Topic: If they can print unlimited fiat, can they just not buy up all the bitcoin? - page 4. (Read 897 times)

No they can't. The moment they start doing this, it will rise the price of Bitcoin, but mostly because their fiat goes down the drain. Look at my country, 6 years of infinite "printing", and its now one of the poorest in the world thanks to that policy.

IT DOES NOT WORK.

You propose as "solution" to do the same, but you cannot be more wrong. The solution is actually what Bitcoin already is, a finite supply. Or why do you think no single entity owns the entire world's gold reserve?

Some people with naive socialist thinking, believe the market can be easily manipulated in this fashion, yet they always find the hard way that no, it doesn't. Their problem is they see the market as "unfair" and believe their direct manipulation can "correct" this "unfairness". In reality, any type of State intervention produces an even worse unfairness. The State is simply another big entity trying to manipulate things, but failing to do so. Implement policies, prosecute people, they can't stop it. Market will rebuild itself and reroute around any obstacles, just like Bitcoin does in countries where its "banned".

All of human history is filled with markets, and people foolishly (monarchs and other autocrats) trying to control them, resulting in utter failure always.

You see, the moment new fiat appears out of nowhere, the price of the thing you intend to buy has already changed.

Furthermore thanks to the infamous 51% attack, the goal isn't even to buy all bitcoin but 51% of it, and yet no entity has managed to do so, and never will.

the argument is not about what they can or can't do. it is about the cost of doing that. yes, they can also shut down the internet entirely and even cut the electricity to every home but it would cost a lot, and not just money cost!
same with printing money, the main damage is on the economy of that country but it won't stop there.

they would do that to kill Bitcoin by monopolising it and snuffling it out. Then they use their currency, existing Fiat or new weak Centralised cypto, to keep control of the means in which work is paid for.  This preserves the wealth of historic cumulative property (Intellectual Property, Company shares, Govt expense flows for defence, Buildings,etc) owners as the Property owners pay for the work in low value currency. See other posts on Money supply.

If workers are paid in BTC, it spreads the wealth around as workers will receive pay in something understandable (21m) real value.

Yes  the Fed, Central Banks, Banks and superrich can and will do that. So apparently undermining Bitcoinis purpose as a real reliable money for everyone, as it is no longer available to normal people. But Bitcoin could still work if workers insist on being paid in Bitcoin, instead of 'printed' Fiat.
 
Central Banks, Banks and Super-rich would buy and 'hoard' Bitcoin and so apparently nothing has changed in terms of wealth distribution.  But over time they would have to release their BTC  to pay worker / soldiers etc  for real work that needs doing. So for the first time since Gold / Silver was the main currency,  workers / soldiers / etc  would receive pay in something with real value.

What is likely to blow this scenario is this if the Central banks issue their own centralised blockchain cyrpto, where they control the math in which they can create as much as they want. They force Jane+Joe Public to switch their Fiat to ther new Digital Fiat, with marketing its great, for you, bla bla bla. Then they ban old USD and Bitcoin as legal tender.  Like the Gold confiscation in the 1930's (https://en.wikipedia.org/wiki/Gold_Reserve_Act).

To see which way it goes will depend on work starting to get paid in BTC. Apparently the millennials bought up in the internet age could drive that by insisting to be paid in BTC. But they could equally be brainwashed into a new Centralised Central bank Digital Fiat currency.

They can't print unlimited fiat because if they do hat will end in a devaluation. While more fiat you print the price of it gets lowers, at least that's how fiat works. -you can see the scenario of some American countries where they already had to make a devaluation because their coin lost all his value. And i'm almost sure the next one will be Colombia where $1 dollar = $3463.56 pesos

And the second issue about this is: Not all the bitcoins are on sale, just think about it 

Yes they easily can and probably have already started doing that.  Since the printed money is only in their hands at first it doesn't really lose any purchasing power.  Most transactions for goods and services are still done in dollars so bitcoiners are forced to cash out if they want to purchase things.

I believe USA holds more bitcoin than Bulgaria in secret, and controls most of the mining ops in China.

Yah you are right, they won`t get mine, ever.
But they can get all of the supply that people sell for fiat, for free and buy all the miners and control the entire fucking network and most of the supply.

psst you are still $laves.

watch the video at the top, we can stop this $hit.

o yah, show me the books, because I can show you the books of them just creating the shit out of thin air. They can also just exchange it for another country`s currency first at any commercial bank.

Imaginary scenario?






In other words guys, if you are here to argue they can`t, you are a fucking dumb ass.

In fairness to fiat currency, central banks do not just print bills or mint coins out of thin air. It has a basis. Otherwise, countries could just go on printing more and more money without value. Fiat currency is produced according to the value of the country's domestic product. There is a strict percentage of the country's GDP that could be the basis for printing bills and minting coins. Therefore, a country can only make enough money according to their products and services.

And why would a country buy up all the Bitcoin? That is literally a suicide!

Good topic.
In my opinion the government CAN'T buy all BTC. First off, it is practically impossible to buy them all, some people are storing them in cold wallets, some have even forgotten logins and others just won't agree to sell them. Further more there are a lot of miners, they are being rewarded BTC after each mined block. It simply would be too difficult, time consuming and expensive to invest into such project. Moreover, other crypto currency would simply take Bitcoin's place because crypto currency's price is made of how much people are willing to pay for it and they want decentralised currency with no one controlling it.

There are enough users who'll never want to go back to fiat and if it becomes clear that the plan is to start pumping out new notes then more people will wake up and buy BTC with the intention of never letting go of it.

If there was ever a sniff of it being some type of official policy you'd get sellers going on strike and holding out for gravity defying prices.

It's the type of policy that would work for the first 10% of the plan and then blow up catastrophically very soon after.

I think that some bankers are buying blocks of Bitcoin as a store of value, but they won't be able to buy all of it. Just like gold, I think some are buying mining companies as well. They will never be able to buy all of the Bitcoin, as many people will be interesting in saving it as a store of value.

what you are missing is that the money that is being printed eventually enters the circulation no matter where it goes first. so in your crazy imaginary scenario if they start printing more money to buy up all the bitcoins then that money enters the circulation and cripples the economy of the country just like that. and all it would take is probably less than a year!

This topic is really deep.  It is right to say that if they can print a lot of US dollars then they can buy all the existing bitcoin but let us consider that the banking elites especially the federal reserves does not want to make things obvious. If a certain volume of US dollars will be spent on bitcoin, would it be very obvious and questionable. Since there KYC and AML regulations on big exchanges their efforts to buy all bitcoins would be questioned.

Another thing is that, not all bitcoin holders are selling their bitcoins in one go. They are selling high and buying low. Imagine if the banks will buy as much bitcoin as they want in the exchanges then the value of bitcoin will surely climb up. The problem is that the big holders of bitcoin will only sell a certain amount of bitcoin. Instead of the banks getting rich it will be the bitcoin holders that are getting rich. This means that the one who will be in control will no longer the banks but the whales.  The banks does not want that to happen.

In my opinion, the banks or whoever runs it have already bought a huge amount of bitcoin and other cryptocurrency at their disposal but they are unable to purchase all bitcoins being produced since it is not possible for them.

I think you are right It is a trick by the bankers

Hey, If they can print unlimited fiat, could they just not buy up all the bitcoin?

I made a post like this yesterday, mods removed it with no notice again.
Serious question, why do you feel the need to remove this post, it pertains to the bitcoin discussion, still none believers of freedom of speech?  

I thought the point of bitcoin was because it was like a limited supply that you can`t just print out of thin air, but what is the point when a unlimited supply can buy it all up (at any price) which can be made out of thin air.

The FED is mind fucking all of you, stop falling for it, everyone can create the supply now, not just the rich elite, who are already fucking rich.

We can all make a supply of a coin at the same rate, via duration and using ourselves as a key/address. Then if we want to make more, we can enterprise and work.

Now for real stop with this shitcoin bitcoin (btw I don`t think it`s shit I am very thankful for bitcoin just doing it for the meme), it leads to death and already has.
https://www.youtube.com/watch?v=Y7TLFyK_3Pk

And everyone create the supply of the same coin, or make your own coin with a fixed supply of 1000 and I will make a supply of 1000 and we can trade so long as you can`t make another account (yourself as the key/address stops this).