RaheemRaj (OP)
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August 25, 2014, 06:14:10 PM
Last edit: August 25, 2014, 06:46:31 PM by RaheemRaj |
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If the government really wanted to fuck Bitcoin they would only need to folk out a few million and buy out most of the Bitcoin in existence right now and Bitcoin would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 13 million in existence right now thats like a few billion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked Bitcoin would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
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cozk
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August 25, 2014, 06:19:58 PM |
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yeah sure.
Next !
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DannyHamilton
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August 25, 2014, 06:22:17 PM |
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If the government really wanted to fuck Bitcoin they would only need to folk out a few million and buy out most of the Bitcoin in existence right now and Bitcoin would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 13 million in existence right now thats like a few billion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked Bitcoin would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
That's not how open markets work. Many people wouldn't sell their bitcoins for such a low price. As the government bought up the available bitcoins, the price for the remaining ones would continue to rise (due to the surge in demand with limted supply). The increasing exchange rate would cause many other people to buy bitcoins hoping to make money on the rising exchange rate. This would drive the exchange rate even higher. It would quickly become prohibitively expensive for the government to buy all the bitcoins in existence (especially since 25 more bitcoins are being created every 10 minutes. Meanwhile all the people holding bitcoins would make a lot of money on the huge investment bubble that would be triggered. Eventually the bubble would pop, and the price would come crashing back down. All those that made large amounts of money would have the opportunity to buy even more bitcoins at the new extremely low price. |
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Thekool1s
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Change is in your hands
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August 25, 2014, 06:24:13 PM |
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hmmm never thought of this. But government will sell to whom??? They will become even more expensive because government can only hold them and the demand for btc is increasing it will only increase the price of btc not reduce it
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bornil267645
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August 25, 2014, 06:24:24 PM |
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Thats the speculation running around since the beginning...tell me something new...  |
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aboo
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First decentralized MLM system based on Blockchain
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August 25, 2014, 06:25:47 PM |
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Their purchases would drive the price up increasing speculative interest and driving more people to purchase it.
If they managed to acquire all the Bitcoin investors would rally behind alts.
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Tootoo4
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August 25, 2014, 06:27:04 PM |
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If the government were to buy them it still wouldn't destroy them...There are ways of government disrupting cryptocurrencies but buying them certainly isn't one of them.
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RaheemRaj (OP)
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August 25, 2014, 06:28:41 PM |
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hmmm never thought of this. But government will sell to whom??? They will become even more expensive because government can only hold them and the demand for btc is increasing it will only increase the price of btc not reduce it
They wouldn't sell them their purpose is to destroy Bitcoin because it's a threat it doesn't have to be the government either it could be a bank they want fiat money and not Bitcoin bitcoin is a threat and I think the majority of the attacks came from banks in the early days of Bitcoin. AND if it did drive up the price first of all like you said it would come crashing down if this was done in a small amount of space people might be afraid of investing in Bitcoin.... thus effectively killing it. I'm just raising a concern I've had and would love to see Bitcoin succeed but I should imagine the banks and te government have enough money or resources to require a lot of the Bitcoin money either from seizing or buying a large amount of Bitcoin. The government have intelligence behind them and some of the best hackers in the world and I think they would be able to gain access to the majority of the exchangers and could compromise the Bitcoin stored in them or they could simply take legal action against them |
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DannyHamilton
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August 25, 2014, 06:35:01 PM |
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hmmm never thought of this. But government will sell to whom??? They will become even more expensive because government can only hold them and the demand for btc is increasing it will only increase the price of btc not reduce it
They wouldn't sell them their purpose is to destroy Bitcoin because it's a threat it doesn't have to be the government either it could be a bank they want fiat money and not Bitcoin bitcoin is a threat and I think the majority of the attacks came from banks in the early days of Bitcoin. AND if it did drive up the price first of all like you said it would come crashing down if this was done in a small amount of space people might be afraid of investing in Bitcoin....thus effectively killing it. I'm just raising a concern I've had and would love to see Bitcoin succeed but I should imagine the banks and te government have enough money or resources to require a lot of the Bitcoin money either from seizing or buying a large amount of Bitcoin. Try saying the same thing using the word "gold" in place of the word "bitcoin" and maybe you'll see how silly it sounds: If the government really wanted to fuck gold they would only need to folk out a few million and buy out most of the gold in existence right now and gold would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 312,500 tons in existence right now thats like a few trillion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked gold would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
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Razick
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August 25, 2014, 06:35:53 PM
Last edit: August 25, 2014, 06:50:42 PM by Razick |
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If the government really wanted to fuck Bitcoin they would only need to folk out a few million and buy out most of the Bitcoin in existence right now and Bitcoin would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 13 million in existence right now thats like a few billion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked Bitcoin would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
You have no idea how the Bitcoin market works. According to Wikipedia: In microeconomics, supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium for price and quantity.
The four basic laws of supply and demand are:[1]:37
If demand increases (demand curve shifts to the right) and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price.
If demand decreases (demand curve shifts to the left) supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.
If demand remains unchanged and supply increases (supply curve shifts to the right), a surplus occurs, leading to a lower equilibrium price.
If demand remains unchanged and supply decreases (supply curve shifts to the left), a shortage occurs, leading to a higher equilibrium price. Even if the price didn't skyrocket as a result, which would only increase interest in future cryptocurrencies, they couldn't make anyone sell. As has been mentioned, even one Bitcoin is divisible enough to serve as a money supply. |
ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
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ChuckBuck
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August 25, 2014, 06:36:49 PM |
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But how would the government buy each and everyone's coins, if the owners won't sell it to them? I'm sure there's quite a bit of whales and early adopters, that will just sit on their stash until mass adoption occurs.
With all those huge multimillion dollar mining farms you see around the globe...it would take an exorbitant amount to purchase these coins from them. And by government, I'm guessing you mean US Government? How would they pry these Bitcoins from the likes of Bitfury, KNC, AsicMiner's, and all those megafarms located outside the US?
Just don't see how any one government can take down Bitcoin, would need to be a coordinated global effort.
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Jordan23
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August 25, 2014, 06:38:18 PM |
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Wow you thought of something no one here has ever thought of, well except nearly everyone here. You don't understand markets. Go away troll.
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BitCoinDream
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The revolution will be digital
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August 25, 2014, 06:39:24 PM |
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If the government really wanted to fuck Bitcoin they would only need to folk out a few million and buy out most of the Bitcoin in existence right now and Bitcoin would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 13 million in existence right now thats like a few billion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked Bitcoin would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
No. I'll piss off your government's plan to destroy Bitcoin. I wont sell my 2 Satoshi for whatever price offered  |
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franky1
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August 25, 2014, 06:39:28 PM |
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not all of bitcoins are on exchanges. so goodluck anyone trying to destroy them all, the best that they can do is make bitcoin more rare and also worth alot more.
using latest data of just the other day. 10k coin moved the price by $200 so imagine buying just 100k ($2k price rise). imagine if they managed to buy 1mill coin ($20k price rise) and 13mill coin.. well thats over quarter of a million dollar per coin.
so let government spend billions of fiat to help bitcoins price rise.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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RaheemRaj (OP)
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August 25, 2014, 06:42:38 PM |
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Maybe I don't understand markets and I'm not the most smartest person here and thats why I wanted to bring my concern up I presented my idea which could potentially harm Bitcoin and I've had some real good answers and thank you all for that but for the ones that didn't contribute at all...then no thanks to you for helping me understand.
thank you dannyhamiltion and franky1 you gave the best arguments which convinced me I was making a stupid assumption that this was possible.
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wenben
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August 25, 2014, 06:45:37 PM |
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If the government really wanted to fuck Bitcoin they would only need to folk out a few million and buy out most of the Bitcoin in existence right now and Bitcoin would become worthless. they see it has a threat so this is going to happen if we like it or not. They have a plan and this is probably it. theres only 13 million in existence right now thats like a few billion dollars right? the government can afford that. All they would have to do is buy anonymously and offer 10% more than the current price peoples greed would take over and it would then be fucked Bitcoin would become worthless in less than a week.
unless we have a way of protecting this? did not think so.
They can only destroy this version of bitcoin and blockchain. The technology and protocol are open source, developers can start another identical coin with new blockchain. Not to mention there are many other altcoins waiting to be the "main coin". |
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Ron~Popeil
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August 25, 2014, 07:03:41 PM |
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Free markets are more elastic than brittle government manipulated markets. There is a sweet spot where supply meets demand and it will inevitably snap back to that spot eventually. Short term manipulation is always possible but long term is a lot more difficult. My over simplified .02 btc.
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conspirosphere.tk
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August 25, 2014, 08:33:09 PM |
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Free markets are more elastic than brittle government manipulated markets.
more than government it's the banksters: they have quite some trick of the trade developed in the last centuries. I guess a mix of pumps&dumps with some btc ETF /derivatives to cap the price as much as they like gold-style would allow them quite some degree of freedom to do what they please with btc -not even counting the leverage they got on 'regulators' and the pwning of fiat conversion gateways. |
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Meuh6879
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August 25, 2014, 08:46:11 PM |
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gov don't have money to pay asic park.
it have debt ...
only bank can generate money from air ...
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oceans
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August 25, 2014, 10:22:50 PM |
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If they were really going to do this and had the ability to do so they would have done it by now, bitcoin has been around for a few years now giving all governments that time to make a plan and put it into action. As of yet I have not seen any plan take place and I am pretty sure with most Countires their minds are set on something else right now.
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