What if the government starts hoarding BTC? - page 2.

lassdas

legendary

Activity: 3657

Merit: 1448

Quote from: PachucoBro on April 02, 2013, 11:10:11 PM

Quote from: DogStar on April 02, 2013, 10:40:08 PM

hoarding would cause the price to go up..

Let's imagine I just bought every BTC out there...

That's pretty hard to imagine, because.... well, it'll never happen.
I own a bunch of coins and there's no way you could buy them all, not for all the money on this planet.
If the price is so high (due to you trying to buy them all) that you have to pay me millions of $ for half of my coins, why would I sell the other half?

Feel free to try. Cheesy

PachucoBro

newbie

Activity: 56

Merit: 0

*puts tin foil hat on*

molotov

newbie

Activity: 7

Merit: 0

I think if they wanted to destroy it they could do it easier by making some massive propaganda about how bad these anonymous currencys are and how they are used by terrorists and are a threat to children, then pass a law to forbid them or destroy the concept in another way whilst many people will have been brainwashed into disapproval of not just btc but any other alternate cryptocurrencie existant or to be created.

PachucoBro

newbie

Activity: 56

Merit: 0

Quote from: DogStar on April 02, 2013, 10:40:08 PM

hoarding would cause the price to go up..

Let's imagine I just bought every BTC out there... what is the value of 1 BTC if I own all of them???

The price will not GO UP if one person were to hoard them and not USE them. They would become useless.

Delitus

newbie

Activity: 17

Merit: 0

The worst they can do probably is cause BTC prices to temporarily become more volatile (by hoarding an extreme amount of coins, and releasing them all at once after prices settle - an extreme case). "Destroying" BTC (by destroying the wallet containing the hoarded coins for example) won't affect much in the long-run, as BTC is meant to be infinitely divisible - any remaining coins in circulation will take their place.
The only true way to destory Bitcoin as a whole would be to either hoard ALL 21 million coins (thereby completely removing it from circulation), or obtain and maintain >50% of the total network's hashing power. As ASICs are still rare, and with the current network speed of ~60 TH/s along with the increasing price of BTC, either option would be extremely costly endeavours, and realistically, I just don't see this happening.

Severian

sr. member

Activity: 476

Merit: 250

Let 'em. It will make our coins more valuable.

DogStar

newbie

Activity: 5

Merit: 0

hoarding would cause the price to go up..

empoweoqwj

hero member

Activity: 518

Merit: 500

which government?

additionalpylons

newbie

Activity: 9

Merit: 0

Why would they spend all that money just to destroy it? This makes no sense.

bitbit

newbie

Activity: 14

Merit: 0

Can the Government destroy the Bitcoin by hoarding them?

Topic: What if the government starts hoarding BTC? - page 2. (Read 1296 times)