what if a rich person had just bought all the bitcoins when they went around for pennies?
sounds like the concept isnt very well thought out.

He couldn’t have bought all of them when they first came out, because they have to be mined. He would have to buy them every ten minutes for 130 years to buy them all

If they bought them all they wouldn't have went for pennies.

>>60627117 (OP)
there is a lot of glaring issues with bitcoin, for example the fact that people die and their bitcoins are lost forever with no way to recover them
or the fact that mining is too expensive and energy consuming at a time when bitcoin is not widely adopted yet, imagine if it was
when mining stops transactions stop, mining becomes less and less profitable each cycle
it's not really going to stay forever, but the music plays just make your money

>>60627117 (OP)

60627117
People already tried. Early adopters mined or bought millions of BTC when it was worth pennies, Hal Finney, the Winklevoss twins, early miners. It didn’t kill Bitcoin, it kickstarted it.

You can try to buy up all the spot BTC now, like people tried with silver. Usually those attempts just reveal how much of the paper supply is fake.

But Bitcoin isn’t some closed, opaque market. It’s a global, open, permissionless system. The second someone starts accumulating aggressively, the price front-runs them because the ledger is public and every participant sees it.

You’re not outsmarting the entire internet. You’re playing a game where power moves are transparent, and the market adapts in real time.

Good luck cornering a decentralized asset designed to resist being cornered.

>>60627144
I fail to see how is that a problem
mining isn't too expensive, it is required and adaptive
mining consumption has nothing to do with transactions counts
lol newfags

>>60627128
This but also if they managed to buy everything that is in circulatation then I’d imagine the price would be virtually nothing. If no one got their hands on it then there would have never been any Interest in bitcoin. It would just be this wierd tech thing that one guy owns and no one else can have. The whole point is you have to be able to buy sell and trade it between people

Because in the beginning bitcoin was a joke currency. I remember 4chan pre /biz/ and /g/ was shitposting about it instead of making money with it. Bitcoin's "price" is inflation as a self-fulling-prophecy.

I'm glad I got out of Bitcoin in 2016, before prices got too high.

>>60627217
>imagine the price would be virtually nothing.
The exact opposite

Many did, and thats why they are pushing it

what if I just fucked all the pussy in the world and nobody else got any pussy for themselves would the human race die

>>60627117 (OP)
What if a rich person or group monopolized all the banking and money creation right when it was established?

>>60629225
The government would never let someone do that.

>>60627117 (OP)
Lots of rich people god in early.
Reason you know the name Winklevoss beyond suing Facebook is because they went in BTC early.
Many of the rich people who did have since made it their missions to promote bitcoin adoption.
A lot of these people would also promote it by giving it out. It wasn't uncommon for people to just send someone a couple of bitcoin to demonstrate how it works.

>>60627117 (OP)
the big problem arrives when it's no longer profitable to uphold the ledger, you'll either become an essentially centralized blockchain, or succumb to attacks. it's bound to die eventually.

That’s the point of PoW mining, to ensure the initial distribution is composed completely of known positive-sum actors

>>60627152
the asset immediately becomes useless if all world governments or NATO immediately bans all on/offramps.

>>60629439
having the name winklevoss is unrecoverable.
no matter how many corns, he will always be a winklevoss.

>>60627117 (OP)
Your argument isn't very well thought out. Someone owning 100% of the money supply means there is no functioning economy. What do you think someone would do with their 100% Bitcoin supply? They will give some of it to other people in exchange for goods and services! Therefore no onw would ever own 100%.

>>60627144
>there is a lot of glaring issues with bitcoin, for example the fact that people die and their bitcoins are lost forever with no way to recover them
feature not a bug.
00,000,000.00000001

>>60629552
>"all world governments" "ban all on/offramps"
aka europoors get cucked, American regains a cypherpunk caste, Slavics and Asians are economically empowered, as are the brown horde nations.
The west will either nourish Bitcoin, or be consumed by it. It's a monetary virus.

>>60629552
State is subordinate to the superorganism, slavemind, State can no more ban bitcoin than it can ban the printing press, internet, or internal combustion engine. Indeed, have the trifling little memetic parasites successfully banned a single technological advancement in all history?

>>60627117 (OP)
he could but he didn't
now he has to buy some from me and I'm not selling

You didnt need to be rich if you started in 2009/2010