Why aren't the worlds richest people buying up all the coins?

[Patel]

Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

Do you ever wonder that? Like you would think they would be buying up all the coins, and the market cap would be tens of billions right now. Maybe they are going to war against Bitcoin?

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

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[Mitchell]

Why would they want BitCoins?

[Patel]

Why would they want BitCoins?

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

[realcoin]

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

Bitcoin trading volume has reduced! Your assumption is wrong, that everyone thinks this and that. For "reach" (large volume) people is liquidity very important! If they cant sell anytime, they will not buy to much!


But why Bitcoin volume has reduced???

[malevolent]

Them buying the coins could drive the price up to the level that they wouldn't be able to afford.

The only feasible way they could do this would be by contacting large BTC holders and buying it directly from them, at the same time hoping none of them communicate with each other about this. But as large BTC holders are usually exchanges or businesses which manage other peoples' money, and with many people no longer having access to their wallets from 2009 or 2010, I doubt the richest would succeed in this endeavour.

[lucasjkr]

Why would they want BitCoins?

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

Clearly, not everyone thinks that. Especially not Warren Buffett and Bill Gates.

Really, with the amount of money they have, they can't make a meaningful investment in Bitcoins without completely distorting the price. So, they could buy in and push the price to $300, $500, or $1000, and it looks great on paper. But should they want to exit and enjoy that newfound wealth, selling out huge quantities would push the price back down to $120, $80 or even $40...
 

[nanonano]

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

Why aren't the same people buying all the gold, or any other thing that people typically invest in?

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Not sure how this relates to the previous question but ... Whether it would be "easy" for them or not is not relevant -- the question is "what can they accomplish that would justify a spending lots and lots of resources?"

[cowandtea]

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

Bitcoin trading volume has reduced! Your assumption is wrong, that everyone thinks this and that. For "reach" (large volume) people is liquidity very important! If they cant sell anytime, they will not buy to much!


But why Bitcoin volume has reduced???

You are using MtGox chart, that's why. People having withdrawal problem since few months back.

[cowandtea]

Bitcoin is too risky for them, they rather invest in a company and sell stuff.

[ralree]

WRT Warren Buffet, I believe he wouldn't buy it since it's not a business.  The man has made his money by understanding and investing in businesses.

https://en.wikipedia.org/wiki/Warren_Buffett#As_a_millionaire

But I would expect various millionaires and possibly billionaires to be taking very small positions in BTC over the coming years.  I think people are still concerned it's a flash in the pan and/or a bubble.  As time goes on, and BTC continues to succeed, they will probably re-evaluate it.  The Winklevii are just the first of the elite to truly dive into BTC - there will be others.

[tvbcof]

Bitcoin is too risky for them, they rather invest in a company and sell stuff.

Traditional financial instruments are backed by force of law, and more and more the 'law' is owned by wealthy people.  So when one reaches a particular level of wealth one has a lot of flexibility and safety operating in settings like investment banks, hedge funds, etc.  Witness Jon Corzine for instance.

In contrast, Bitcoin is governed mainly be hard cold mathematics which are not conducive to graft.  Secondarily, Bitcoin is also governed by a broad userbase who chooses to run or not to run various software.  At this time a wealthy person has relatively little leverage to gain an advantage aside from the flexibility in timing and market manipulation that having a large wealth buffer provides.

Going forward, as Bitcoin grows and deals with scaling problems and various more far-sighted system manipulation schemes, it is entirely possible that individuals will have a more limited role in governing things.  At that point Bitcoin may offer a more compelling value proposition to the ultra-wealthy class of individuals.  Likely it will be most valuable as a utility which augments other systems which monitor and analyze individuals on a personal level.  If we are lucky such analysis will be limited mostly to figuring out how to sell us shit.

[Nancarrow]

Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

I see others have already explained to you how 'markets' work. Next up...

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

... is finding out what the phrase '51% attack' actually means.

[Pokerfan]

I will only sell my last coin for 1 billion USD (in today's value).

[Maciek]

I will only sell my last coin for 1 billion USD (in today's value).

+1

very similar here:

I would actually sell my last btc for around 10 mln USD

[ImI]

Why would they want BitCoins?

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

You have not the slightest clue about Gates or Buffet, do you?

Maybe you would be still wanting more and more when you got billions but those two obv dont. And its very reasonable.

In fact Gates and Buffet are donating over 95% of their wealth for charitable trusts. Why should they always want more and more? Money stops being important once you pass an certain amount or do you really think that its tripple the fun to have three Ferraris instead of one?

I am pretty convinced that those two like Bitcoins.

[dillpicklechips]

But why Bitcoin volume has reduced???

Remember that the volume is measured in BTC. If the value goes up people could trade the same in USD and the BTC volume will go down.

[Baitty]

Least they can't buy all the coins. Because they haven't all been mined.

[Luckybit]

Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

Do you ever wonder that? Like you would think they would be buying up all the coins, and the market cap would be tens of billions right now. Maybe they are going to war against Bitcoin?

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

So what if they do? We'll get rich because they'll be buying from us.
And not just Bitcoins, but all of these altcoins can be sold to rich people.

I don't mind. I welcome that. If any rich person would like to buy a million Bitcoins for a trillion dollars that would be the best form of stimulus package.

[romerun]

'cause I won't sell mine to them even they offer all their fortune, it's still undervalue.

[cowandtea]

I will only sell my last coin for 1 billion USD (in today's value).

I will sell mine only when it hit 1 trillion USD, now im richer then Warran Buffet , well everyone is...