Topic: can states buy all bitcoin? - page 3. (Read 1306 times)
I mean I guess it's possible to try and get a very dominating amount of Bitcoin but it would be impossible to get all the ones in circulation right now, some private keys have been lost and hacked and what not and as crazy at it might sound some people would refuse to sell unless it was for $1,000,000 per BTC or something.
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
buy all bitcoin? NO, it's impossible because:
- not necessarily all bitcoin owners want to sell their bitcoin
- maybe some bitcoin will not be sold (because the owners lost access to their wallets)
Even if they can, I don't think the states will buy it all. And in the first place, will everybody sell their coins? Let's say they did. So, what are their plans and what happens next? It's not like they're gonna buy every coin there is then sell it again after some time. It's not like people will buy it again from them unless they sell it at half the purchasing price.
They could kill Bitcoins this way, but there are many people involved on this market and I don't think they will sell all their Bitcoins for now. There are smart people holding too many coins and they know if they do this (sell their Bitcoins to an organization) they will kill the currency. There are enough Bitcoins in circulation on different hands, for now we are safe.
But I think some governments are already thinking on this possibility, if Bitcoin becomes a big problem for them, to kill it this way is a solution.
But I think some governments are already thinking on this possibility, if Bitcoin becomes a big problem for them, to kill it this way is a solution.
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
First of all to buy all bitcoin the government needs to print a ton of money and that would cause inflation. So yeah, if they wanted to do this they'll do it at the risk of outraging every single person in their country, and is basically an impossible plan.
Even if they do decide to do this(foolishly) they are just pumping the price up.
There are so many long term bitcoin holders that won't sell their coin because they know that the price is artificially high and fiat by that point would be quite useless. So the government can probably only buy a tiny portion of all coins in circulation anyways.
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the one thing that in my head is they can control bitcoin and the price although they can not control blockchain. they can make the price is up and down by themselves and we can not do anything except following they want. but I don't think that this come to easy for them to buy the whole of bitcoin amount because it will need huge money and we talk about big money.
Some states in the united states are much intrested to introduce bitcoin to their states with a friendly regulation mean time some other states are thinking to by all bit coins from the market.It is a tedious
task to by all bitcoins from the market.In the beginning ,they may get some to the normal market price but later the price will shoot up.
how can we buy all the bitcoins? bitcoin is spread almost all over the world, with different people, it is possible that not everyone will want to sell its bitcoin, so in my opinion bitcoin will not be able to be purchased as a whole by an organization
I think that will never happen because a states won't waste their money just to buy a bitcoin that has no steady price. How could they buy all the bitcoin in the world if the people won't sell their butcoins.
If the states buy all the coin then the value will become zero, it will just the same with the country creating new coin and when the country monopoly all the coins people will find another coin to used because I believe the users used Bitcoin because it is decentralized and anonymous
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
If ever an organization/state buy all bitcoin, there will be what we call "MONOPOLY" where only one person/group who runs a product. In case bitcoin monopoly happens, there will be (I think) a huge drop in the value of bitcoin. It does not make sense for an organization to buy ALL or MOST bitcoins and keep it. Once a cryptocurrency stops rotating in the market, its value will flactuate. the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
Well yes the bitcoin 's current capital is 65 billion in terms of usd since the US has earned billions and billions of dollars everyday, they can easily bought entire bitcoin network withour having any problems but i think it is impossible for a country to buy bitcoin.
What would the point be though? They would have a coin with zero use and a fork would appear at the last spot before government buyout.How would anyone know when the government buyout occurred? A government wouldn't need to announce it to the world, anymore than they need to announce any of their financial hedges.
Anyway, of course no government can buy all the bitcoins. To do that, all holders need to sell to them. Many holders won't sell for any reason at all, and more yet wouldn't sell to the US government. Some bitcoiners have principles!
surely will be a monopoly, but ownership of 51℅ bitcoin in one organization is quite difficult at this time.
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
it's crazy, and it's impossible. how one organization or one country buys all the existing bitcoins. you are too naive to think. That will never happen.
It is very important to think, my friend.
You seem to be underestimate what humans are capable of.
Forum members need to continue discussing stuff like this, you never can tell, some members somewhere could be patching things up for us to make things difficult for the wannabe tyrants.
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
The whole supply of bitcoin mined until now(about 16 mil.) worth over $60bilions. That is an enormous amount of money.Facebook, ebay or amazon worth about the same. I dont think a single company can hold more than 50% of all the existing bitcoins because they have no reason to do that the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
Well yes the bitcoin 's current capital is 65 billion in terms of usd since the US has earned billions and billions of dollars everyday, they can easily bought entire bitcoin network withour having any problems but i think it is impossible for a country to buy bitcoin.
How is that even possible? States cannot buy the whole bitcoin. I for one already set my highest selling value of bitcoin to $100 million on bittrex 
... With the market cap of bitcoin, there is no way any country can buy all bitcoin. Moreover, it will be useless to them eventually as it will be time to start building another coin or another forked coin.
... With the market cap of bitcoin, there is no way any country can buy all bitcoin. Moreover, it will be useless to them eventually as it will be time to start building another coin or another forked coin. 
what would happen if most of the bitcoin were owned by a single organization? for states that print their own fiat money, financing to buy "all" bitcoin would be possible.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
the state would presumably risk hyperinflation due to the enormous increase of money and bring the bitcoin rate to astronomical values.
but then, when the state is in possession of "all" bitcoin, it can make the circulation of bitcoin quasi succumb. bitcoin dead, population impoverished, mission accomplished.
I really doubt that a nation will go all in with crypto. As you have said, they will risk hyperinflation and it brings more negative to their country. Maybe they could have civil war because of the stupidity of their government leaders. In theory, it can happen, but I doubt any state or country will do that.
Aside from this scenario being impossible, it is interesting to note that a whole bunch of countries are simply too poor to buy all of BTC, let alone all of crypto. I'm not an economical expert and don't know if a market cap of a country is some sort of 'thermometer' of wealth. I took some numbers from indexmundi and coinmarketcap:
Market cap Russia (2015): $393.238.000.000
Current market cap crypto: $136.300.000.000
Current market cap Bitcoin: $65.100.000.000
Market cap Argentina (2015): $56.134.630.000
Market cap Serbia (2011): $4.055.580.000
Market cap Namibia (2011): $1,152,430
Market cap Russia (2015): $393.238.000.000
Current market cap crypto: $136.300.000.000
Current market cap Bitcoin: $65.100.000.000
Market cap Argentina (2015): $56.134.630.000
Market cap Serbia (2011): $4.055.580.000
Market cap Namibia (2011): $1,152,430
Your comparing apples to peanuts.
The "market cap" of a country, or rather of "listed domestic companies" doesn't mean anything regarding a nation state's liquidity or ability to purchase something, be it bitcoin or anything else.
"market cap" of bitcoin, otoh, is just shorthand for "current average spot price multiplied by total coins in existence", which btw is a wildly inaccurate estimate of anything.
perhaps a slightly better indicator to use is M2 Money Supply indicators, which for russia is around 40 trillion rubles. that would be about 0.7 trillion dollars. Even this means very little though, as a country bent on doing something like that could fund purchases in several ways, ranging from coercion to using gold reserves.
In general, BTC is still worth peanuts when compared to most countries or financial powerhouses, but a full scale acquisition would be near impossible because of the very effects it would cause.
They could try - its somewhere between ultra-expensive and impossible.
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