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Author Topic: What if someone bought up all the existing bitcoins?  (Read 25380 times)
mechs
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September 01, 2013, 05:52:46 PM
 #41

That would be wonderful - I would hold out until the price is up 1000000Xs:)

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September 02, 2013, 06:05:20 PM
 #42

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

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September 02, 2013, 06:48:09 PM
 #43

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

With one prominent exception: Satoshi Nakamoto never spent his 1,000,000Ƀ, most likely cause he knows it's going much higher.

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September 02, 2013, 06:59:38 PM
 #44

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

A currency with no current is a store of value just as an atom that sheds no electrons is still potential energy. Bitcoin is money, not a currency traded for a single commodity at the highest market price on a universal exchange. Bitcoin is not more or less dead whether a bitcoin can be sold for $4 USD or $265 USD. People tend to hoard coins as prices move up and they tend to spend coins as prices move down. Bitcoins are commonly exchanged for values that are unrelated to a fiat currency. The market would have "current" as it finds a balance between hoarding and spending.



It seems, from looking at the amount of transactions and the experiences of bitcoin shop owners, that the reverse is actually happening: people hoard coins as the price drops (hoping they will go up again in the future), and people spend coins as they go up in price (taking advantage of the increased buying power of their money).

With one prominent exception: Satoshi Nakamoto never spent his 1,000,000Ƀ, most likely cause he knows it's going much higher.
1. How you know he has 1M bitcoins?
2. Maybe he lost the private key

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September 02, 2013, 08:24:03 PM
 #45

1. How you know he has 1M bitcoins?
2. Maybe he lost the private key

1. 1M coins were mined with the same PC in the beginning and none of these coins moved.
2. "He" didn't. Trust me on that.

My assumption is that "Satoshi" mined and bought many more coins and we will know who it is in less than 5 years from now.

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September 02, 2013, 08:41:27 PM
 #46

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?
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September 02, 2013, 10:26:18 PM
 #47

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?

I guess https://www.bitcoinstore.com/ mentioned this here on the forum and bitmit confirmed it but basically that's quite logical from my own experience. If only I head the money to buy this, this and that … if exchange rate rises, I will spend some coins. In my case it would be about a major investment and not about buying small stuff I don't actually need. I don't see anything bad about a deflationary money stopping people from buying stuff they don't need. Would save the world a whole bunch of problems. Actually I dream of effects like planned obsolescence being an actual argument when buying stuff, as with fiat money, anything but spending it is just stupid no matter if the jeans fall apart before washing them for the first time or if they hold for a lifetime but with honest money people will start to think about buying stuff that doesn't loose its value.

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September 02, 2013, 10:58:16 PM
 #48

He wouldn't need to buy all of them. If his purchasing streak pushes prices up so high, or so fast, that nobody will sell them or use them, then for all practical purposes, bitcoin is dead. A currency with no current is not.

On the contrary, as the price of bitcoins goes up people will be more inclined to use them. People will offer steep discounts on the items they sell to get the bitcoin in the hope those bitcoins will go up in value even more.

Right. The stores confirm this. Bitcoin highes are rush hours on bitmit and others.

Do you remember the source of this?

I guess https://www.bitcoinstore.com/ mentioned this here on the forum and bitmit confirmed it but basically that's quite logical from my own experience.
Good enough, thanks.
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If only I head the money to buy this, this and that … if exchange rate rises, I will spend some coins. In my case it would be about a major investment and not about buying small stuff I don't actually need. I don't see anything bad about a deflationary money stopping people from buying stuff they don't need. Would save the world a whole bunch of problems. Actually I dream of effects like planned obsolescence being an actual argument when buying stuff, as with fiat money, anything but spending it is just stupid no matter if the jeans fall apart before washing them for the first time or if they hold for a lifetime but with honest money people will start to think about buying stuff that doesn't loose its value.
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September 03, 2013, 08:00:25 AM
 #49

just asking is this possible that someone bougth all bitcoins

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September 03, 2013, 08:51:18 AM
 #50

Then bitcoin be dead.

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September 03, 2013, 06:54:44 PM
 #51

just asking is this possible that someone bougth all bitcoins

No I won't be selling my last Bitcoin.  They can buy all of my coins for $1M each except the last one which isn't available at any price.  So there you go I have proven they can't buy all the coins.

Come on think about it, nobody can force you (or anyone else) to sell, so nobody can forcibly acquire ALL Bitcoins.  They can acquire some and the more they try to acquire the higher they will drive the price.  Even trying to acquire a significant fraction would drive the price extremely high but unless every single Bitcoin "coinholder" is willing to sell every single coin they own then no it is not possible to buy all the Bitcoins.

Try that with any other asset.  
Is it possible for someone to buy all the land on earth?  all the gold? all the apartment buildings?  all the shares of all the companies? Pretty silly to even think about it.
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September 04, 2013, 04:19:44 AM
 #52

Though it is fair to say have a very small # of huge holders of the currency would be detrimental to its longterm viability.

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September 04, 2013, 07:26:59 AM
 #53

where we will buried this dead bitcoin because its not alone many peoples also going with this  Lips sealed

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September 03, 2014, 06:40:03 PM
 #54

The prices will rise indeed but if he decides to sell people won't trust as prices will start downfalling.
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September 04, 2014, 04:40:54 AM
 #55

just asking is this possible that someone bougth all bitcoins

No I won't be selling my last Bitcoin.  They can buy all of my coins for $1M each except the last one which isn't available at any price.  So there you go I have proven they can't buy all the coins.

Come on think about it, nobody can force you (or anyone else) to sell, so nobody can forcibly acquire ALL Bitcoins.  They can acquire some and the more they try to acquire the higher they will drive the price.  Even trying to acquire a significant fraction would drive the price extremely high but unless every single Bitcoin "coinholder" is willing to sell every single coin they own then no it is not possible to buy all the Bitcoins.

Try that with any other asset.  
Is it possible for someone to buy all the land on earth?  all the gold? all the apartment buildings?  all the shares of all the companies? Pretty silly to even think about it.

Even if the government were to somehow coerce owners of bitcoin to sell all of their bitcoin them them, the government would still not own all of the bitcoin. There have been some transactions that have sent outputs to addresses that have no valid private key (this may not be a 100% correct technical way of saying this, but the TL;DR version is that it is that BTC was sent to an address that is impossible to be spent from). 

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RISE
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October 08, 2014, 07:34:01 AM
 #56

Oooooh, I can hardly wait. Who is he? The price for my bitcoins will be $1 million each. This guy will make me rich. I will pay good money to know who he is.


actually it would be $infinity.  woohoo!

Or BTC r just wiped out...n ppl move to other newer Crypto currencies.!! That sounds more likely to me.!

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October 08, 2014, 01:11:33 PM
 #57

Then we will all be living in world of cash and cash alone.
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October 29, 2014, 03:56:38 AM
 #58

does it mean 51-attack will happen if someone buy more than 51% BTC
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October 29, 2014, 05:35:12 AM
 #59

Then we will all be living in world of cash and cash alone.

lol.. Smiley Which we all are doing today.
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October 29, 2014, 05:40:59 AM
 #60

does it mean 51-attack will happen if someone buy more than 51% BTC

No. A 51% attack refers to mining capacity. Owning bitcoins doesn't give you any power or control over Bitcoin (except perhaps the exchange rate).

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