What happen "if" someone have all of bitcoin?

eaLiTy

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Quote from: cpfreeplz on January 21, 2017, 05:47:54 PM

It's not possible because I have bitcoins in cold storage that I'll never sell no matter what. Who's to say I'm not a whale with 1million BTC spread over 10,000 different addresses? Wink

What is the real purpose of storing the coins ? are you using it as a collectable item Cheesy

i am trader and i am pretty good at it. Idle bitcoin is just waste of your opportunity to invest into something good or start trading to increase your portfolio .If i was an initial miner back in the day then i would be having a stash of coins hidden away in a cold storage because you have tens of thousands of coins and that is not the case at the moment .
For the OP this is just a trash topic.

cpfreeplz

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It's not possible because I have bitcoins in cold storage that I'll never sell no matter what. Who's to say I'm not a whale with 1million BTC spread over 10,000 different addresses? Wink

Just to add too, if you own all of something that isn't even tangible then it's worthless. If you're running the only node then it's worthless.

ophyrim

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One of the main sources of the bitcoin and other cryptocurrencies price is the demand. The demand forms the price of bitcoin. If someone has all of the bitcoin and there s still demand for bitcoin, the price will rise inevitably. But I don't think there will be a demand if someone has all of the bitcoin.

digaran

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can someone please call Satoshi and let him know that a buyer wants 21M BTC?
Like tillkoeln and his TPG, any time you ask him for 500M coins he'll gladly provide even though the source says total supply 90M. Cheesy

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RoomBot

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BTC is a group effort.

Even Satoshi Nakamoto could not keep all the BTC.

It can't work without peers to confirm TXs.

RodeoX

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Quote from: Sahyadri on January 21, 2017, 08:41:31 AM

The simplest answer to the big "if" is that bitcoin will loose all it's value.

But in reality someone having control over all the bitcoins is impossible

Correct. I, for example, would charge a billion dollars a piece for my coins. And after having to spend... Huh

a trillion dollars buying all the coins on Earth he has nothing of value. This idea that someone will buy all the coins has been here since the beginning but has never made any logical sense. Bitcoin MUST be a collaborative project. It is a payment network and without a crowd it has no utility and mining collapses.

webtricks

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Quote from: hyudien on January 19, 2017, 09:08:44 PM

Anyone like bitcoin because bitcoin offer transparency in transactions, and some excellence rather than use currency transactions. In my mind i have many question about it.

Is there some one can get 21 million of bitcoin for himself?
If impossible, are that guy can control it?
Is any exchange will not working until that guy sell some his bitcoin?

No. It is impossible. For take, someone emerged with such Napoleon dream and already captured large amount of Bitcoin but then rest of people will not gonna sell him as now they are part of (few sellers) too and are in position to manipulate price of Bitcoin. -Oligopoly market.

So, now its impossible to hold all Bitcoin and setup Monopoly.

Every person is owner of his own satoshi. No can can control Bitcoin held by someone else.

Sahyadri

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The simplest answer to the big "if" is that bitcoin will loose all it's value.

But in reality someone having control over all the bitcoins is impossible

Victorycoin

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I am also of the opinion that this thread should be locked, because the arguments here are pointless and much ado about nothing. The simple fact is that no one can come into possession if the entire 21 million Bitcoin and I don't see anyone aspiring to embark on such a wild goose chase. Let's talk about things and issues that would move the community forward, not rhetoric!

Finestream

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Quote from: CraigWrightBTC on January 20, 2017, 10:02:46 PM

If all of bitcoins 21m BTC on one people bitcoin will become valueless
because there are no demand and supply should the bitcoins be sold to other peoples
will make increasing value of bitcoins, bitcoin is not price if just one people who have it.

The thread title is just crazy, the answer is very self explanatory and we don't have to make further discussion anymore. Actually, this thread should be lock by now. IMO, we are just making repetitive comments here and I don't think it would be helpful for the community to grow.

I suggest to make more matured question for matured audiences like us here, it would be more appealing in the eyes of the many.

CraigWrightBTC

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If all of bitcoins 21m BTC on one people bitcoin will become valueless
because there are no demand and supply should the bitcoins be sold to other peoples
will make increasing value of bitcoins, bitcoin is not price if just one people who have it.

bitbob82

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Quote from: whizter on January 20, 2017, 04:32:09 PM

Quote from: Tanic on January 20, 2017, 01:10:35 PM

Theatrically it is pretty possible, but where to take all this bitcoins? They get spreaded over the world. But I think if someone will Stewart to buy bitcoins the price will rise and every new bitcoin will cost more than the previous one.

yes that is a fact that it is not such an easy take. we can see that bitcoin is distributed in all over the world, i think it is not even possible that all the bitcoin to be release.

yes and the price of bitcoin trading so high that it is now almost become impossible to have all the bitcoin of the world because bitcoin has already distributed in all over the world.

olushakes

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Quote from: hyudien on January 19, 2017, 09:08:44 PM

Anyone like bitcoin because bitcoin offer transparency in transactions, and some excellence rather than use currency transactions. In my mind i have many question about it.

Is there some one can get 21 million of bitcoin for himself?
If impossible, are that guy can control it?
Is any exchange will not working until that guy sell some his bitcoin?

Since this is an assumption in which the practicality of this is zero then I will also say hypothetically that I see him controlling the price but I also dont see him having all because that will means all exchange sites will go, trading sites will go, signature campaign will also go and in the long run, I see scarcity of bitcoin which might make everyone turn to the next best alternative in the Alt world thereby abandoning bitcoin which will then lead to its worthlessness at the end of the day it will then turn to bad investment.

whizter

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Quote from: Tanic on January 20, 2017, 01:10:35 PM

Theatrically it is pretty possible, but where to take all this bitcoins? They get spreaded over the world. But I think if someone will Stewart to buy bitcoins the price will rise and every new bitcoin will cost more than the previous one.

yes that is a fact that it is not such an easy take. we can see that bitcoin is distributed in all over the world, i think it is not even possible that all the bitcoin to be release.

el kaka22

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Quote from: Tanic on January 20, 2017, 01:10:35 PM

Theatrically it is pretty possible, but where to take all this bitcoins? They get spreaded over the world. But I think if someone will Stewart to buy bitcoins the price will rise and every new bitcoin will cost more than the previous one.

I guess even theoretically also it will not be possible as there are a lot of bitcoins were permanently lost (burnt). One rich man will be able to buy only the offered bitcoins and not the stored bitcoins. There will be no guarantee that everyone will be ready to sell to him.

For an assumption if it will happen,
- price of bitcoin will be decided by that one person.
- bitcoin mining will be highly profitable.
- Exchanges may start providing tether-bitcoins for trading purposes.

Tanic

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Theatrically it is pretty possible, but where to take all this bitcoins? They get spreaded over the world. But I think if someone will Stewart to buy bitcoins the price will rise and every new bitcoin will cost more than the previous one.

jacafbiz

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In theory he picture painted is possible but in practice is not, the more he buys and hold, the more the price shoot up and there will be some people that it will only take insane price offer for than to part with their BTC since everyone has a price. Can he afford to pay $1 million for one BTC

bamboylee

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You are too greedy if you want to own 21 million bitcoins by yourself. Right now it is not possible to own all the 21 million bitcoins because some are already lost. And I will not do it even if I can and it is possible because I will render bitcoin useless if I do so.

Dr.Osh

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if bitcoin owned only one person, I think it will not have a price. Well, bitcoin has a high price because people want it. if only someone who has it, may bitcoin will not have a price, and I believe, one of altcoin will replace the position of bitcoin. but, it is not possible at this time Cheesy

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bitbunnny

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Impossible situation. Like someone had all dollars in the world, just can't happen. But in theory if just one person had all the coins, what would be the use of these coins? None. And they would be completely worthless, no one besides that person could use them, so what would be the point.

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