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Author Topic: Becoming the 21st century Rothschild in 3 easy steps.  (Read 2627 times)
buryfarmer
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August 06, 2011, 01:42:12 AM
 #1

Becoming the 21st century Rothschild in 3 easy steps.
Lets for a second imagine the following is true:
Bitcoins are unhackable.
Bitcoin remains the most popular p2p currency

There will only ever be 21 million bitcoins, the current market price is $10.

Step 1
If you have $210 million dollars lying around you could put in a buy order in at $10 and stop the price from ever going below $10 therefore guaranteeing your bitcoin assets will never be worth less than $210 million. With this proven asset worth $210 million you use it as collateral for a bank loan of $210 million more which would then you could use to do the same thing again and again to move the lowest possible bitcoin price up to any level you wanted.
You now have control of the bitcoin price.

Step 2
You find a nation that has money problems and convince/corrupt the leaders they should adopt bitcoin as the national currency.

Step 3
Now that you control the bitcoin price, you can start to issue bitcoin paper credit money until it makes up to 97% of all bitcoins used in the bitcoin economy.
You now control the issuance of credit and can literally own that country.

as the famous rothschild quote says:

“Let me issue and control a nation’s money and I care not who writes the laws.”
- Mayer Amschel Rothschild, founder of the House of Rothschild.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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Jack of Diamonds
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August 06, 2011, 02:29:18 AM
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I've also thought that someone could practically set a constant BTC price with a perpetual buy order.

To sustain the price even at a $15 level you would only need to put in a permanent buy order worth 315 million dollars.
Your assets can't depreciate; They can only rise in value if a substantial number of other players offer to buy up coins at a higher price. If it ever drops back to $15 you keep buying them back.

Of course liquidation becomes a major problem.
If you ever want to get a significant part of your investment back, you will have to place a massive sell order that will take months to complete. You can't just sell off millions of coins like that.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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August 06, 2011, 02:40:19 AM
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Ehmmm... You might get away with buying the first few thousand BTC at 10 USD each, but by the time you're buying your 10,000th BTC the price will have skyrocketed. You'd need a lot more than 210 mil. Still quite doable, mind you, just for a lot more...
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August 06, 2011, 02:42:11 AM
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all the big early adopter will sell all their coins to you and start a new blockchain. everybody else will follow because they can get their money out safely and one very big holder is just to big a risk to your own investment.

@piper
read the op again

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August 06, 2011, 02:48:20 AM
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all the big early adopter will sell all their coins to you and start a new blockchain. everybody else will follow because they can get their money out safely and one very big holder is just to big a risk to your own investment.

@piper
read the op again

Still wouldn't work... Not much use in controlling the bottom price if the currency is adopted by a nation. The actual price of each BTC will rise so much that the 210 mil wall will be pitifully inadequate.

Incidentally, if I saw someone putting up a 210 mil wall, you'd have to pry the BTC out of my cold dead hands! You'd have to be an idiot to sell und those circumstances.
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August 06, 2011, 02:53:59 AM
 #6

Don't bother coming to the table with dollars from scratch.

Simply be an early adopter, mine enough to buy two imperishable pizzas, and forever after you can always offer to buy bitcoin for two 1/21000000ths of an imperishable pizza.

Con someone into buying some for a dollar, and forever after you can always offer to buy bitcoin for two 1/21000000ths of an imperishable pizza plus 1/21000000 of a dollar.

Sell a few at $30 and forever after you can always offer to buy bitcoin for two 1/21000000 of an imperishable pizza plus few/21000000 of $30.

Rinse and continue.

Oh wait, also daytrade between $8 and $30 until obscenely rich so that ever after you can always offer to buy for at least $30...

-MarkM-

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