Loosing massive amount bitcoin on purpose...

Xenophoto

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Quote from: Chloroplaste on June 09, 2017, 09:34:48 AM

Is there any way to know the amount of coin in the largest bitcoin wallet ?

If a big player manage to accumulate more than half of the coin supply, it would mean that he will have a lot of power to change the value of the coin. It would mean Bitcoin would still have a damocles sword above it.

Am I delusional or is it a valid concern (even if it's unlikely) ?

In fact, there is. It's by using google. Anyway, there you go: http://bitcoinrichlist.com/top100 I simply googled "Bitcoin wallet with most coins." and there it is.

If someone owns more than half of the coins supply, I doubt that he'll put it in a single wallet/address. Firstly, questions like yours will raise. Secondly, just so he can separate the coins and their wallet seed's stashes. If ever someone founds one of the treasures, there would be another one.

Honestly, no. You are not being delusional. This is totally possible but that doesn't mean that it's actually true. A lot of conspiracy theory can be made from anything, in this case bitcoin. Some people thinks that the government is secretly running this, others think that it's a huge ponzi scam, others think that a major portion of the coin already belongs to one person or group.

Rostadom

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Quote from: Chloroplaste on June 09, 2017, 09:34:48 AM

Is there any way to know the amount of coin in the largest bitcoin wallet ?

If a big player manage to accumulate more than half of the coin supply, it would mean that he will have a lot of power to change the value of the coin. It would mean Bitcoin would still have a damocles sword above it.

Am I delusional or is it a valid concern (even if it's unlikely) ?

I'd say that you shouldn't worry about it. Assuming that someone has the half of the coin supply, why would he even dump it all? Dumping it all at once will destroy the market, plus, another whale can just save the whole market and end up buying at a really really low price. Think of yourself as the guy that has half of the coin supply, you would rather to sell every now and then when you to spend some money. You'd be holding those coins forever, I promise. Since you'd want to hold them as long as possible to get the most profit out of it.

CyberKuro

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Quote from: iamTom123 on June 09, 2017, 12:25:55 PM

Why would a group of rich people would do that? Remember that rich people got their riches because they are thinking creatively and not as if they belong to a world so detached from reality. Rich people (am not taking about those who just inherited theirs) are one of the most realistic people in the whole world. The whole idea can be classified as preposterous.

Indeed, it's very funny as no one could be stupid enough to do such wastes, just for brag it to all over the internet? What's the point?
People want to doubled their wealth, then buy 30% amount of bitcoin will surely pump bitcoin price and make it more expensive.
Many people will follow to invest while the rally still on, to sell again at higher price obviously.

iamTom123

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Why would a group of rich people would do that? Remember that rich people got their riches because they are thinking creatively and not as if they belong to a world so detached from reality. Rich people (am not taking about those who just inherited theirs) are one of the most realistic people in the whole world. The whole idea can be classified as preposterous.

stomachgrowls

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30% is too much even on lower percentage would definitely give effect on bitcoin but no dumb would able to waste of money just to see bitcoin fall its price and do see people panic on sudden price change.
As usual this thing would only on dreams to happen and i loved to see bitcoins price to increase even further without those assumptions regarding on its fall.

jpoker272727

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

There should me more than one multi-billionaire to buy 30% of bitcoin and it is very hard to buy such a large amount of bitcoin.

If they buy then the bitcoin price will be much much higher and if he/they destroy the private keys then these bitcoins are known as lost and increase the balue of bitcoin even more.

audaciousbeing

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

Even though the possibility of that happening is small, because for someone to be able to afford that at today's price then large chunck of his wealth is definitely going for it. but since its an assumption then bragging it over the net will definitely create a panic that might drag the price down but not for too long because the media is always engulfed with new stories everyday so after a while I see a scarcity happening because the excess has been mopped up by such action which will then push the price to another all time high.

eternalgloom

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30% is a bit over the top I think, let's just say that someone buy's like 5% and destroys it.
Could be a fun thought experiment.

Would you be able to prove that no-one has access to these coins?
I think it is possible, you can send your coins to a verifiably unspendable address.

Check out proof of burn:
https://en.bitcoin.it/wiki/Proof_of_burn

Iranus

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

Second, How the market would react ?

Well, buying 30% of the supply is probably not possible from casually going on exchanges. You'd have to go to some extreme lengths paying crazily high prices for peer-to-peer transfers with people who are reluctant to sell, and then the price would absolutely rocket.

After destroying the private key associated with it, you'd have decreased the supply by 30% (which you would have basically done by holding it anyway), which should keep the price extremely high.

That said, if people were worried about things like that happening again, FUD could cause the price to drop a small amount of the way back down.

azguard

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NO person organization or some multicorporation millionaire will lose on purpose that amount of coin it to big. Even if this is in some long term motion i would be some much smaller amount maybe 1-2% which is reasonable amount for them to try to do something like that.

Zicadis

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Dump it!!!

Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First the multi-billion organisation will have to invest a lot of time to acquire 30% of current supply and destroying private keys would just be denying themselves access to their loot and this would also mean less supply more demand which translates into rising bitcoin value Wink

Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

First, would it be possible to prove the loss of the private key ? no

that won't be relevant if their actions are true we can see it in the value of bitcoins

Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

Second, How the market would react ?

The only effect this would have on the market is a low supply of bitcoins has the BTC is withdrawn from circulation.

johnwest

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Quote from: Idrisu on June 09, 2017, 10:33:20 AM

Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

If that will happen I expect the price to double or even bitcoin became known all over the world. 30% of bitcoin values is not much for only him or her to control the price or destroy the private keys of others wallet. I wish such things happen.

Forget about others, If you have that much money then will you do the same thing?? Will you even think about doing something like that with your hard earned money?? or are you thinking of investing it in BTC and other altcoins??

Kemarit

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

LOL. They have worked hard to be a super billionaire and would just lose it in purpose? I doubt any person with the right frame of mind would do it? Of course the price swing will be greater. Because bitcoin then will be scarce since he has accumulated more. But then again, I can't really think that a person will remotely do it, what would be his purpose? Billionaires would rather buy lavish cars, jets, expensive yacht and other material things. But buying bitcoin then destroying the private keys, and bragging about it? I doubt it will happen in reality. Maybe in movies.

Idrisu

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

If that will happen I expect the price to double or even bitcoin became known all over the world. 30% of bitcoin values is not much for only him or her to control the price or destroy the private keys of others wallet. I wish such things happen.

BitZonk

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Quote from: Chloroplaste on June 09, 2017, 09:34:48 AM

Is there any way to know the amount of coin in the largest bitcoin wallet ?

If a big player manage to accumulate more than half of the coin supply, it would mean that he will have a lot of power to change the value of the coin. It would mean Bitcoin would still have a damocles sword above it.

Am I delusional or is it a valid concern (even if it's unlikely) ?

Looking at liquidity on crypto exchanges it wouldn't be hard to pump up the price, a lot easier and cheaper than on regular markets.

Chloroplaste

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Is there any way to know the amount of coin in the largest bitcoin wallet ?

If a big player manage to accumulate more than half of the coin supply, it would mean that he will have a lot of power to change the value of the coin. It would mean Bitcoin would still have a damocles sword above it.

Am I delusional or is it a valid concern (even if it's unlikely) ?

slaman29

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This sounds like the ultimate tribute to cyberpunk anarchists! But crazy geniuses who are also extremely rich don't really exist outside movies. I can only imagine BTC price will shoot up before its time. 21 million bitcoins in total circulation ever suddenly become less than 15 million.

ktabb

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Quote from: Chloroplaste on June 09, 2017, 07:39:18 AM

What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First, would it be possible to prove the loss of the private key ? no
Second, How the market would react ?

First of all, nobody would ever do that. This scenario is wildly imaginative and completely detached from reality.

Second of all, the price of btc would go up. Eliminating Bitcoin means supply is lower, which pushes price higher.

2bfree

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Quote from: DarkArmy on June 09, 2017, 07:43:43 AM

To buy 30% of the currency bitcoin supply would be to mine 16,381,400/3 so around 5.45 million btc.

15192468000. 15 billion dollars.

And considering the fact that the price would probably double or increase at a very high amount due to the way economics work, no one would do this.

I disagree it would way more then double depending on how they are buying if they try super fast and open it would go up 10x at least if they took years it would still more then double.

DarkArmy

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To buy 30% of the currency bitcoin supply would be to mine 16,381,400/3 so around 5.45 million btc.

15192468000. 15 billion dollars.

And considering the fact that the price would probably double or increase at a very high amount due to the way economics work, no one would do this.

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