Scoremaster (OP)
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Activity: 91
Merit: 10
Hi I am back from a long period of away time :)
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August 19, 2014, 02:10:25 PM |
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Hi.
What if mega banks/companies decided to accept btc, and hold it? They are billion dollar + organizations. They could afford to hold millions of BTC on hand and it wouldn't affect them. Heck even some of the large companies that are smaller have capitical expenditures in the 100s of millions of dollars per year. It seems the best thing for banks to do would be to buy bitcoins up and hold onto them.
How badly would it affect us knowing the banks regain control simply because they have soo much money to buy it out? They might have been doing it this whole time and we wouldn't know it.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Bitwayup85
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Activity: 62
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August 19, 2014, 02:12:33 PM |
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If banks start trading with BTC then prices will rocket shoot to 1000$+ very easily.
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GogglesPisano
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Activity: 68
Merit: 10
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August 19, 2014, 02:36:31 PM |
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I don't think we have even seen the start of Bitcoin hoarding. Wait until governments start confiscating pension funds and helping themselves to people's bank deposits. A niche market has already started for men who are undergoing a divorce and looking to hide their assets. In the future, pretty much everyone will be looking to hide their assets!
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Meuh6879
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Merit: 1011
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August 19, 2014, 02:38:53 PM |
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they start ... when they fail (profit marge very very low). company don't use gold ... even if skyrocket price ...  |
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SomethingElse
Full Member
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Activity: 210
Merit: 100
Looking for the next big thing
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August 19, 2014, 02:41:02 PM |
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Price will go up if people buy and hoard. Price goes down if people unload.
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NEM
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Honeybooboo
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August 19, 2014, 02:41:39 PM |
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If any banks or organizations attempted to do this it would only push the price up for the rest of us, though maybe they could do it on purpose just to inflate their coins and then dump them, but it would be risky.
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worle1bm
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August 19, 2014, 02:47:06 PM |
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Then BTC would be damaged as a means of exchange. The total market cap of BTC could be purchased by a single institution. This is implausible, but even a significant purchase of liquid BTC would significantly damage the ability to use BTC.
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Honeybooboo
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August 19, 2014, 03:44:44 PM |
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Then BTC would be damaged as a means of exchange. The total market cap of BTC could be purchased by a single institution. This is implausible, but even a significant purchase of liquid BTC would significantly damage the ability to use BTC.
How would it be damaged? All that would happen would be the smaller ammounts of bitcoin still in circulation would become worth much more. |
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DKMathias
Newbie
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August 19, 2014, 08:42:53 PM |
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The Bitcoin would probably be EVEN more worth
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Mobius
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August 20, 2014, 02:44:55 AM |
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It would have the exact same effect as if any other "whale" were to start buying up/hoarding bitcoin, as many do already. It would drive up the price.
With that being said, IMO it is very unlikely that banks are going to do anything like this as bitcoin today is still very speculative (see the price changes over the past week) and unstable investment/currency.
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X7
Legendary
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Activity: 1162
Merit: 1009
Let he who is without sin cast the first stone
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August 20, 2014, 03:08:41 AM |
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Banks can kiss my butt  .... I'm pretty sure I had an intellectual remark somewhere but... yeah... that's all I got for now lol |
For what shall it profit a man, if he shall gain the world, and lose his own soul?
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lemfuture
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August 20, 2014, 03:10:28 AM |
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why mad op? you should actually hope for this
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1ADLcfwTofFXb95pKhebpeRkJ4WTWsvQXB
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gelar24
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August 20, 2014, 03:28:03 AM |
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why mad op? you should actually hope for this
if it is beneficial for the growth btc btc prices will rise or why not? : D positive as I would expect that to happen haha |
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X7
Legendary
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Activity: 1162
Merit: 1009
Let he who is without sin cast the first stone
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August 20, 2014, 03:42:09 AM |
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Hi.
What if mega banks/companies decided to accept btc, and hold it? They are billion dollar + organizations. They could afford to hold millions of BTC on hand and it wouldn't affect them. Heck even some of the large companies that are smaller have capitical expenditures in the 100s of millions of dollars per year. It seems the best thing for banks to do would be to buy bitcoins up and hold onto them.
How badly would it affect us knowing the banks regain control simply because they have soo much money to buy it out? They might have been doing it this whole time and we wouldn't know it.
PLOT TWIST Coinbase is secretly the federal reserve buying all the BTC to take it out of circulation lol |
For what shall it profit a man, if he shall gain the world, and lose his own soul?
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jubalix
Legendary
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Activity: 2618
Merit: 1022
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August 20, 2014, 06:59:24 AM |
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Hi.
What if mega banks/companies decided to accept btc, and hold it? They are billion dollar + organizations. They could afford to hold millions of BTC on hand and it wouldn't affect them. Heck even some of the large companies that are smaller have capitical expenditures in the 100s of millions of dollars per year. It seems the best thing for banks to do would be to buy bitcoins up and hold onto them.
How badly would it affect us knowing the banks regain control simply because they have soo much money to buy it out? They might have been doing it this whole time and we wouldn't know it.
PLOT TWIST Coinbase is secretly the federal reserve buying all the BTC to take it out of circulation lol does not not help. Only makes HODL'rs richer. Thats the beauty of BTC, you can't buy it all no matter how rich you are, you can only transfer vasts amounts of your value to someone that's not you when you try to buy it all. Banks, Gov's and high networth individuals have probally realised this. Before you could always buy out the company or nationalize it. But now. No. |
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Grownwithbtc
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Activity: 59
Merit: 0
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August 20, 2014, 07:05:17 AM |
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IF they start hoarding the prices will change a lot. If they decide to damage BTC, they will dump it and prices will rocket fall. Hope this never happens.
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zolace
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August 20, 2014, 07:06:32 AM |
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Im sure if Banks could have bought bitcoins cheap they would have done it and probably could have owned 10 percent of bitcoins, but thats only if they knew the potential before hand. Though it could have also drove prices up as well for bitcoin
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LiteCoinGuy
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Activity: 1148
Merit: 1010
In Satoshi I Trust
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August 20, 2014, 09:31:45 AM |
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If banks start trading with BTC then prices will rocket shoot to 1000$+ very easily.
wow, 1000 USD when mega banks trade bitcoin...amazing price  i would add one or two zeros  |
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giveBTCpls
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August 20, 2014, 10:15:49 AM |
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It doesn't matter, in fact if the demand is bigger, they will shrink the supply which will make the coin prize go even higher.
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blatchcorn
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August 20, 2014, 10:45:40 AM |
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It would have the exact same effect as if any other "whale" were to start buying up/hoarding bitcoin, as many do already. It would drive up the price.
With that being said, IMO it is very unlikely that banks are going to do anything like this as bitcoin today is still very speculative (see the price changes over the past week) and unstable investment/currency.
But investment banks love speculative markets right? |
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