What if mega banks/companies accept btc and hoard it??

X7

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Let he who is without sin cast the first stone

Quote from: wesk1212 on August 20, 2014, 12:43:26 PM

the problem with most of the users in this forum is all they care is the PRICE
PRICE THIS PRICE THAT
just waiting for something to happen

Not everyone bro - www.thebitcoinmovement.com

I am just adding commentary, price is not everything - just a bonus and it helps spread some wealth.

wesk1212

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the problem with most of the users in this forum is all they care is the PRICE
PRICE THIS PRICE THAT
just waiting for something to happen

X7

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Let he who is without sin cast the first stone

So basic consensus = BANKS - 0 / BTC - 1

wordman267645

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I'm not agreed with this because there is no secure. Hackers can easily to hack it.

iluvpie60

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Quote from: Lethn on August 20, 2014, 05:53:13 AM

This top has been discussed several thousand times and I remember seeing people posting about it ages ago, not only would the price skyrocket so high it would be very difficult to acquire all of the coins Bitcoin can be divided into 8 decimal places, so in theory you should be able to just conduct global trade with fractions of a few Bitcoins and everything would still work.

How do you figure the price would sky rocket?

we just went through a crash from 590 to 309 because of 10K btc. if banks controlled 100k BTC they could crash it down as low as 100 USD per or something like that and put up a HUGE sell wall that would never be taken down.

long term strats like that are easy to do when u got billions of dollars to do it with. just because a bank has it doesnt mean it will sky rocket, its the same as a normal person holding it(that is if the banks dont manipulate it). why would a bank holding it be better than a normal person? plus you CANT prove it either way because there isn't something that can prove the banks have it so you wouldnt even know anyway, so that blows your whole theory clear out.

CMMPro

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I wouldn't be surprised to hear of bitcoin being used covertly by the banks.

They could buy a bunch and use it internally to transfer international remittances between banks and people at a much faster rate for less cost (and probably higher security) than Swift, IBAN etc and never tell their customers that they are using bitcoin at all.

You go to the bank to perform a transfer of USD internationally....they perform the transaction securely using bitcoin, and handle the conversion on both ends without you having any idea that they just used bitcoin and you paid a hefty fee for something you could have done yourself for almost no fee's.

Lethn

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This top has been discussed several thousand times and I remember seeing people posting about it ages ago, not only would the price skyrocket so high it would be very difficult to acquire all of the coins Bitcoin can be divided into 8 decimal places, so in theory you should be able to just conduct global trade with fractions of a few Bitcoins and everything would still work.

blatchcorn

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Quote from: Mobius on August 19, 2014, 09:44:55 PM

It would have the exact same effect as if any other "whale" were to start buying up/hoarding bitcoin, as many do already. It would drive up the price.

With that being said, IMO it is very unlikely that banks are going to do anything like this as bitcoin today is still very speculative (see the price changes over the past week) and unstable investment/currency.

But investment banks love speculative markets right?

giveBTCpls

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It doesn't matter, in fact if the demand is bigger, they will shrink the supply which will make the coin prize go even higher.

LiteCoinGuy

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In Satoshi I Trust

Quote from: Bitwayup85 on August 19, 2014, 09:12:33 AM

If banks start trading with BTC then prices will rocket shoot to 1000$+ very easily.

wow, 1000 USD when mega banks trade bitcoin...amazing price Cheesy

i would add one or two zeros Wink

zolace

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Im sure if Banks could have bought bitcoins cheap they would have done it and probably could have owned 10 percent of bitcoins, but thats only if they knew the potential before hand. Though it could have also drove prices up as well for bitcoin

Grownwithbtc

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IF they start hoarding the prices will change a lot. If they decide to damage BTC, they will dump it and prices will rocket fall. Hope this never happens.

jubalix

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Quote from: X7 on August 19, 2014, 10:42:09 PM

Quote from: Scoremaster on August 19, 2014, 09:10:25 AM

Hi.

What if mega banks/companies decided to accept btc, and hold it? They are billion dollar + organizations. They could afford to hold millions of BTC on hand and it wouldn't affect them. Heck even some of the large companies that are smaller have capitical expenditures in the 100s of millions of dollars per year. It seems the best thing for banks to do would be to buy bitcoins up and hold onto them.

How badly would it affect us knowing the banks regain control simply because they have soo much money to buy it out? They might have been doing it this whole time and we wouldn't know it.

PLOT TWIST

Coinbase is secretly the federal reserve buying all the BTC to take it out of circulation lol

does not not help. Only makes HODL'rs richer. Thats the beauty of BTC, you can't buy it all no matter how rich you are, you can only transfer vasts amounts of your value to someone that's not you when you try to buy it all. Banks, Gov's and high networth individuals have probally realised this. Before you could always buy out the company or nationalize it. But now. No.

X7

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Let he who is without sin cast the first stone

Quote from: Scoremaster on August 19, 2014, 09:10:25 AM

Hi.

What if mega banks/companies decided to accept btc, and hold it? They are billion dollar + organizations. They could afford to hold millions of BTC on hand and it wouldn't affect them. Heck even some of the large companies that are smaller have capitical expenditures in the 100s of millions of dollars per year. It seems the best thing for banks to do would be to buy bitcoins up and hold onto them.

How badly would it affect us knowing the banks regain control simply because they have soo much money to buy it out? They might have been doing it this whole time and we wouldn't know it.

PLOT TWIST

Coinbase is secretly the federal reserve buying all the BTC to take it out of circulation lol

gelar24

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Quote from: lemfuture on August 19, 2014, 10:10:28 PM

why mad op? you should actually hope for this

if it is beneficial for the growth btc btc prices will rise or why not? : D

positive as I would expect that to happen haha

lemfuture

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why mad op? you should actually hope for this

X7

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Let he who is without sin cast the first stone

Banks can kiss my butt Tongue

.... I'm pretty sure I had an intellectual remark somewhere but... yeah... that's all I got for now lol

Mobius

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It would have the exact same effect as if any other "whale" were to start buying up/hoarding bitcoin, as many do already. It would drive up the price.

With that being said, IMO it is very unlikely that banks are going to do anything like this as bitcoin today is still very speculative (see the price changes over the past week) and unstable investment/currency.

DKMathias

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The Bitcoin would probably be EVEN more worth

Honeybooboo

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Quote from: worle1bm on August 19, 2014, 09:47:06 AM

Then BTC would be damaged as a means of exchange. The total market cap of BTC could be purchased by a single institution. This is implausible, but even a significant purchase of liquid BTC would significantly damage the ability to use BTC.

How would it be damaged? All that would happen would be the smaller ammounts of bitcoin still in circulation would become worth much more.

Topic: What if mega banks/companies accept btc and hoard it?? (Read 1750 times)