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Topic: Bitcoin might create a prisoners dilema problem among the most powerful elites? - page 2. (Read 4060 times)

full member
Activity: 126
Merit: 100
I can certainly see the possibility of single actors buying up btc on the side as a speculative endeavor. However, the idea that said actor will use their media strings to promote it is extremely unlikely to me, as their risk (attack from other influentials, possible social/financial ostracism, assassination if one wants to don that cap) far outweighs the potential benefit (a nebulous amount of one-time profit that may or may not be greater than what they make off of the current system).

Your theory is correct qualitatively, I just disagree on a quantitative basis. I don't think that anyone with enough power to do what you describe would make more from doing so than from continuing on as they are.
legendary
Activity: 1722
Merit: 1217
The problem with the world is not some Illuminati elite cartel. The governmental restrictions on the trade and transfer of funds cause the desire for something like Bitcoin. Store of wealth does not though, gold has very good properties in that respect (a non-arbitary, ancient standard).

Bitcoin speculation is nothing more than speculation. Just because you're wealthy you can't make some huge armed mob cede control over trade.

What is proposed in the OP is pump and dump and illegal in most jurisdictions. A player abusing media power to make something spike faces the risk of getting arrested. Also, he'd rather start with something that is currently cheap with respect to its underlying market.

who ever said anything about dumping. I only talked about pumping. As far as i know pump schemes are not illegal. Persides if you become wealthy enough in the process of the "scheme" than you become wealthy enough to buy your way around any law. Rupert murdock for example might have the ability to dominate the power of the Rothschild or who is more powerful than he is by going rogue with is media network.

also i never said anything about the illuminati. All im talking about are the incredibly influential power brokers, military officials and capitalists that we all know exist and benefit from fiat money.
legendary
Activity: 1036
Merit: 1002
The problem with the world is not some Illuminati elite cartel. The governmental restrictions on the trade and transfer of funds cause the desire for something like Bitcoin. Store of wealth does not though, gold has very good properties in that respect (a non-arbitary, ancient standard).

Bitcoin speculation is nothing more than speculation. Just because you're wealthy you can't make some huge armed mob cede control over trade.

What is proposed in the OP is pump and dump and illegal in most jurisdictions. A player abusing media power to make something spike faces the risk of getting arrested. Also, he'd rather start with something that is currently cheap with respect to its underlying market.
legendary
Activity: 1722
Merit: 1217
Yep, that's exactly what it does. It's awesome and exciting.  Smiley

Btc might just dunk them head first in the icy waters of a free market whether they like it or not. If they are forced to adapt and learn how to operate like their great grandfathers (elites who were actually beneficial to society on net) or parish, than these will be exciting times indeed.
newbie
Activity: 37
Merit: 0
Yep, that's exactly what it does. It's awesome and exciting.  Smiley
sr. member
Activity: 504
Merit: 250
Every national government will have to decide if Bitcoin is going to remain legal. If you are the issuer of a weak or threatened currency, how cool is it that your citizens buy Bitcoins to hedge against inflation?

FinCen and now CyFin are oiling the machine for global easy legal Bitcoin use. However governments have a choice to make if Bitcoin is not going to be the reserve currency of choice, for a lot of nationalities. I can't imagine China allowing Bitcoin for international trade and a lot of other countries too would feel the same.

So OP, you are right we might already have passed the point of solely national attitude towards Bitcoin as important.

If Bitcoin can exist, it will by itself be king of all other fiats.

legendary
Activity: 1722
Merit: 1217
Did anyone ever consider the possibility that bitcoin would create a prisoners dilemma problem among the worlds most powerful elites?

Basically the logic works something like this. They run the worlds financial system which is incredibly beneficial to the group as a whole. But if any one individual actor decided to quietly buy up huge amounts of bitcoin than give the go ahead to pump it on his media networks than this would offer more advantage to him personally than he could ever gain from sharing his usually scheduled portion of the fiat pie with all other elites.

Some economics buffs might recognize this as the same mechanic that prevents cartels from being able to price fix in a free market.
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