haploid23
Legendary
Offline
Activity: 812
Merit: 1002
|
|
October 16, 2014, 08:13:22 AM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world? No. Absolutely not. Every day someone posits this idea, but no one has ever show a way to do it. Of course a bank could just start buying the coins, but that would drive the price up. Buying the network is not possible because anyone can use the network and own bitcoin. I for example will not sell my last bitcoin to the bankers for less than 1 trillion dollars. And even if they did the impossible and bought all the bitcoins it would not help them. Since they would be the only bitcoin holder their bitcoins would be valueless. So after spending trillions of dollars, they have nothing at all to show for it. And we would just move on to bitcoin 2.0. Banks do not threaten bitcoin, bitcoin threatens banks. This would not be possible for another 100+ years until all 21million coins have been mined. Until then, there are 3600 new coins mined ever day so there is no way they will own all coins unless they have bought up EVERY coin in current existence, and have complete control of the hashing network.
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
omegaflare
|
|
October 16, 2014, 08:41:24 AM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world? No. Absolutely not. Every day someone posits this idea, but no one has ever show a way to do it. Of course a bank could just start buying the coins, but that would drive the price up. Buying the network is not possible because anyone can use the network and own bitcoin. I for example will not sell my last bitcoin to the bankers for less than 1 trillion dollars. And even if they did the impossible and bought all the bitcoins it would not help them. Since they would be the only bitcoin holder their bitcoins would be valueless. So after spending trillions of dollars, they have nothing at all to show for it. And we would just move on to bitcoin 2.0. Banks do not threaten bitcoin, bitcoin threatens banks. This would not be possible for another 100+ years until all 21million coins have been mined. Until then, there are 3600 new coins mined ever day so there is no way they will own all coins unless they have bought up EVERY coin in current existence, and have complete control of the hashing network. Not if banking elites declared martial law in the USA. Now that's a game changer and it will force the big brother to watch you at all times. One teeny weesy trace of bitcoin from your computer = death penalty. Then the banking elites will force everyone to get their hand chipped with RDIF (aka Mark of the Beast) with central authority. Those who refuse to be chipped with RDIF will not be able to buy or sell. They can simply create their own version if bitcoin and force people to use it just like they did with fiat.
|
|
|
|
icem3lter
|
|
October 16, 2014, 09:06:17 AM |
|
Bankers just pay some reporters to spread fud, kind of lobbying now. 51% attack would need much bigger investment, not worth it now I guess
|
|
|
|
Q7
|
|
October 16, 2014, 01:43:00 PM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world? Of course they are. But they need to first decide how much hash will each banker pay. This negotiation might take months or even years. But on tte other hand also Bill Gates got fascinated by Bitcoin, so he might have plans of his own that will cross with bankers plans. If that does happen, I'm just trying to imagine how that will impact people like us holding onto bitcoin Since bill gates did put forward some positive comments, hopefully he will place some buy order. Or maybe send out some endorsement note would do. Or how about windows OS that comes preinstalled with bitcoin qt
|
|
|
|
RodeoX
Legendary
Offline
Activity: 3066
Merit: 1145
The revolution will be monetized!
|
|
October 16, 2014, 01:48:48 PM |
|
Not if banking elites declared martial law in the USA. Now that's a game changer and it will force the big brother to watch you at all times. One teeny weesy trace of bitcoin from your computer = death penalty.
Then the banking elites will force everyone to get their hand chipped with RDIF (aka Mark of the Beast) with central authority. Those who refuse to be chipped with RDIF will not be able to buy or sell. They can simply create their own version if bitcoin and force people to use it just like they did with fiat.
Complete nonsense. No one is going to force anyone to do that under any scenario. I will back my statement with a fight to the death. And pay you $1000 if it happens. Maybe you think the government is not yours because you are not participating. But I make the gov do what I want, not the other way round.
|
|
|
|
Coin_Master
|
|
October 16, 2014, 02:05:41 PM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world? LOL this is the funniest thing I have heard since the Banks went broke in 2008 and needed trillions of dollars in bailout money. Wealthy? not likely, try broke. So broke they couldn't pay wages. However, even if they were "wealthy" as you put it, they cannot "buy the entire network" for any amount of money. The reason for this has to do with demand for "people created money" more than Bitcoin itself. People "demand" their own form of money now, created by them. Today that looks like Bitcoin, tomorrow that could look different but one thing won't change, people have "had enough" of Banks and Governments being in charge of money creation. You can't stop this now, the cat is out of the bag, people know they can create their own forms of money. You cannot "buy" that idea from them, they will always know. Hope this clears up your understanding about what Bitcoin is, and what it represents. Bitcoin is Freedom!
|
|
|
|
Monkeynutz
Newbie
Offline
Activity: 30
Merit: 0
|
|
October 16, 2014, 02:37:08 PM |
|
Would we be able to get the minutes or like results of these discussiosn/etc?? Are they made public or anything??
|
|
|
|
|
Meuh6879
Legendary
Offline
Activity: 1512
Merit: 1011
|
|
October 21, 2014, 07:37:55 PM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?
they can't. exchange only accept real money ... and not action or bonds. and limit ... append
|
|
|
|
Gianluca95
Legendary
Offline
Activity: 1582
Merit: 1196
Reputation first.
|
|
October 21, 2014, 08:05:40 PM |
|
Are this only rumor or real fact which is really happened? I doubt that banking Elite are interesting to bitcoin, they love so much traditional currency
|
|
|
|
pitham1
Legendary
Offline
Activity: 1232
Merit: 1000
|
|
October 22, 2014, 01:55:46 AM |
|
Are this only rumor or real fact which is really happened? I doubt that banking Elite are interesting to bitcoin, they love so much traditional currency It is not a rumour! They did not meet to discuss bitcoins specifically, but bitcoin was one of the topics discussed at the annual members meet of Institute of International Finance.
|
|
|
|
Ruthful
|
|
October 22, 2014, 02:12:17 AM |
|
Are this only rumor or real fact which is really happened? I doubt that banking Elite are interesting to bitcoin, they love so much traditional currency It is not a rumour! They did not meet to discuss bitcoins specifically, but bitcoin was one of the topics discussed at the annual members meet of Institute of International Finance. In other word the OP ,was posting nothing but sensationalized trash .He does have a track record of doing this.
|
|
|
|
BittBurger
|
|
October 22, 2014, 02:34:38 AM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world?
This is where their own arrogance is going to be their undoing. They wont admit there's a threat until its way too expensive for them to do anything about it. This is what we've been relying on the whole time. The slow, growing, viral spread while the pompous asses think themselves untouchable. -B-
|
|
|
|
1echo
Sr. Member
Offline
Activity: 280
Merit: 250
scams hunter!
|
|
October 22, 2014, 03:19:17 AM |
|
lets them push BTC to 1k$ again
|
|
|
|
Gleb Gamow
In memoriam
VIP
Legendary
Offline
Activity: 1428
Merit: 1145
|
|
October 22, 2014, 04:01:18 AM |
|
Couldn't the elite bankers simply buy the entire network and take over bitcoin? Aren't they so wealthy that they own the whole world? They probably could do it for only a few million bucks. Simply create a pool that'll eventually satisfy the 51% plateau, then once reach, fuck with a few transactions to disrupt the system, whereupon people will leave in droves. Then, the next time something similar arises, point toward Bitcoin's failed attempt to do the same.
|
|
|
|
freedomno1
Legendary
Offline
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
|
|
October 22, 2014, 06:44:20 AM |
|
Slow Illuminati is actually Illuminati pwned the bankers ^_^ Your move banking elite But I guess they could just move a few billion dollars over lol...
|
Believing in Bitcoins and it's ability to change the world
|
|
|
|