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Author Topic: What if mega banks/companies accept btc and hoard it??  (Read 1699 times)
Lethn
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August 20, 2014, 10:53:13 AM
 #21

This top has been discussed several thousand times and I remember seeing people posting about it ages ago, not only would the price skyrocket so high it would be very difficult to acquire all of the coins Bitcoin can be divided into 8 decimal places, so in theory you should be able to just conduct global trade with fractions of a few Bitcoins and everything would still work.
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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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CMMPro
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August 20, 2014, 11:10:19 AM
 #22

I wouldn't be surprised to hear of bitcoin being used covertly by the banks.

They could buy a bunch and use it internally to transfer international remittances between banks and people at a much faster rate for less cost (and probably higher security) than Swift, IBAN etc and never tell their customers that they are using bitcoin at all.

You go to the bank to perform a transfer of USD internationally....they perform the transaction securely using bitcoin, and handle the conversion on both ends without you having any idea that they just used bitcoin and you paid a hefty fee for something you could have done yourself for almost no fee's.

 
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August 20, 2014, 01:01:15 PM
 #23

This top has been discussed several thousand times and I remember seeing people posting about it ages ago, not only would the price skyrocket so high it would be very difficult to acquire all of the coins Bitcoin can be divided into 8 decimal places, so in theory you should be able to just conduct global trade with fractions of a few Bitcoins and everything would still work.

How do you figure the price would sky rocket?

we just went through a crash from 590 to 309 because of 10K btc. if banks controlled 100k BTC they could crash it down as low as 100 USD per or something like that and put up a HUGE sell wall that would never be taken down.

long term strats like that are easy to do when u got billions of dollars to do it with. just because a bank has it doesnt mean it will sky rocket, its the same as a normal person holding it(that is if the banks dont manipulate it). why would a bank holding it be better than a normal person? plus you CANT prove it either way because there isn't something that can prove the banks have it so you wouldnt even know anyway, so that blows your whole theory clear out.
wordman267645
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August 20, 2014, 02:57:44 PM
Last edit: August 20, 2014, 09:03:11 PM by wordman267645
 #24

I'm not agreed with this because there is no secure. Hackers can easily to hack it.
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August 20, 2014, 05:23:32 PM
 #25

So basic consensus = BANKS - 0 / BTC - 1

For what shall it profit a man, if he shall gain the world, and lose his own soul?
wesk1212
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August 20, 2014, 05:43:26 PM
 #26

the problem with most of the users in this forum is all they care is the PRICE
PRICE THIS PRICE THAT
just waiting for something to happen

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X7
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August 20, 2014, 05:46:52 PM
 #27

the problem with most of the users in this forum is all they care is the PRICE
PRICE THIS PRICE THAT
just waiting for something to happen


Not everyone bro - www.thebitcoinmovement.com

I am just adding commentary, price is not everything - just a bonus and it helps spread some wealth.

For what shall it profit a man, if he shall gain the world, and lose his own soul?
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