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Author Topic: Redistribution of coins  (Read 671 times)
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August 06, 2011, 08:41:06 PM

So for the last half a year I wondered, how a sound financial system could be built on Bitcoins, would not it make a few sysadmins mining from beginning of 2010 billionaries? Would not it be really insane that current power holders would have less of this global power than a few enthusiasts?

Now I see how this would develop. My prediction - Bitcoin would go through a series of "all is lost" downfalls which would make early adopters part with their coins. Following iterations may be even much more ridiculuos than the current one - in fact, as soon as any power has 100-200k coins to play with, it can easily crash exchanges to sub-0.1 values due to very low liquidity.

Recipe is simple: have fiat money ready in exchange, generate negative sentiment (hack some silly service), crash exchanges with massive selloffs, establish new super-low price so people are ready to sell at it, then buy from more gullible  current holders (rally follows). Wait a month, repeat (now you also have more coins to operate with).

If I wanted to amass bitcoins and had unlimited funds, that's what I'd do. Makes much more economic sense and is much cheaper than buy at market driving the price to stratosphere and making more people hold on to the BTCs. Miners don't sell when the price shoots up - they sell now. I suspect there's more than one power doing it in parallel.

You can disregard this as obviously there is no proof (besides closely looking at the graphs). Or you can listen to your inner voice Smiley How low do we go in this iteration? I have no idea. But be ready and have your buying finger on the trigger.

i am satoshi
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