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[cryptohub123]

Suppose if a single person bought all the available bitcoins in stock , what will happen in the market ? Will the circulation of bitcoins still continue or does it stop? The supply limit for bitcoin is 21000000. Whereas for dogecoin , there is nothing called "supply limit". What are your views on this ? I know bitcoin supply will stop one or the other day in future , but if this above incident takes place , will bitcoins suddenly get depleted after he bought all bitcoins available. ?

 

[higming]

I personally believe that it depends on if the person is willing to spend the bitcoin or not. Though this scenario is highly unlikely due to the fact that it is super risky and super expensive, here are two different possibilities. At the time of writing, bitcoin costs around $8000, a drop from the peak. So to buy all the bitcoin, it will cost $168,000,000,000 which is 168 billion dollars. Now to the scenarios.

First scenario: The bitcoin buyer is willing to spend his bitcoin and faucet owners are willing to spend money to continue the faucet. The price bitcoin will then skyrocket. This is the BEST case and the buyer willing receive massive profits.

Second scenario: The bitcoin buyer is unwilling to spend his bitcoin. This will probably lead to a decline in demand which leads to massive loss of profits. There is a tiny chance that the demand will increase dramatically and the profits earned will increase more than the first case.

 

[VeirelMoney]

It is impossible for one person to buy all Bitcoin because there is other people who would not want to sell them. Simple as that.

If you are referring to "what happens if one person buy all Bitcoin in exchanges", in that case, the market will decide what happens about the price (if the people who still have a lot of BTC still want them or not). Bitcoin would not cease to exist if that's your question. Things would be normal, the network will continue to work like everyday.

 

[higming]

It is impossible for one person to buy all Bitcoin because there is other people who would not want to sell them. Simple as that.

If you are referring to "what happens if one person buy all Bitcoin in exchanges", in that case, the market will decide what happens about the price (if the people who still have a lot of BTC still want them or not). Bitcoin would not cease to exist if that's your question. Things would be normal, the network will continue to work like everyday.

The thing is, without bitcoin to go through the blockchain, miners will then have nothing to mine and then the blockchain virtually stops. The gas price will DROP and the blockchain might stop working.

 

[VeirelMoney]

The thing is, without bitcoin to go through the blockchain, miners will then have nothing to mine and then the blockchain virtually stops. The gas price will DROP and the blockchain might stop working.

The blockchain is working and always will be. Again, one person could not have all the BTC in the existence. There would be a lot of people who refuses to sell their Bitcoins to that person. It is a peer to peer system. Transactions would happen constantly even if one person holds a lot of Bitcoin (the wallet from Nakamoto holds a lot of BTC and nothing happens).

There is no so much BTC in the exchanges. I mean, comparing to 21 million unites.

Another thing is, "gas" doesn't exist in Bitcoin's blockchain. You may be confused about Ethereum. You can't control the network's fee in BTC like in Ethereum. It is only about the amount of transactions (if you need to put more bits to your transactions it will cost more satoshis). Instead in Ethereum the gas price is set by utility of hundred of other project coexisting in the network, not only by how "busy" is the network.

 

[higming]

The blockchain is working and always will be. Again, one person could not have all the BTC in the existence. There would be a lot of people who refuses to sell their Bitcoins to that person. It is a peer to peer system. Transactions would happen constantly even if one person holds a lot of Bitcoin (the wallet from Nakamoto holds a lot of BTC and nothing happens).

There is no so much BTC in the exchanges. I mean, comparing to 21 million unites.

Another thing is, "gas" doesn't exist in Bitcoin's blockchain. You may be confused about Ethereum. You can't control the network's fee in BTC like in Ethereum. It is only about the amount of transactions (if you need to put more bits to your transactions it will cost more satoshis). Instead in Ethereum the gas price is set by utility of hundred of other project coexisting in the network, not only by how "busy" is the network.

Gas and Network fee are technically the same thing in this context. If there are no transactions going through since you bought all the bitcoin, the fee, no matter what you call it, will be zero. The miners then, have no incentive and there will be a lack of miners to put even 1 transaction through.

This is all guesswork though as I acknowledge that it is almost impossible to buy all the bitcoin in the world.

 

[VeirelMoney]

Gas and Network fee are technically the same thing in this context. If there are no transactions going through since you bought all the bitcoin, the fee, no matter what you call it, will be zero. The miners then, have no incentive and there will be a lack of miners to put even 1 transaction through.

This is all guesswork though as I acknowledge that it is almost impossible to buy all the bitcoin in the world.

Still even with this guesswork, is technically impossible. There is no way only one person could have all Bitcoin in existence. That guy would need to buy my Bitcoin and I don't have plans to sell . There is a lot of people thinking like this, just for that, he only could buy what exchanges offer, and is no way more than what users hold.

If you want to know what could happen with the blockchain, you can just fork a coin and do it for yourself. If only one person own all coins in the chain, the coin is pretty much inexistent. Also the blockchain would be dead because there is no thing to do. Of course, you need to set the premine to 100% because what you want is having all the coins in your own, and the impossibility of being mined. Something that in reality, for a serious coin, could not happen.

About the gas discussion, I wanted to point it out that there is a difference over network fee because gas could be manipulated in price with no techcnical requirements.

 

[higming]

Still even with this guesswork, is technically impossible. There is no way only one person could have all Bitcoin in existence. That guy would need to buy my Bitcoin and I don't have plans to sell . There is a lot of people thinking like this, just for that, he only could buy what exchanges offer, and is no way more than what users hold.

If you want to know what could happen with the blockchain, you can just fork a coin and do it for yourself. If only one person own all coins in the chain, the coin is pretty much inexistent. Also the blockchain would be dead because there is no thing to do. Of course, you need to set the premine to 100% because what you want is having all the coins in your own, and the impossibility of being mined. Something that in reality, for a serious coin, could not happen.

About the gas discussion, I wanted to point it out that there is a difference over network fee because gas could be manipulated in price with no techcnical requirements.

Even though it could be "manipulated" it still wouldn't attract miners and therefore, lose miners. No matter what the gas price, it still needs miners to mine and therefore, my logic still stands.

Would you sell your bitcoin for 5 million each? If yes, the guy with a LARGE amount of money probably won't think that another 5 mil is much. If still no, then your few bitcoin wouldn't make a dent if others say yes.

 

[VeirelMoney]

Even though it could be "manipulated" it still wouldn't attract miners and therefore, lose miners. No matter what the gas price, it still needs miners to mine and therefore, my logic still stands.

Would you sell your bitcoin for 5 million each? If yes, the guy with a LARGE amount of money probably won't think that another 5 mil is much. If still no, then your few bitcoin wouldn't make a dent if others say yes.

That's the point of decentralization. The market is not only about "how much people would spend for btc in dollars". Just think about it. Bitcoin has incalculable value.

I didn't understand what you means with the first sentence. Your logic still stands? About the gas or the about what?

 

[higming]

That's the point of decentralization. The market is not only about "how much people would spend for btc in dollars". Just think about it. Bitcoin has incalculable value.

I didn't understand what you means with the first sentence. Your logic still stands? About the gas or the about what?

No miners = no working blockchain NO MATTER WHAT THE FEE

 

[VeirelMoney]

No miners = no working blockchain NO MATTER WHAT THE FEE

We agree about that.

 

[Reznov]

then it will simply collapse , why ? because that X person will control the market world that's related to BTC , and he'll choose the prices on his own , and there will come the time when bill gates & his friends move themselves from the 'top rich people' list .
back to 'selling BTC for custom prices' topic , no one will accept it ( that's an abuse ) and they will decide to move to other cryptocurrencies such as XLM , ETH & others ....
( that's how i see the things , i might be wrong ).

 

[Tiny_Guruji]

No person can buy all the Bitcoin stock available in the stock simply because it costs more and in my opinion no one is that rich to spend all his money in Bitcoin. Bitcoin is generated time and again. Yes, the production of bitcoin is limited. But, if we assume that if a single person bought all the bitcoin available on today's date then it takes time but the bitcoin will be available to others because there are giant mining machines that will still produce bitcoin.
If a single person buy all the bitcoin after it is produced for final time in the market then there will be no flow of bitcoin and the fluctuation rate kinda goes constant. If he/she all the bit coin what will he do?? He may use it to do various activities and again the money is circulated again and will be available to all the people for which of course it may take a long time.
If a single person buys all the bitcoin after it's final production and don't spend?? Then what is the use of buying all those currencies. Actually you cannot keep money in a single place. You need to circulate the money daily to fulfill your needs.
Not even the central bank of any country hold all of it's money in it's vault. They need to circulate the money.

 

[cryptohub123]

The blockchain is working and always will be. Again, one person could not have all the BTC in the existence. There would be a lot of people who refuses to sell their Bitcoins to that person. It is a peer to peer system. Transactions would happen constantly even if one person holds a lot of Bitcoin (the wallet from Nakamoto holds a lot of BTC and nothing happens).

There is no so much BTC in the exchanges. I mean, comparing to 21 million unites.

Another thing is, "gas" doesn't exist in Bitcoin's blockchain. You may be confused about Ethereum. You can't control the network's fee in BTC like in Ethereum. It is only about the amount of transactions (if you need to put more bits to your transactions it will cost more satoshis). Instead in Ethereum the gas price is set by utility of hundred of other project coexisting in the network, not only by how "busy" is the network.

As you said the exchangers dont have so many bitcoins , and he wont be able to buy all , but what if he buys the dogecoin worth 21 million bitcoin and go to all the casino sites and dice sites like duckdice and use exchange services to get bitcoins , he does it in all the possible dice sites where exchange from dogecoin to bitcoin is possible . I think dice sites will be out of bitcoin then , they have hot wallet and a big reserve of bitcoins , may be the admin of such site can refuse is well for such a big exchange. But you are right , its not possible for people to sell 21 million bitcoins.

 

[VeirelMoney]

As you said the exchangers dont have so many bitcoins , and he wont be able to buy all , but what if he buys the dogecoin worth 21 million bitcoin and go to all the casino sites and dice sites like duckdice and use exchange services to get bitcoins , he does it in all the possible dice sites where exchange from dogecoin to bitcoin is possible . I think dice sites will be out of bitcoin then , they have hot wallet and a big reserve of bitcoins , may be the admin of such site can refuse is well for such a big exchange. But you are right , its not possible for people to sell 21 million bitcoins.

That could not happen because market cap for DOGE is very low comparing to Bitcoin.

Even if you own all doges available in the world there is a huge difference in price.

Not even that. But there is a lot of 'dead wallets' or 'cold wallets' for BTC that is impossible even if you want, to move these BTC.

So a person owning all blockchain is impossible at this point. Btc is unstoppable at this point, you would need HUGE money for trying a 51% attack and if you success, you're just corrupting some blocks, not big deal.

Even if a company (we suppose) can get so much power and controlling all btc hashrate, the only thing the people need to do is fork the chain at the point it was attacked and thats it.

 

[Myer Mische]

It can be done that only one person will gonna buy all Bitcoins in the market.Its very impossible to happen.Whereas this was only supposing to buy.Well for me if it's happends maybe Bitcoin will flock down because of manipulating it by only one person.This person can hold it for only for him.I think circulation of the said currency will go down.

 

[cryptohub123]

It can be done that only one person will gonna buy all Bitcoins in the market.Its very impossible to happen.Whereas this was only supposing to buy.Well for me if it's happends maybe Bitcoin will flock down because of manipulating it by only one person.This person can hold it for only for him.I think circulation of the said currency will go down.

Ya thats not practically possible , just thinking if that happens ,then there would be nothing called bitcoin. Only that person determines its price and other stuffs.

 

[Myer Mische]

H

Ya thats not practically possible , just thinking if that happens ,then there would be nothing called bitcoin. Only that person determines its price and other stuffs.

He would come to manipulate the movement of Bitcoin if he does.Its a monopoly game buddy.I don't know about others opinion but for me it is really a monopoly game.

 

[cryptohub123]

H
He would come to manipulate the movement of Bitcoin if he does.Its a monopoly game buddy.I don't know about others opinion but for me it is really a monopoly game.

At that time , others cant do anything , altcoins may help at that time , ethereum may replace bitcoin! and that person can do anything with all his bitcoins. Its surely not possible though

 

[laura gonzales]

it all depends on market interest , if users are willing to buy they will offer good price if not sellers will sell at even - Roi. Everything follows the rule of supply and demand ....more interest = hike in price and vice-versa