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Topic: Why aren't the worlds richest people buying up all the coins? - page 3. (Read 6329 times)

legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
I agree I doubt "old money" type billionaires and millionaires will be getting into Bitcoin, but I don't see why young tech millionaires/billionaires wouldn't get into it.

Therefore, old money like Buffet and Gates won't be buying. But new money, like the facebook twins, they already bought.
full member
Activity: 173
Merit: 100
Nothing is stopping them, it's a free market.

The market is stopping them, it's a free market.
hero member
Activity: 672
Merit: 500
Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

Do you ever wonder that? Like you would think they would be buying up all the coins, and the market cap would be tens of billions right now. Maybe they are going to war against Bitcoin?

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

Nothing is stopping them, it's a free market.
full member
Activity: 173
Merit: 100
Because in order to buy bitcoins, someone needs to sell them to you.  It's called supply and demand. 
legendary
Activity: 1078
Merit: 1003
This is an impossible task; you can only buy so many coins before the price starts jumping extremely high, not to mention the people who refuse to sell their coins no matter the price.

Aside from that, it's cautiousness.
sr. member
Activity: 261
Merit: 250
Interesting.....
Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?


I know I'm prolly going out on a limb here, but their sanity comes to mind as a good reason.
member
Activity: 84
Merit: 10
I agree I doubt "old money" type billionaires and millionaires will be getting into Bitcoin, but I don't see why young tech millionaires/billionaires wouldn't get into it.
legendary
Activity: 3416
Merit: 1912
The Concierge of Crypto
Buffet, in particular, has stated he won't buy something he does not understand. And he doesn't buy stocks of companies anymore, he just buys the company itself.

Gates, I think just wants to sell more XBoxes or something. (Maybe he'll accept bitcoins for that? I don't know.)
sr. member
Activity: 434
Merit: 250
'cause I won't sell mine to them even they offer all their fortune, it's still undervalue.

But we still need their support to really increase Bitcoin price, the price have being stagnant cause not enough money flowing in.
sr. member
Activity: 434
Merit: 250
I will only sell my last coin for 1 billion USD (in today's value).

I will sell mine only when it hit 1 trillion USD, now im richer then Warran Buffet Smiley, well everyone is...
legendary
Activity: 1078
Merit: 1002
Bitcoin is new, makes sense to hodl.
'cause I won't sell mine to them even they offer all their fortune, it's still undervalue.
hero member
Activity: 714
Merit: 510
Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

Do you ever wonder that? Like you would think they would be buying up all the coins, and the market cap would be tens of billions right now. Maybe they are going to war against Bitcoin?

A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

So what if they do? We'll get rich because they'll be buying from us.
And not just Bitcoins, but all of these altcoins can be sold to rich people.

I don't mind. I welcome that. If any rich person would like to buy a million Bitcoins for a trillion dollars that would be the best form of stimulus package.
hero member
Activity: 532
Merit: 500
Currently held as collateral by monbux
Least they can't buy all the coins. Because they haven't all been mined.
hero member
Activity: 994
Merit: 507
But why Bitcoin volume has reduced???
Remember that the volume is measured in BTC. If the value goes up people could trade the same in USD and the BTC volume will go down.
ImI
legendary
Activity: 1946
Merit: 1019
Why would they want BitCoins?

If their value will increase like everyone thinks, why wouldn't they? To get more wealthy

You have not the slightest clue about Gates or Buffet, do you?

Maybe you would be still wanting more and more when you got billions but those two obv dont. And its very reasonable.

In fact Gates and Buffet are donating over 95% of their wealth for charitable trusts. Why should they always want more and more? Money stops being important once you pass an certain amount or do you really think that its tripple the fun to have three Ferraris instead of one?

I am pretty convinced that those two like Bitcoins.
full member
Activity: 254
Merit: 100
I will only sell my last coin for 1 billion USD (in today's value).
+1

very similar here:

I would actually sell my last btc for around 10 mln USD Smiley
full member
Activity: 130
Merit: 100
I will only sell my last coin for 1 billion USD (in today's value).
hero member
Activity: 492
Merit: 503
Hey guys,

Serious question here. Bitcoin has more awareness now than ever, but why aren't people like bill gates and warren buffet just buying all of the coins?

I see others have already explained to you how 'markets' work. Next up...

Quote
A 51% attack controlled by opposition of Bitcoin would be fairly easy with the amount of resources these guys have.

Whats your opinion?

... is finding out what the phrase '51% attack' actually means.

legendary
Activity: 4760
Merit: 1283
Bitcoin is too risky for them, they rather invest in a company and sell stuff.

Traditional financial instruments are backed by force of law, and more and more the 'law' is owned by wealthy people.  So when one reaches a particular level of wealth one has a lot of flexibility and safety operating in settings like investment banks, hedge funds, etc.  Witness Jon Corzine for instance.

In contrast, Bitcoin is governed mainly be hard cold mathematics which are not conducive to graft.  Secondarily, Bitcoin is also governed by a broad userbase who chooses to run or not to run various software.  At this time a wealthy person has relatively little leverage to gain an advantage aside from the flexibility in timing and market manipulation that having a large wealth buffer provides.

Going forward, as Bitcoin grows and deals with scaling problems and various more far-sighted system manipulation schemes, it is entirely possible that individuals will have a more limited role in governing things.  At that point Bitcoin may offer a more compelling value proposition to the ultra-wealthy class of individuals.  Likely it will be most valuable as a utility which augments other systems which monitor and analyze individuals on a personal level.  If we are lucky such analysis will be limited mostly to figuring out how to sell us shit.

hero member
Activity: 518
Merit: 500
Manateeeeeeees
WRT Warren Buffet, I believe he wouldn't buy it since it's not a business.  The man has made his money by understanding and investing in businesses.

https://en.wikipedia.org/wiki/Warren_Buffett#As_a_millionaire

But I would expect various millionaires and possibly billionaires to be taking very small positions in BTC over the coming years.  I think people are still concerned it's a flash in the pan and/or a bubble.  As time goes on, and BTC continues to succeed, they will probably re-evaluate it.  The Winklevii are just the first of the elite to truly dive into BTC - there will be others.
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