What would happen if a group/person bought all the bitcoin in circulation.

Amph

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Quote from: bitmarket.net on December 23, 2015, 08:15:42 AM

Quote from: jackg on December 15, 2015, 05:18:21 PM

Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.

They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.

The price changes are much more dynamic.
The price of bitcoin would not remain at $500 once this big player starts buying - it will start to increase straight away.

Similary, the price will start to decrease once he stops buying and decrease even quicker, once he starts selling.

this mean that they would sell at loss, because someone else will ride their wave and dump before them, so this whole strategy to buy a lot of coins in a short amount of time is stupid

no group or single person will do it

CryptoUser25

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I don't think people would just buy all the bitcoins of the world. What for price would happen to bitcoin that.
I think it would be worthless at the end if no one else is using it.

fravia

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it most definitely wouldnt be a good thing in my opinion as this would prevent the countries from making it official currencies and companies accepting the payments in bitcoins if one person had the most of all mined bitcoins it would mean that he could dump the price at any time and people would be afraid of that

bitmarket.net

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Quote from: jackg on December 15, 2015, 05:18:21 PM

Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.

They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.

The price changes are much more dynamic.
The price of bitcoin would not remain at $500 once this big player starts buying - it will start to increase straight away.

Similary, the price will start to decrease once he stops buying and decrease even quicker, once he starts selling.

ThunderThomas

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Well if they want to buy all the bitcoins of the world I would say that my bitcoins are worth 10.000 dollars each.
If they want to buy it. I doubt that they will agree. If they agree fine with me with that I have made a lot of profit with it.
Also where the hell will this group of people will store all the bitcoins in the world.

Snail2

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Most bitcoins are not on the exchanges. If someone would start buying such huge amounts the prices would skyrocket very quickly, so that 500 would be 5000 in hours and the miners would hold most of their coins in hopes of making it even more scarce therefore more expensive. Many holders would keep holding because of the same reasons. Such attempt would spiral out of control in days.

newcoins1978

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It would give this person/group a lot of power. Since they control supply they can control the price.
Eventually this could be the end for bitcoin.

mobnepal

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I think bitcoin will not survive because it will become centralized one. Bitcoin need to be distributed worldwide to get more adoption and rise of price. One man buying all will kill bitcoin.

Dabs

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Quote from: Meuh6879 on December 17, 2015, 03:20:33 PM

Quote from: Dabs on December 16, 2015, 08:39:57 PM

So, you could buy Windows 11 when it comes out.

[HS]

you want buy Win10 ? Seriously ?
I prefer Ubuntu now because it has color on icons ... useless commercial OS ! Angry

In my country, many seller propose laptop now with no OS (FreeDOS) ... and this is very good !

[/HS]

That was a joke. I'd never directly pay for a Microsoft consumer client OS... I'm on volume licensing, so someone else paid it for me. Win10 is actually not bad, but don't believe the hype, it is still a "beta" version.

DieJohnny

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nobody will ever be able to buy them all because there are millions that are held by the staunchest longs.

However, it would only take one whale to move the entire market many billions...... if he held long enough for the demand to catch up at the new price then he could feasibly make a profit, however, if you double the price buy buying millions of coins, then you have to have double the dollar volume to unload them.... so you would have to hold off on selling for a while.

n691309

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If someone or anyone wants to buy a high volume of bitcoin then the price of bitcoin will be increased due to the low number of sell orders so the depth is not deeper so the price will be increased definitely.

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote from: David Rabahy on December 18, 2015, 10:14:58 AM

Quote from: jackg on December 15, 2015, 05:18:21 PM

Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.

They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.

Making the decision and actually doing it are two different things.

Your prices are speculative and unlikely to be accurate.

Not to mention that with the current price, bitcoin market capital is $ ~ 7 000 000 000 , and if someone was to start buying like that, it would
raise the price to such levels that you would be left with no fiat to buy the remaining coins. Also there are always people that would never sell,
or never sell a portion of their holdings. Either way you turn it , it's safe to say that noone can buy majority of bitcoin, but each attempt would
surely lead to high increase in price.

David Rabahy

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Quote from: jackg on December 15, 2015, 05:18:21 PM

Hello. I was just thinking: what would happen if someone or a group of people such as Bill Gates, decided to purchased all the bitcoin in circulation, or a majority of it anyway.

They could purchase it for $500 per Bitcoin.
Then, due to the hightened demand and lack of any other way of getting bitcoin, they could be sold on for more than $1000. Making a $500/unit increase.

Making the decision and actually doing it are two different things.

Your prices are speculative and unlikely to be accurate.

Newcoins2020

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I think that Bill Gates don't have time to just buy all the bitcoins in the world if he has all the bitcoins I think it won't be worth after all. That man have all the money of the world so yeah. Buying all the bitcoin where is going to store those coins than is so massive. So we will see if some one have 500K of bitcoin how the storage of him will work.

bitmarket.net

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It is a question of supply and demand.
Unless the buyer kept buying indefinetly, the price would increase initially, but then fall back down to its equilibrium.

Higher price would attract more sellers and more miners, thus increaing the supply of bitcoins on the market, which would drive the price down.

ultimatesky

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SkyFall

As most people said, there are not enough coins out there to even be bought by someone like Bill Gates. If this does happen I think the value of bitcoin will go up because there's not enough out there to be mined by all of us.

CoinCidental

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Si vis pacem, para bellum

Quote from: smiles on December 18, 2015, 03:10:26 AM

This hypothetical scenario would represent a massive transfer of wealth from the person buying the bitcoins to the people selling them.

Unless they are the same person, aka an exchange or massive pool

smiles

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This hypothetical scenario would represent a massive transfer of wealth from the person buying the bitcoins to the people selling them.

European Central Bank

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There would be the biggest rise in the history of finance and the most epic and fatal crash. It would ring down through the aeons.

Eric Cartman

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Impossible, only a tiny amount of BTC is in sell order or even lying around in exchanges.

And there are so many exchanges, so you would cause a short term pump, but little long term effect and would lose money

Topic: What would happen if a group/person bought all the bitcoin in circulation. (Read 2339 times)