Topic: What happens if traditional bankers kidnaps Bitcoin ? - page 2. (Read 2569 times)
If a bank did buy up all the coins they could, what would they have then? How would it benefit them?
I doubt the banks can afford to buy most of the bitcoins now, maybe if they had done it in the beggining.
Ideally bankers would try and block money flow into the bitcoin system via banks but they cannot completely stop it...
They would have to kidnap satoshi and get him o reveal a material hitherto undiscovered fatal flaw in the protocol
Long shot
Long shot
Let's say the traditional bankers start buying large amounts of bitcoins and they success in keeping almost all of them.
Now... for what purpose they would keep it, to kidnap it, avoid bitcoin flowing and therefore destroy it. Thay way they are rescuing value on the traditional money (dollars, euro, yens, etc) that will continue flowing.
Is there any way this beast named Bitcoin can escape from such situation ?
Like the movie Dune stated... "The spice must flow"
So basically they would "kidnap" the bitcoins by buying them and not spend them? What would happen is that they would spend less and everyone else would get to spend more. Win for us, lose for them. Doesn't sound so bad to me... Now... for what purpose they would keep it, to kidnap it, avoid bitcoin flowing and therefore destroy it. Thay way they are rescuing value on the traditional money (dollars, euro, yens, etc) that will continue flowing.
Is there any way this beast named Bitcoin can escape from such situation ?
Like the movie Dune stated... "The spice must flow"
Lets destroy this thing by buying it up at insanely marked up prices and make the existing holders the new wealthy elite.
Doesn't really sound like the best plan does it?
Doesn't really sound like the best plan does it?
Let's say the traditional bankers start buying large amounts of bitcoins and they success in keeping almost all of them.
The value would rise dramatically.
If bitcoin is to become truly successful on the world's stage, banks will get involved. This is not necessarily a bad thing, and would likely add credibility in the eyes of the public and stability to the exchange rate (albeit at a much higher price level than now).
P.S. I consider this co-opting bitcoin rather than kidnapping it.
Simple...start using litecoin
They could let a central authority like the euro bank (ECB), world bank, or IMF hold a key to verify certain coins are in a certain separate class, using the "rarely unused" contract and Script features of bitcoin. Then transfer them back and forth between each other with each piece of bitcoin representing whatever value they want, say $1 billion per 0.01 coin tied to a 2010 basket of commodities. The banks are required to have a certain reserve amount of gold or "class 1" assets. So they would buy these things from each other and the cash is freed up for other uses, then they have this class 1 asset they made up out of thin air and extra liquidity from the cash.
The exact same thing that happens when early adopters did exactly that, artificial scarcity, rising prices, manipulated markets. Why do people freak out when the word 'Bank' is used when the horrible activity being conducted is already being done by people with even LESS oversight and scruples then a Bank?
There are still miners, so they'd have to keep buying for another 100 something years.
BTC would skyrocket, what was left would be traded in shatoshis.
BTC would skyrocket, what was left would be traded in shatoshis.
Let's say the traditional bankers start buying large amounts of bitcoins and they success in keeping almost all of them.
Now... for what purpose they would keep it, to kidnap it, avoid bitcoin flowing and therefore destroy it. Thay way they are rescuing value on the traditional money (dollars, euro, yens, etc) that will continue flowing.
Is there any way this beast named Bitcoin can escape from such situation ?
Like the movie Dune stated... "The spice must flow"
Now... for what purpose they would keep it, to kidnap it, avoid bitcoin flowing and therefore destroy it. Thay way they are rescuing value on the traditional money (dollars, euro, yens, etc) that will continue flowing.
Is there any way this beast named Bitcoin can escape from such situation ?
Like the movie Dune stated... "The spice must flow"
Jump to: