If the banksters and governments held 90% of the Bitcoin supply, what now? - page 6.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: BitcoinHodler on October 29, 2018, 02:18:10 AM

in my opinion the only way to discuss a "what if" scenario like this is to first talk about the reasons why you think that scenario is going to happen.
for example in this case you should first discuss the reasons why a government or bank would want to control 90% of bitcoin supply? is it to control its price and make profit? or is it to control its future development? or some sort of censoring?

I am a believer of the idea that Bitcoin will become a global reserve currency one days, that governments and corporations would be willing to make the most important of their transactions with because of its security, finality, and immutability.

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if we clarify the motivation then we can clarify whether it is even going to happen or not. for instance to control the price there are a lot of easier and much cheaper ways.

The motivation would be the same as what they do to other valuable assets. Try to corner its market.

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other motivations may not even work with controlling the supply. for example no matter how much bitcoin you have, you still can't change consensus rules because it is not Proof of Stake coin.

What? Controlling 90% of the supply would make it stop from being a permissionless system.

Nolimitz84

sr. member

Activity: 980

Merit: 252

Perhaps it will.Not surprised.We have to buy as many bitcoins as possible and get in the same boat with governments and bankers and oligarchs.Kidding)If it's that easy, we won't be allowed to get in that boat.Personally, my opinion is that 90% of elites would hardly spend their money in bitcoins. And for fiat money, you can buy an island and a yacht and live to the fullest.Bitcoin is something unknown and incomprehensible for many businessmen and elites.So to speak about the ownership of 90% of all bitcoins is groundless.

Ocaewin03

newbie

Activity: 3

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It's not possible, a lot of 'whales' are HODLING so many bitcoins that the numbers just won't add up. Besides, 90% share means a huge sum of investment in the market, buying out small stakeholdes which is the equivalence of being rich in fiat.

Legoecia1

newbie

Activity: 3

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In my honest opinion I do not think this is possible. Because many people are investing in bitcoin so as bitcoin value depends in supply and demand so if the banksters and governments hold 90% of the supply the value will increase making a lot of people very rich.

coinwizard_

jr. member

Activity: 336

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Most Advanced Crypto Exchange on the Blockchain

It is improbable but not impossible. However, if governments held that amount of bitcoin it would be different governments that would not collaborate but hold them separately not working together

Womalith12

newbie

Activity: 3

Merit: 0

If government agencies and the banking agencies held 90% of the coins, it would have sunken already. There is no doubt about that. Most government agencies are trying to make their own form of cryptocurrency that allows intervention, as a result they do not want the traditional crytocurrencies to exist.

wongdeso

member

Activity: 462

Merit: 10

A scenario that won't happen, I can't imagine if banksters and government will hold 90% of bitcoin, it's impossible. There are still many countries that have not been able to accept bitcoin, this will worsen bitcoin development.

shendy

full member

Activity: 602

Merit: 100

https://i.imgur.com/BBmstUL.jpg

Quote from: Wind_FURY on October 25, 2018, 05:27:48 AM

Would it be fair enough to assume that the project has failed, or failing?

90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".

It's sad if they take bitcoin and become a playground, but that won't happen. I think all this will work well without the government and also bankers, bitcoin holders are quite varied and this will be a separate game by the community.

BitcoinHodler

hero member

Activity: 1456

Merit: 579

HODLing is an art, not just a word...

in my opinion the only way to discuss a "what if" scenario like this is to first talk about the reasons why you think that scenario is going to happen.
for example in this case you should first discuss the reasons why a government or bank would want to control 90% of bitcoin supply? is it to control its price and make profit? or is it to control its future development? or some sort of censoring?

if we clarify the motivation then we can clarify whether it is even going to happen or not. for instance to control the price there are a lot of easier and much cheaper ways. other motivations may not even work with controlling the supply. for example no matter how much bitcoin you have, you still can't change consensus rules because it is not Proof of Stake coin.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Quote from: franky1 on October 27, 2018, 08:26:09 AM

Quote from: Wind_FURY on October 27, 2018, 07:40:31 AM

Then what should be done to avoid such a situation? How can we prevent the old system from conquering the new? Or should we be worried about this hypothetical scenario? Because if it can happen it will happen.

your previous post (before the quote above) told me not to discuss ln factories/core theories (BSCartel).
so i shall not give my answer in this topic. Cheesy

Hahaha only because I haven't fully read about Channel Factories yet. It is hard to debate on something I only partially know something about, and that "something" changes as fast as it is being developed.

Core conspiracy theories are a fun topic, but let's have every discussion on the technical side, and make it a part of everyone's learning process.

sidebyside

member

Activity: 245

Merit: 10

If the bank and the government hold nearly 90% of the bitcoin supply. I think that's not good for investors. Price fluctuations of bitcoin will be controlled by the government. Tax regulations will be issued. It can affect the profitability of investors.

Dextract

newbie

Activity: 63

Merit: 0

Then we are totally fucked since they can control the price of Bitcoin in the market Sad

MelodyCrypto

full member

Activity: 434

Merit: 100

because the supply of Bitcoin is limited if the government or banker holds 90% of the supply of course there will be market manipulation
but I think this will require a lot of funds and only a few countries can do this, like Dubai

xtrump101

member

Activity: 267

Merit: 11

$onion

Quote from: Wind_FURY on October 25, 2018, 05:27:48 AM

Would it be fair enough to assume that the project has failed, or failing?

90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".

i dont think so, look at the confiscated bitcoin in the mt. gox echange it wat sold or bid by the FBI to the public, though were not sure who bought it cause they dont disclose that information, it could be some rich individual or the government itself haha, i mean who knows, your point is likely possible though.

AzulMathis

brand new

Activity: 0

Merit: 0

I don't see this happening as more and more people are becoming aware of bitcoin and turning into investors and hodling. The banks and government aren't going to help people get rich if they do want control they'll have to buy out the majority and that isn't something I see happening and also taking into account that some people might not even sell.

happyme1818

sr. member

Activity: 568

Merit: 254

Quote from: Wind_FURY on October 25, 2018, 05:27:48 AM

Would it be fair enough to assume that the project has failed, or failing?

90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".

It is a failure if that happened. Although I think it will not happen because many holder believe in Bitcoin and those people are investors and they will keep it and hold it for their future.

Lilly Valencia

newbie

Activity: 15

Merit: 1

More and more people are joining the bitcoin scene everyday,buying bitcoin and hodling. The banksters don't want to get people rich. For sure they are going to control it, if they just want to shut it down it'll be waste of energy and money if they mine it that need some crazy setup to gain a ton of BTC circulation.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: franky1 on October 27, 2018, 08:29:24 AM

in my view as others have also displayed. bitcoin should be the open choice to avoid the monopoly. thus if bitcoin becomes a "one world currency" where nothing else is available. then bitcoin failed itself

I'm glad that we will never head into that direction with how there is enough room for a wide variety of currencies to emerge and all occupy their share of the so called 'money market'.

Institutions don't really care much about Bitcoin itself, so they are more than happy to continue trading convenient financial instruments with cash settlements. As long as they can buy Bitcoin's exposure it's enough already.

Eventually options and futures markets will dominate Bitcoin too, so it's only a matter of time. Let them have their cash settled instruments and we continue to actually own what we think we own.

alex_gr_cc

jr. member

Activity: 322

Merit: 1

Quote from: Wind_FURY on October 25, 2018, 05:27:48 AM

Would it be fair enough to assume that the project has failed, or failing?

90% of Bitcoin being held by an oligarchy of the elite, a cartel of banks, and by governments working together might turn Bitcoin into their "playground".

The situation with bitcoin in this case is the same as with other assets in the financial market. Whoever has more money, he also runs a feast. I don't think anyone will play games. Most likely, bitcoin will be treated seriously as an investment instrument.

franky1

legendary

Activity: 4410

Merit: 4766

Quote from: LeGaulois on October 27, 2018, 08:01:40 AM

This scenario will be sad and a part of Bitcoin will be admitted as failed. It won't be different compared to the current system. But despite this, people won't stop to use Bitcoin for the same reasons they don't stop with cash. Because they need it.

people will stop using bitcoin. they will find another altcoin thats cheaper tx fee and not needed to lock funds up
(myspace to facebook scenario)

if you think people will remain just using bitcoin. then bitcoin becomes the monopoly

in my view as others have also displayed. bitcoin should be the open choice to avoid the monopoly. thus if bitcoin becomes a "one world currency" where nothing else is available. then bitcoin failed itself

Topic: If the banksters and governments held 90% of the Bitcoin supply, what now? - page 6. (Read 1208 times)