Why can't amazon just buy all the bitcoins?

[cryptolake]

Imagine of amazon quietly buys all the bitcoins from mt gox committee and then start accepting bitcoin as currency! If this possible? if yes, what flaws would it have?

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

[amster6699]

How do you want amazon buys all BTC if they want to accept BTC brother ?  HAHAHAH i think someone is high over here LOOOL

[acha 1 3]

Buy all BTC? I think that's impossible, though Amazon is rich, buy BTC isn't good solutions.
If all BTC have been paid by Amazon, that's meaning nobody have/hold bitcoin in their wallet anymore, my question : how amazon can accept payment by bitcoin while all bitcoin in amazon wallet? Bitcoin can't circulated if like that
Or you not mean ask like that? if yes, you can edit your post to make it more clear question. thank you

[cryptolake]

Guys! BUY BTC FROM MTGOX. I don't mean literally all BTC in the world. Please read the post properly.

[Dertcoin]

How do you buy btc from a shutdown exchange ?

[sergeykravcov177]

Yes, it is not profitable for them to buy all the bitcoins and they will not work for them. Bitcoin whales will not allow this.

[mk4]

Guys! BUY BTC FROM MTGOX. I don't mean literally all BTC in the world. Please read the post properly.

Same thing. Why would they buy it? An unstable asset? How will buying bitcoin benefit them? and how is Amazon purchasing bitcoin related to them accepting bitcoin? It doesn't make sense. Not because they can afford it it doesn't mean that they should.

[kier010]

why would they buy bitcoin? bitcoin price is unstable and any change may occur anytime either the price will go up or down. bitcoin is risky and any mistake will result to losing money. amazon won't take this risk.

[VitKoyn]

Imagine of amazon quietly buys all the bitcoins from mt gox committee and then start accepting bitcoin as currency! If this possible? if yes, what flaws would it have?

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

Why do they have to buy all of those Bitcoins from mtgox? and what is the point of buying huge amount of Bitcoin/cryptocurrency if they are earning a lot of money focusing with their business? Amazon doesn't need to do that, if they really planning to accept cryptocurrency soon, the only possible way that I think is they will partner with a payment processor since cryptocurrency price are not stable, for example amazon will accept Bitcoin, the third party payment processor will be the one to receive those Bitcoins then they will pay amazon in fiat currency or they will create and issue their own cryptocurrency.

[Larrysky]

The point is that noboby s going to sell btc, at least now

[squatz1]

Because if they wanted to do this it would make bitcoin useless and kill any value, it would also take them massive amounts of money to buy it as well -- it would do nothing and serve no purpose. Because if one person owned everything then it's useless and serves literally no purpose.

So it'd cost them a ton and it would do nothing.

[jpaul]

Amazon won't do that ever when they can create their own token/currency. They have the required devs for it and they are big enough to easily manage a coin too. The reason why they won't accept Bitcoin is cause they don't have control over it.

[jtipt]

Guys! BUY BTC FROM MTGOX. I don't mean literally all BTC in the world. Please read the post properly.

how is Amazon purchasing bitcoin related to them accepting bitcoin? It doesn't make sense. Not because they can afford it it doesn't mean that they should.

Exactly. Why would they suddenly start accepting BTC after buying few BTC? And there is a good chance that they already own some btc. They have hinted at created their own cryptocurrency so it's very well possible they already hold some BTC.

[The Alchemlst]

Imagine of amazon quietly buys all the bitcoins from mt gox committee and then start accepting bitcoin as currency! If this possible? if yes, what flaws would it have?

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

I think if ever amazon bought all the bitcoin it would just make the  btc market dead or maybe best to be stable. Holding all bitcoin would make its market freeze and may drop its value from where it started, plus I think satoshi design bitcoin not to be controlled by a single entity or corporation though I just don't know its technicalities.

[HeRetiK]

Imagine of amazon quietly buys all the bitcoins from mt gox committee and then start accepting bitcoin as currency! If this possible? if yes, what flaws would it have?

Wouldn't this potentially count as insider trading? Amazon secretly buying Bitcoin to make money on a potential price increase after announcing its acceptance would likely awaken the SEC. Not sure if the SEC would actually have a case, but they would probably try to make one.

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

It's almost as if people only read the post title without reading the actual post

[pereira4]

Guys! BUY BTC FROM MTGOX. I don't mean literally all BTC in the world. Please read the post properly.

Same thing. Why would they buy it? An unstable asset? How will buying bitcoin benefit them? and how is Amazon purchasing bitcoin related to them accepting bitcoin? It doesn't make sense. Not because they can afford it it doesn't mean that they should.

It makes perfect sense, actually.

Amazon could buy the MtGox stack from an US gov auction, so everything is under legal terms. Once the OTC purchase is done, Amazon announces to the world that they are now going to accept Bitcoin. These news would for sure make the price go x10 minimum. Since Amazon bought a big 100k+ BTC stack OTC, their stash would be worth well over a $billion when they announce it, more long term.

That is what I would do if I was Jeff Bezos, but Bezos is too much of a stuck up cunt to aknowledge the importance of having a big stake on Bitcoin so I doubt he will bother. He will realize the mistake of not bothering years from now.

[DannyHamilton]

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

This thead is a lost cause.  It is already filling up with nonsense posts from people that are trying to increase their activity and people that are participating in bounties and signature ad campaigns and trying to meet their posting quota.  Nobody that actually wants to participate in your conversation is going to post here.  They all know that their post will get lost in all the noise and it will take far too much effort to find the meaningful posts among all the trash.

To solve this problem:

• 1. Lock this topic (see link in bottom left corner of thread)
• 2. Create a new thread with a less misleading title
• 3. Make sure you mark the new thread as "self-moderated" before you post it.
• 4. Delete all nonsense posts in your new thread from anyone that fails to pay attention to what is actually being discussed.

[Bolt Brownie]

Imagine of amazon quietly buys all the bitcoins from mt gox committee and then start accepting bitcoin as currency! If this possible? if yes, what flaws would it have?

[Edit : you are missing the FROM MTGOX part! I do not mean buy every existing coin in the world]

They don't necessarily need to buy bitcoin from MTGOX, but it would actually make a lot of sense for amazon to buy bitcoins and then announce that they would accept BTC as a payment method. I don't know if they could be accused of inside trading though, and that could be a problem for them.

They know they would affect the price of bitcoin, because if they announced they would accept BTC as a payment method, it's price would just skyrocket, and no one doubts that, so it would make perfect sense for them to be accused of inside trading, and face penalties.

[BitcoinGuruOne]

Guys! BUY BTC FROM MTGOX. I don't mean literally all BTC in the world. Please read the post properly.

Why ? Why should they buy large amount form any exchange? And risk losing a lot of money? Amazon is not in large scale speculation business they are in business of selling merchandise.

[patrickreiner]

Hahhah, clearly a large entity like amazon could buy lots of bitcoins, but they couldn't buy all of them unless every single bitcoin was for sale, and it would drive the price up up up.