activity: 1540
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July 04, 2013, 11:39:17 AM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
It would be cheaper, and maybe even profitable (especially for those in the know), to create so much volatility using ETFs that it becomes difficult to use as a currency. Governments don't care about cheap ($500 hammer anyone?). All they care about is power and control. Buy every single coin for sale from every exchange. It would be the beginning of the end. M |
I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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ninjapug
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July 04, 2013, 11:59:17 AM |
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Isn't it going up now?
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johnyj
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Activity: 1988
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Beyond Imagination
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July 04, 2013, 12:07:02 PM |
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Governments can and do make money out of thin air. They can buy every single one and destroy them, it won't even appear as a blip on the deficit. Yes, some people will make a lot of money off of it. But bitcoin as we know it will be destroyed.
Actually this is expected, they need another big bubble to save them from the current mess And bitcoin will not be destroyed, since most of the bitcoin owners will sell only a fraction of their coins, even the price goes to infinite, it doesn't hurt to have more coins at hand |
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mdude77
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Activity: 1540
Merit: 1001
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July 04, 2013, 12:10:34 PM |
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Governments can and do make money out of thin air. They can buy every single one and destroy them, it won't even appear as a blip on the deficit. Yes, some people will make a lot of money off of it. But bitcoin as we know it will be destroyed.
Actually this is expected, they need another big bubble to save them from the current mess And bitcoin will not be destroyed, since most of the bitcoin owners will sell only a fraction of their coins, even the price goes to infinite, it doesn't hurt to have more coins at hand You seriously believe that? If the government always bought, and destroyed, every coin that every became available, it wouldn't hurt bitcoin? M |
I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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Lohoris
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July 04, 2013, 01:39:04 PM |
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You seriously believe that? If the government always bought, and destroyed, every coin that every became available, it wouldn't hurt bitcoin?
If someone constantly bought coins "at whatever price", miners would be rich... |
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mdude77
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July 04, 2013, 04:19:35 PM |
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You seriously believe that? If the government always bought, and destroyed, every coin that every became available, it wouldn't hurt bitcoin?
If someone constantly bought coins "at whatever price", miners would be rich... And BTC as a currency would be destroyed. Mission accomplished. M |
I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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Lohoris
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July 04, 2013, 05:21:23 PM |
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And BTC as a currency would be destroyed.
Mission accomplished.
What are you talking about? Of course it wouldn't, people would be mining like crazy to get that reward... |
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mdude77
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Activity: 1540
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July 04, 2013, 06:09:16 PM |
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And BTC as a currency would be destroyed.
Mission accomplished.
What are you talking about? Of course it wouldn't, people would be mining like crazy to get that reward... Selling BTC and having BTC as a currency are two different things. M |
I mine at Kano's Pool because it pays the best and is completely transparent! Come join me! |
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Moogle
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Activity: 238
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KUPO!
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July 04, 2013, 07:04:57 PM |
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exaclt.y if one bloke buys everything and refuses to sell then its game over. yeah people will make some money but the 'currency' wont exist anymore
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vokain
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Activity: 1834
Merit: 1019
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July 04, 2013, 07:12:52 PM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
It would be cheaper, and maybe even profitable (especially for those in the know), to create so much volatility using ETFs that it becomes difficult to use as a currency. Doubtful. When they short sell, the price for the ETF goes down. The max that can be sold is the amount that is in the trust, 200000 BTC. If the ETF were to dump those shares on the actual market, 200000 would be sold to cover the sale, but really, that's it. They can only do it once. How many BTC are outstanding? The market would get artificially cheap coins! Done, bear out of ammo. |
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joae1975
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July 04, 2013, 08:21:26 PM |
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If I was in a government and I wanted to destroy bitcoin...
I'd figure out how to buy up all the coins with fiat and then destroy them.
M
It would be cheaper, and maybe even profitable (especially for those in the know), to create so much volatility using ETFs that it becomes difficult to use as a currency. Doubtful. When they short sell, the price for the ETF goes down. The max that can be sold is the amount that is in the trust, 200000 BTC. If the ETF were to dump those shares on the actual market, 200000 would be sold to cover the sale, but really, that's it. They can only do it once. How many BTC are outstanding? The market would get artificially cheap coins! Done, bear out of ammo. thats exactly whats happening to Gold right now. Nice! |
1PewuG8KZJUPK3CtvAkAs1Uw42rQgUv5Jk
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BitcoinBarrel
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Activity: 1961
Merit: 1020
Fill Your Barrel with Bitcoins!
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July 04, 2013, 08:25:07 PM |
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They wouldn't be able to buy up all the coins. And if they did then the price of 1 satoshi would SKYROCKET. Can you imagine 1000 dollars per satoshi?
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Wekkel
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Activity: 3108
Merit: 1531
yes
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July 04, 2013, 08:30:41 PM |
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thats exactly whats happening to Gold right now. Nice!
Unless Gold supply is unlimited ( paper Gold supply, that is). That's the big question. |
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joae1975
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July 04, 2013, 08:44:18 PM |
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thats exactly whats happening to Gold right now. Nice!
Unless Gold supply is unlimited ( paper Gold supply, that is). That's the big question. All gold etf's have to have the physical to back them up. The caveat being owners of a gold etf can never convert it directly to physical. The physical price can go lower and at the same time the etf could dry up, loosing almost all value. paper gold is dying a fast death. IMHO. Never never never buy a bitcoin etf. For the record. Peter Schiff on the winkle twins: http://db.tt/2qZpfEG6 |
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