What if someone bought up all the existing bitcoins?

[Tylev]

Although this is almost impossible, however, we will consider this variant of the development of events. So, someone bought up all the bitcoins. Then they fall out of circulation and lose any value. It will only be a set of letters and numbers and not more. If there is now a lot of crypto currency with improved functionality, bitcoin will soon be forgotten. Therefore, no one will strive to buy all the bitcoins. In order to have bitcoin or other crypto currency value, it should be able to freely exchange in the market and therefore be in demand.

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[ani4]

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

It is practically impossible to buy up all the Bitcoins that exist. As they are purchased, the price rises exponentially. Imagine how much this mysterious buyer would need to pay for the last Bitcoin still available? Who would sell it, and at what price? If there were only a few coins left, the price would be several millions of dollars, and people would simply use the fractions of a coin in the same way they today use a full coin. Furthermore, if someone attempted to do this, it would not harm anybody, and conversely the amount of resources that would be poured into Bitcoin would be immense! Every one of us who owns any coins at all would be rich, and would have the ability to start and fund new ventures.

I can think of nothing that would accelerate the strength, power, and development of Bitcoin more than "someone trying to buy all the coins."

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

The rich typically "get richer" because they earn money by providing things people want. This is also how the poor "get richer." Those crooks who get richer via the coercive power of government intervention or through fraud will not be benefited by a monetary system that removes this coercive power. Wealth is necessarily MORE merit based in a Bitcoin free market than in a fiat centrally-planned and controlled market, because those avenues to achieve wealth through anything other than merit are reduced through Bitcoin. To be sure, a more merit-based system may lead to greater wealth inequality... but so what. Every man has the right to that which he earns.

The "distribution" of Bitcoins is meaningless - it is the manner by which one is able to acquire them which is important. One can acquire dollars through government force. One cannot acquire Bitcoins in that same manner. This is why Bitcoin is fundamentally "fair," no matter who's rich and who's poor, and why fiat currencies like the USD inevitably lead to wealth distribution that is fundamentally "unfair."

indeed, hard to add to this post. As the market matures and becomes larger the volatility will decrease, but as stated here, if there was a huge buy up 1) it would require people willing to and actively selling their holdings and 2) the price would skyrocket limiting the amount that would likely be sold. The incentive structure of these cryptocurrencies would only mean that anyone attempting to do so would risk their own wealth to the point where it is not worth it.

[kemonojim]

Practically it will not happen. If someone buys and stores a large volume of bitcoin, it will not have much effect on bitcoin prices. He definitely has the ability to move bitcoin prices by collecting bitcoins.

[emerejames]

If someone bought all the Bitcoin he or she will become a monopolist of Bitcoin and all other investors will fall under that person

[Eden Thompson]

 A person may find this very hard to do in practice. There are a few barriers.
-Some people may not want to sell there Bitcoins regardless of price. They love the idea of having cryptocurrencies.
-Some Bitcoin are lost. Either people lost there private key to their wallet or destroy their private key (e.g. erasing or destroying there hard drive).
 Let’s say we forget these two barriers. I would think the price per Bitcoin would sky rocket. As the supply of the coin decrease price should go up.
 In the end, a person would have all Bitcoins. I think the amount of dollars they spent (or whatever currencies they choose to use) would be some ridiculously large amount.

[Ucy]

This is almost impossible my opinion.. . unless all existing Bitcoins are sold to the government (assuming the government is the buyer) at once, at a specific date/time and for great prices.  Still not everyone will be aware of this deal to sell at that great price.
 The new owners, the govts & those who didn't sell will become the only owners of Bitcoin thus making Bitcoin very expensive and scarce.

If the government tries to crash the price by selling its own Bitcoins at cheap rates, thousands or millions of people will try to buy thereby crashing the few websites that are selling them cheap. Buying Bitcoin will become slow and take very long time.


So you see why it is a dumb idea to buy all the Bitcoin.

[Veronika94]

Hi, I am a noob to all this bitcoin stuffs. It sounds like an interesting idea but before I invest too much into it I have
some questions and concerns. Perhaps highest on my list of concerns is the possibility that someone will buy up all,
or most, of all the bitcoins that exist.

Will it be just like the existing economic system where the rich get richer on the backs of the poor?
Will that not destroy the whole bitcoin project and make whatever bitcoins I happen to get myself worthless?

I have read a few things on this kinda stuff and some of it sounds pretty scary. I don't know how much of it
is FUD or how feasible any of it is at all at all.  

Please help me understand and ease my mind in regard to this issue.


Thank you

No, since not all bitcoins are still produced.  This is not money that can be printed in unlimited amounts.  By 2040, almost all possible bitcoins will be produced.

[Ahimoth]

I think the value of the bitcoin will surprisingly grow. and other coins will be more higher too but cant face the value of the bitcoin in the reality. also I think the man who can buy all the existing bitcoin will be more rich and will be well-known around the world. and if there is fact idea, he can be the leader or the ceo of a company that can produce bitcoin.

It could create a lot of impact in bitcoin community for both good and bad. Honestly the effect will be huge as it will cause imbalance for the holding of bitcoin. I think what is about to happen is monopoly as bitcoin will be in one's possession. But the good thing is the circulation can be fix and more opportunities will come.

[Traslavin]

I think the value of the bitcoin will surprisingly grow. and other coins will be more higher too but cant face the value of the bitcoin in the reality. also I think the man who can buy all the existing bitcoin will be more rich and will be well-known around the world. and if there is fact idea, he can be the leader or the ceo of a company that can produce bitcoin.

It can really affect the bitcoin community at all parts especially the other holders and users. I think the buyer might get famous and many will be interested to know him. But the most effect that can be experience is that it can create imbalance. Remember that if someone possess so many things just like bitcoin then he or she has the control of it.

[Christopher_Hayes]

What a funny but interesting question. I would have to say that if someone would buy up all the bitcoin, the value to it would be null.  The reason I would say this is because there is no Bitcoin to be purchased and there is no one willing to take some form of currency that only one person has control over.  If all the bitcoin was bought all the exchanges would have no use to trade it, so it would die at the end. I doubt that anyone would want to buy all of it, what would be the motive behind it?

[Ferki]

What a funny but interesting question. I would have to say that if someone would buy up all the bitcoin, the value to it would be null.  The reason I would say this is because there is no Bitcoin to be purchased and there is no one willing to take some form of currency that only one person has control over.  If all the bitcoin was bought all the exchanges would have no use to trade it, so it would die at the end. I doubt that anyone would want to buy all of it, what would be the motive behind it?

Motivation?To be monopolist,to own all of them.There are so much sick people in the world ;-) But that will never happen.I tried something like that at online games, price was something like 10000% up in hours.Forget it

[cabron]

A strategy like buying all the existing BTC is good for us though, I can bid mine for about $500K and if he is willing to buy it, I'm sure the rest of us will sell as well. Let's say he sells his after it then price must be a lot higher as market dictates. It may really not happen but if the governments around the world decides to buy all so they can control, it goes to be a hell of a ride.

[dgreat]

Who is the anonymous buyer? Would he trade alone?  Is it possible for such to happen? Does the anonymous want to close the market? Impossible!   I don't think that could happen.

[_w_b_t_]

This is hardly feasible, since so many units of Bitcoin is abandoned wallets. But in the abstract, if people agreed to sell all the coins Bitcoin, probably, it should not be interesting to them, and even disgusting.

[Bitcoin demon]

Is it possible for someone to sell all of their bitcoin, by looking at current market conditions,
Bitcoin has no physical value, it has value because we believe and agree with its value, agree not to set prices but set by the market.
One person will be very stupid to buy all BTC, he will only compete with himself, and others will move to create new chains.,,,

[Universe_CRPT]

This is an unlikely development, no one has enough money to do it.

[Rj Manik]

It's not possible. Just part of bitcoins released up to now tends to be on the trade marketplaces available. Brand new bitcoins will still be released for many years in the future. Therefore no one might purchase all of the bitcoins around.

[colvis]

I don't think that is ever going to be possible because even the federal government can't do that.. there are Bitcoin holders out there who will not like and will not be willing to sell there own Bitcoin so they will not have and will not see were to by it off from.

[jhonnydeep87]

I can't wait to see 1 bitcoin to $ 1,000,000. This will make everyone very much for those who have it. With people buying everything bitcoin will stay alive regardless of what is happening with bitcoin itself. Make sure you buy bitcoin at a cheap price so you can have more bitcoin.

[nagasaking]

No it isn't.  The point is nobody could buy all the gold or all the corn or all the bitcoins.  They would all be equally stupid attempts.