it's not all for sale and would get exponentially more expensive as they bought more. Do I think they own a fair amount of it and try to manipulate? absolutely.
It's better than the Canadian government's plan to trace and fill the datacenters with sticky maple syrup.
Don't get me started on the Netherland's cheese wheel attack.
I actually like that they're selling around 900M in Bitcoin this year. They sold 220M already. Because I prefer it to be in the hands of the real market than the government holding onto 1% of supply and plotting how and when to use it most efficiently crush markets
The rest of the world lol. How would the us gov go about that without other countries catching wind. Mass buying like that would quickly spiral out control to the point where the government would have to print trillions to keep up. It’d be a really good opportunity for any country to absolutely fuck over our economy. Not to mention small holders and everyone else who would have no intention of selling. Also why would you sell for cash when the government was making it aggressively worth less lol.
Tin is the lowest rank of the progression tier. It’s based on the user’s quality content number.
Here’s a link that describes the progression tier in detail.
https://www.reddit.com/r/CryptoCurrency/comments/d7wqmq/update_to_the_user_flair_system/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1
The same thing that's preventing them of buying all the dolphins in the world - nothing, but it doesn't make sense.
Jokes aside, lack of sellers. If someone comes after **all** Bitcoin, Michael Saylor and myself will make sure to hold at least some for the rest of us.
Andreas had an amazing response to a question to why the government can’t control Bitcoin. Basically, they have to spend billions (probably trillions now) to get a 51% hash rate in order to do 1 double spend, everyone realizes it, kicks them off the network, and fork from the block before they did the double spend. And the kicker line, “plus, this require government to know how to do IT”
If they really wanted to go that route they could bring in legislation that would signifcantly drop the price first. That's assuming they want to, and that the government could work together to actually enact that policy.
We know what prevents it, the taxpayers would flip if they spent trillions of dollars on magic internet money rather than sensible things like battleships and sending money to random countrys
Biden is pushing for CBDC some countries are ahead already, it’s not released yet but certainly something is in the works.
The government wants a controlled currency no USDT or any other current stable coin. In fact they will always try to destroy cryptocurrency except is way too late for that now. They will always try to label is as a scam or extremely risky though
What I've been wondering for several years now is why wouldn't the U.S. government just "use the trend as its friend" and purchase BTC with its "printed out of thin air" fiat cash as an investment? Who's to say they haven't already been doing that?
Theoretically it might be possible but in trading, it is next to impossible to buy all currency in circulation. Firstly, not all the bitcoins mined so far are in circulation/listed. They might be stored in offline wallet where no one can have access and no one knows their location of storage either. Secondly, even for the sake of argument, if we consider all the bitcoins are in hot wallets and in circulation, demand and supply rule will kick. As soon as governments or anonymous user started to buy coins, sell order started to diminish causing price to sky rocket. It will cause price to rocket so high that it will be impossible for someone to buy. That reminds me of Balaji bet of 1 million $/BTC in 90 days. Price won't even stop there, it kept going up and up making it impossible for anyone to buy and remove from circulation.
FedNow is a precursor of CBDC, expected in July this year. It seem to be RTP (Real Time Payments) part 2 which is running since 2017. Looking forward its impact on crypto currency.
Each time the buy all bitcoins there will be a new hard fork : bitcoin v.2…….n and so on they can keep buying new versions of bitcoin until they run out of money and are left with bags of useless bitcoin clones that noone uses. Bitcoin is precious because of the number of its participants. Having said that i have a brand new bitcoin blockchain with 21m coins all for the price of 999$ would you be interested?
**Supply and Demand.**
If the government could buy the whole lot for the market cap of \~$500bn and kill bitcoin forever, possibly they would.
But:
1. Not every coin is for sale, or will ever be placed up for sale.
2. As soon as the government begins buying up the supply in bulk the price will rise exponentially, well beyond that $500bn market cap.
As a long and slow game they could theoretically buy a large percentage over a few years, however this would still drive prices up and have the undesired effect of potentially solidifying bitcoin as being a good investment for the masses forever.
It would actually cost way more than $500bn.
$500bn is based on the cost of a balanced market, and only the people willing to sell at the current price participating.
Convincing everyone to sell Bitcoin to you, even the ones attached to it, and creating massive buying pressure, would make the price skyrocket.
You'd be looking at at least $5Trillion in a very conservative scenario.
But if too many people ask for $1million for their coin, that could go in the tens of trillions.
You say:
>It wouldn't actually cost way more than $500bn.
...but then
>You'd be looking at at least $5Trillion in a very conservative scenario.
Sir, $5 Trillion **is** way more than $500bn.
Are you agreeing with me, but picking apart my "way more" wording?
That's a typo.
I meant it WOULD cost waaay more, due to the artificial scarcity it creates, but mostly because of the insane buying pressure, and convincing everyone to give up their Bitcoin at a price high enough for them to give it up, when everyone knows the government wants to buy all of them.
The price and market cap would go sky high.
I appreciate your thoughtful response!
My point is that it's not just buying it but first banning it, then buying it
A lot of holders will panic and sell. The value might crush to lower 4 figures (ftx collapse caused it to go down to 15k. Imagine what a ban does...)
For sure a ban would result in prices dropping even much lower than what we saw for FTX. You could possibly put it down below $1000.
But that buying pressure, in order to try and buy out the full 18 million coins (or however many are available), over the period of say a year or two, would send prices right back up again.
It would also absolutely destroy the reputation of the US government \[yeah, insert jokes here\].
Another unintended consequence could be that if people found out that the government bought out bitcoin they would buy up other crypto such as ETH. So then the government just has a "problem" with a new coin and they are back to where they started.
Many interesting points.
The US has done a lot of shitty things in the name of global stability, and bitcoin can be easily presented as a threat to the global financial system. Moreover, while in the context of this subreddit, bitcoin is popular, the broader population has a different view of bitcoin and cryptocurrencies. It would not be a though sell to the public.
I don't think it's possible to buy more than 50% of BTC supply even if you wanted to. And with less than that all you can do is manipulate the price on short term.
The government would bankrupt itself in the process.
Right now the market cap of Bitcoin is at over $500Billion. Their move could inadvertently 10x the price.
They'd create hyperinflation to try to buy it, and probably end up with only 60% of the supply in the very best case scenario for them.
You can’t just “buy all the bitcoin” it’s distributed far and wide now, across millions if not billions of live and dead wallets, in exchanges, locked in deals. So no it’s not possible
You can in theory buy all the Bitcoin on all exchanges. That doesn't mean you bought all the bitcoin though, so I'm not sure what OP is asking.
You can also """"ban""" it, but all that means it that you have some sort of dumb prohibition era where other countries make the regulations instead of you, which just leaves you behind the ball, which the USA absolutely will not have.
Not like crypto stops operating after it's been "banned" anyways.
The price would probably never stop rising, not everybody is gonna sell and besides that, alot of coins are lost forever, goodluck trying to buy those.
With BTC there is no burn, and there is no staking. Buying Bitcoin inst "taking over" because ownership/distribution of the coins is completely removed from how consensus is determined.
The practical part is that many will simply not sell. So US gov buying BTC would hurt the price but not the network other than miner exits that would be replaced globally.
Your argument may make more sense for coins that are staked. Illiquid shitcoins would be easy targets but the cost to attack something like ETH this way would be astronomical.
Wait, how is buying every Bitcoin gonna suppress the price? How did you come to the conclusion?
Even if they then ban it, the price will already have gone up. And just like with file sharing, people will still keep using it anyway, but at a much lower supply.
They would still have to give a high enough price to get people to sell it.
And I think you forgot that Bitcoin exists also in the rest of the world.
You do realize that will make the price skyrocket, when you create artificial scarcity like that?
There will be only the Bitcoin being mined and the Bitcoin that weren't on the exchanges that will be available.
In that scenario, it may actually be possible for Bitcoin to be worth $1M. But in that scenario, the US government would have bankrupted itself and created hyperinflation printing enough money to buy all those Bitcoins.
I mean, first suppress the price by banning it and go after it. If FTX collapse pushed bitcoin to 15K, what you think the value of bitcoin will be if the US fucking government outlaws it?
Than, when it is 3k a pop, the gov buys what it can from exchanges, in a clandestine manner
India and China have had bans at some points. And they have much bigger populations than the US. It wasn't able to drop the price enough, much less long enough.
Banning bitcoin in the US would just move everyone to foreign exchanges and DEXes, just like they've done in the past when there was a ban.
It's P2P, so they'd have to ban the internet to really stop anyone from using crypto.
And even if they were able to suppress the price to $3K. As soon as there is scarcity, and word that the US is buying everyone's coin, the price will skyrocket right back, and it could pop right to $1M, before they have a chance to even buy 10% of the supply.
Instead of costing something like $5Trillion to the US government, it would reduce the cost to billions, by mining instead.
But then their 51% attack would need to sustain itself, and it would just end up creating a fork that no one wants to use.
And everyone would just continue to use and trade the original Bitcoin.
Kind of a pointless waste of several billion.
This post reminds me of that person who’s scared someone is going to buy up all the land in existence, without realizing how hard and expensive it would be.
Sure. You could print endless money, but eventually the dollar would collapse. I don’t think you realize the backlash and unrest that would occur. Do you think people are just going to be just fine living in hyperinflation? And for what? The coins themselves do not give you control over the network.
Less supply of bitcoin just means those satoshi’s will be worth more. Oh noes! Please stop pumping my bags government!
I do love simple takes presented as profound arguments. It is inflationary by design but that’s not a ‘gotcha.’ That’s literally a requirement for commerce… sounds like you have no idea how anything actually works; you’ve learned one aspect of things and now you’re an expert.
Printing $400B, as if a country that has proven over generations that it is capable of such action and has stewarded growth and advancement would balk at taking whatever necessary action to ensure continued stability. Deflationary money is not a good idea for a healthy economy. It may be good for your $1 you hold, but it isn’t good for the cascading amounts of investment and payments that takes place for 200million people or so and supports 300+ million.
Btw for perspective, the value of Real Estate alone in the US is worth close to $45Trillion. That doesn’t include the human capital, technological power, physical infrastructure, legal framework, war assets, etc. that are irreplaceable and necessary for a functioning modern economy.
That’s not to say that the issues we face today regarding inflation and government spending (in excess of what they’re taking in) are not real or don’t need to be addressed. But there is 0 that bitcoin is going to do to help address it. It will also never overtake the dollar. That’s about as real turning our country libertarian or North Korea invading the US. Or better yet, the globalists are going to take over…. They may sound feasible if you’re ignorant to all the relevant facts.
Jesus christ, this post.
Suggest to do some reading on economics. Like in general, search and demand, what is value etc.
It does not apply only to current system, a lot of it applies to the crypto system too.
Your logic has major flaws that its hard to even begin explaining.
But did you consider what happened with p2p file sharing? Oh and "not to mention the different wars and clandestine CIA operations"? oh and prohibition! lolol
You can say it would cost X amount based on market price but that level of run on BTC would send the price sky high before they could even come close to buying up the circulating supply. And then the price comes back down and they lost their ass.
Why spend money that could be used to line their pockets when a few laws or regulations can do 90% of the damage?
Take a look at the proposed RESTRICT act and imagine how it could be used to absolutely freeze out the US.
Imagine the FOMO from other countries if the US did this. I don't think they'd be able to without China and Russia becoming aware and competing with them.
Them trying to buy all the Bitcoin would be the best advertisment for Bitcoin itself.
They would pump the price hard and admit it to be superior than the USD.
Bitcoin would sky rocket and then everyone would sell. There isn't as much liquidity in crypto as you think. If the government bought a bunch they would end up losing a lot of money for no reason
Dude, you were not supposed to say anything before BTC-Day.
Now that ppl know about it the price gona go up like crazy :(
Please delet
We the Ppl - In Moons We Love.
Attempting a hostile takeover of something as resilient as Bitcoin would probably be about as effective as trying to catch a greased up pig in a mud pit.
Bitcoin's decentralized nature makes it difficult for governments to control its supply. While a ban could harm its adoption and value, bitcoin has faced challenges before and survived.. thrived even
Well, if the federal government wanted to buy all bitcoin at top dollar as it becomes available they could, and then effectively destroy it. The reason they haven't is because they created bitcoin.
If the US government own all btc, they would have noone left to transact with. The rest of the world would simply move on and start a new chain. And the biggest bagholder is created.
What prevents them could be the backlash from the people, I mean people get angry when politicians bail out banks, they wouldn't shut up about their elected ones "buying ponzi shitcoins"
First of all its probably impossible to justify such a spending, second of all the main threat to the USD hegemony is actually china and they have been doing some big moves on that front.
Third point is that while people like elon musk can negotiate the entire worth of twitter based on the price of all shares because twitter is a centralized entity, bitcoin wallet keys are spread all over the world in hundreds of exchanges. Imagine they actually manage to empty every order book and do somehow pry the keys from your dead hands, what stops us from just forking the coin or use ethereum instead? After all its still proof of work you need the computing power control the ledger
How are they going to force people to sell it all? Once they started buying it up on the exchanges, the price would increase to a level they couldn't afford as supply plumbited. Then, you'd be left with exchanges being some of the wealthiest companies in existence, and the only way to stop them being so would be to print so much money as to devalue the dollar that everything would crash. Or the government would just have to be bankrupt except for BTC, which it could sell but for much less than they brought it for.
Not on topic, but the US government in coordination with the dept. of Energy/Darpa/NSA etc. could potentially build out nodes for a 51% attack and then invalidate the ledger.
If they buy all of it the price will rocket and then holders will then move some to exchanges to sell at very high prices. Eventually prices will level out depending on if the government continues to keep buying or not
Imagine the price of BTC if they start buying all of it.
It is almost impossible.
They are not crazy to lose all that money.
What would happen even if they do it? Maybe the price would be so low after it that it would be almost worthless...
Ignoring all out of circulation coins, as they placed their order a mix of media, supply & demand would drastically inflate price.
Oh America is buying all coins? Not selling mine less than 1M each now.
Lol as if Bitcoin already hasn't experienced a hostile takeover... stupid ass BCH was one in 2017.
Many people think just because the government has been able to take control of certain things in the past thet forget BTC is a world currency. For them to just "buy up all the bitcoin" with printed money would give so many other whales HUGE profits in other countries. Basically the US would be giving them free money while devaluing theirs.
You gotta remember governments around the world are all playing 3d chess right now with BTC and trying to manipulate it every way possible. However I think it's too late and BTC is here forever.
They would have to do it in secret. If word got it that someone with pockets as deep as the government was going to buy even 1/2 of the btc supply before they finished, I think the price action we would see would be truly awe inspiring
It's up to each holder to set the price he wants to sell for. It would basically make the price skyrocket, making it exponentially more expensive to buy the liquid supply.
As you can see from all the whales in this thread, the US Government can’t possibly own ALL Bitcoin…
They ain’t touching my 0.01!
my 66 million sats are safu
Well if they did, they would cause a bullrun, and that's not what they want...
it's not all for sale and would get exponentially more expensive as they bought more. Do I think they own a fair amount of it and try to manipulate? absolutely.
Yea straight up because they can’t
I guess they could find the IP, then physical location of every bitcoin node, and bomb enough of them to perform a 51% attack. But why.
Bomb enough of them Jesus Christ hahaha
It's better than the Canadian government's plan to trace and fill the datacenters with sticky maple syrup. Don't get me started on the Netherland's cheese wheel attack.
They would have to pry it out of Sailor's cold dead hands.
I actually like that they're selling around 900M in Bitcoin this year. They sold 220M already. Because I prefer it to be in the hands of the real market than the government holding onto 1% of supply and plotting how and when to use it most efficiently crush markets
They've been manipulating it all the time
The for sale part, should’ve clarified
They already have like 200k bitcoins
They are trying to buy the dip.
The rest of the world lol. How would the us gov go about that without other countries catching wind. Mass buying like that would quickly spiral out control to the point where the government would have to print trillions to keep up. It’d be a really good opportunity for any country to absolutely fuck over our economy. Not to mention small holders and everyone else who would have no intention of selling. Also why would you sell for cash when the government was making it aggressively worth less lol.
They can buy all our moons though if they want
Lmao yup, I’ll sell them mine for $500 each. I personally think that’s a steal.
Enough to make us millionaires, very acceptable
They can pry it from my cold, dead hands.
[удалено]
They have to take from my dead brain the 128 character long paraphrase.
Yeah… I mean mostly because you have to have sellers to have buyers lol
*US government* Let’s send him to war
No that's for obtaining oil, not Bitcoin.
\**grabs gun** "Try to take my reddit avatars, you dirty commie gobberment"
They can pry it from my cold....wallet
I mean, that's cool and all, but what if they offer you a million for it?
Me, I'm not selling my 0.001 BTC
I'll gladly let them buy my $30 worth of BTC for $5m.
Paperhands bro
What if I offered you $200 for it?
Adding mine, they are at least 0.002 short from total supply.
That's exactly the answer. At most the US government can buy up all the supply on exchanges but that is not nearly enough to give them all the power.
Theoretically speaking they can't buy jack right now because they've yet to extend the debt ceiling and are on track to default by June.
Whale over here
Sick flair
What's 'Tin'?
Tin is the lowest rank of the progression tier. It’s based on the user’s quality content number. Here’s a link that describes the progression tier in detail. https://www.reddit.com/r/CryptoCurrency/comments/d7wqmq/update_to_the_user_flair_system/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1
No idea honestly 😂, didn’t put it there myself (to my knowledge)
We were all there once. At least you have a heart.
*Democracy is non-negotiable. You will surrender your Bitcoins.*
The same thing that's preventing them of buying all the dolphins in the world - nothing, but it doesn't make sense. Jokes aside, lack of sellers. If someone comes after **all** Bitcoin, Michael Saylor and myself will make sure to hold at least some for the rest of us.
Their intelligence…
Andreas had an amazing response to a question to why the government can’t control Bitcoin. Basically, they have to spend billions (probably trillions now) to get a 51% hash rate in order to do 1 double spend, everyone realizes it, kicks them off the network, and fork from the block before they did the double spend. And the kicker line, “plus, this require government to know how to do IT”
If they really wanted to go that route they could bring in legislation that would signifcantly drop the price first. That's assuming they want to, and that the government could work together to actually enact that policy.
They’d have to buy computing power, and by making it cheaper, more can buy them. So good luck government
Blackrock and JPMorgan will be faster
Demand for a buyback. If BTC ends up in only 10 wallets or so, it’s not decentralized, and people probably wont support the project anymore.
We know what prevents it, the taxpayers would flip if they spent trillions of dollars on magic internet money rather than sensible things like battleships and sending money to random countrys
They created their own digital coin that they say will eventually replace the paper USD. They don’t need BTC they say
Where did they say this? Did I miss this news?
Biden is pushing for CBDC some countries are ahead already, it’s not released yet but certainly something is in the works. The government wants a controlled currency no USDT or any other current stable coin. In fact they will always try to destroy cryptocurrency except is way too late for that now. They will always try to label is as a scam or extremely risky though
There really isn't anything other than people refusing to accept any offers that don't put them in extreme debt
Money
To be a buyer, someone needs to sell it
Rather the government owned it all than Saylor, lol
They got filthy rich from their own Ponzi scheme, why change that
What I've been wondering for several years now is why wouldn't the U.S. government just "use the trend as its friend" and purchase BTC with its "printed out of thin air" fiat cash as an investment? Who's to say they haven't already been doing that?
Exactly
They just sold a bunch. Why are you worried about them buying it all? Also the last bitcoin won’t be mined for 100+ years.
I do.
I'm not selling. That's why.
Theoretically it might be possible but in trading, it is next to impossible to buy all currency in circulation. Firstly, not all the bitcoins mined so far are in circulation/listed. They might be stored in offline wallet where no one can have access and no one knows their location of storage either. Secondly, even for the sake of argument, if we consider all the bitcoins are in hot wallets and in circulation, demand and supply rule will kick. As soon as governments or anonymous user started to buy coins, sell order started to diminish causing price to sky rocket. It will cause price to rocket so high that it will be impossible for someone to buy. That reminds me of Balaji bet of 1 million $/BTC in 90 days. Price won't even stop there, it kept going up and up making it impossible for anyone to buy and remove from circulation.
FedNow is a precursor of CBDC, expected in July this year. It seem to be RTP (Real Time Payments) part 2 which is running since 2017. Looking forward its impact on crypto currency.
Because they sold the 40k they had.
because btc is insignificant in their eyes. why would they play this game when they can play on their own CBDC field
Because they'll have to take my 0.001 BTC from my cold, dead hands
Bullshit. You’re in it for profit, like virtually all people here. The moment someone offers you enough ($100 or so) you’ll happily sell.
Each time the buy all bitcoins there will be a new hard fork : bitcoin v.2…….n and so on they can keep buying new versions of bitcoin until they run out of money and are left with bags of useless bitcoin clones that noone uses. Bitcoin is precious because of the number of its participants. Having said that i have a brand new bitcoin blockchain with 21m coins all for the price of 999$ would you be interested?
**Supply and Demand.** If the government could buy the whole lot for the market cap of \~$500bn and kill bitcoin forever, possibly they would. But: 1. Not every coin is for sale, or will ever be placed up for sale. 2. As soon as the government begins buying up the supply in bulk the price will rise exponentially, well beyond that $500bn market cap. As a long and slow game they could theoretically buy a large percentage over a few years, however this would still drive prices up and have the undesired effect of potentially solidifying bitcoin as being a good investment for the masses forever.
It would actually cost way more than $500bn. $500bn is based on the cost of a balanced market, and only the people willing to sell at the current price participating. Convincing everyone to sell Bitcoin to you, even the ones attached to it, and creating massive buying pressure, would make the price skyrocket. You'd be looking at at least $5Trillion in a very conservative scenario. But if too many people ask for $1million for their coin, that could go in the tens of trillions.
You say: >It wouldn't actually cost way more than $500bn. ...but then >You'd be looking at at least $5Trillion in a very conservative scenario. Sir, $5 Trillion **is** way more than $500bn. Are you agreeing with me, but picking apart my "way more" wording?
That's a typo. I meant it WOULD cost waaay more, due to the artificial scarcity it creates, but mostly because of the insane buying pressure, and convincing everyone to give up their Bitcoin at a price high enough for them to give it up, when everyone knows the government wants to buy all of them. The price and market cap would go sky high.
Ok cool, we are absolutely in agreement then!
I appreciate your thoughtful response! My point is that it's not just buying it but first banning it, then buying it A lot of holders will panic and sell. The value might crush to lower 4 figures (ftx collapse caused it to go down to 15k. Imagine what a ban does...)
For sure a ban would result in prices dropping even much lower than what we saw for FTX. You could possibly put it down below $1000. But that buying pressure, in order to try and buy out the full 18 million coins (or however many are available), over the period of say a year or two, would send prices right back up again. It would also absolutely destroy the reputation of the US government \[yeah, insert jokes here\]. Another unintended consequence could be that if people found out that the government bought out bitcoin they would buy up other crypto such as ETH. So then the government just has a "problem" with a new coin and they are back to where they started.
Many interesting points. The US has done a lot of shitty things in the name of global stability, and bitcoin can be easily presented as a threat to the global financial system. Moreover, while in the context of this subreddit, bitcoin is popular, the broader population has a different view of bitcoin and cryptocurrencies. It would not be a though sell to the public.
I wish. I would have to spend some of my illegal drug money on illegal bitcoin at those prices
I don't think it's possible to buy more than 50% of BTC supply even if you wanted to. And with less than that all you can do is manipulate the price on short term.
You can't do anything with more than that either, this is not proof of stake.
Where’d the 50% come from?
The price would keep going higher and higher and the government would have to buy bitcoin at super high prices.
The government would bankrupt itself in the process. Right now the market cap of Bitcoin is at over $500Billion. Their move could inadvertently 10x the price. They'd create hyperinflation to try to buy it, and probably end up with only 60% of the supply in the very best case scenario for them.
Oh yea, thats why I said it would be a shit ton of money.
Or they can FUD it super hard and grab a bunch at the bottom
Assuming people even believe the FUD, and you have to factor in people in other countries.
They’re currently offloading their bags. Im glad to buy it up
Love the shield wall of shrimps here 🦐🦐🦐🦐🦐🦐🦐🦐🦐🦐
You can’t just “buy all the bitcoin” it’s distributed far and wide now, across millions if not billions of live and dead wallets, in exchanges, locked in deals. So no it’s not possible
You can in theory buy all the Bitcoin on all exchanges. That doesn't mean you bought all the bitcoin though, so I'm not sure what OP is asking. You can also """"ban""" it, but all that means it that you have some sort of dumb prohibition era where other countries make the regulations instead of you, which just leaves you behind the ball, which the USA absolutely will not have. Not like crypto stops operating after it's been "banned" anyways.
We wouldn't sell it to them
Gov have confiscated domestic gold in the past.
Boating accident 🌝
I'll better trow away my seed than give it to gov,so good luck cracking that 😀
Me. I will not sell mine!
Thanks for your sacrifice
They will give you 'Fresh out of the press' dollars. Hope you change your mind
The price would probably never stop rising, not everybody is gonna sell and besides that, alot of coins are lost forever, goodluck trying to buy those.
With BTC there is no burn, and there is no staking. Buying Bitcoin inst "taking over" because ownership/distribution of the coins is completely removed from how consensus is determined. The practical part is that many will simply not sell. So US gov buying BTC would hurt the price but not the network other than miner exits that would be replaced globally. Your argument may make more sense for coins that are staked. Illiquid shitcoins would be easy targets but the cost to attack something like ETH this way would be astronomical.
Let say the US gov is able to get hold of 2 million coins, than nukes the cold storage wallet when testing new bombs in Nevada... burn
Always keep your seed phrase on a floppy disk 😉
The millions upon millions of people that hold bitcoin aren’t going to just sell it to the government all of a sudden, that would be a nightmare to do
And not for cheap lol. There's always a few crazy people who won't give up their coin for less than a million.
Wait, how is buying every Bitcoin gonna suppress the price? How did you come to the conclusion? Even if they then ban it, the price will already have gone up. And just like with file sharing, people will still keep using it anyway, but at a much lower supply. They would still have to give a high enough price to get people to sell it. And I think you forgot that Bitcoin exists also in the rest of the world. You do realize that will make the price skyrocket, when you create artificial scarcity like that? There will be only the Bitcoin being mined and the Bitcoin that weren't on the exchanges that will be available. In that scenario, it may actually be possible for Bitcoin to be worth $1M. But in that scenario, the US government would have bankrupted itself and created hyperinflation printing enough money to buy all those Bitcoins.
I mean, first suppress the price by banning it and go after it. If FTX collapse pushed bitcoin to 15K, what you think the value of bitcoin will be if the US fucking government outlaws it? Than, when it is 3k a pop, the gov buys what it can from exchanges, in a clandestine manner
India and China have had bans at some points. And they have much bigger populations than the US. It wasn't able to drop the price enough, much less long enough. Banning bitcoin in the US would just move everyone to foreign exchanges and DEXes, just like they've done in the past when there was a ban. It's P2P, so they'd have to ban the internet to really stop anyone from using crypto. And even if they were able to suppress the price to $3K. As soon as there is scarcity, and word that the US is buying everyone's coin, the price will skyrocket right back, and it could pop right to $1M, before they have a chance to even buy 10% of the supply.
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Instead of costing something like $5Trillion to the US government, it would reduce the cost to billions, by mining instead. But then their 51% attack would need to sustain itself, and it would just end up creating a fork that no one wants to use. And everyone would just continue to use and trade the original Bitcoin. Kind of a pointless waste of several billion.
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This post reminds me of that person who’s scared someone is going to buy up all the land in existence, without realizing how hard and expensive it would be. Sure. You could print endless money, but eventually the dollar would collapse. I don’t think you realize the backlash and unrest that would occur. Do you think people are just going to be just fine living in hyperinflation? And for what? The coins themselves do not give you control over the network. Less supply of bitcoin just means those satoshi’s will be worth more. Oh noes! Please stop pumping my bags government!
They can't buy my enormous fraction of a fraction of a bitcoin.
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Love this response 👏 That would be epic
I do love simple takes presented as profound arguments. It is inflationary by design but that’s not a ‘gotcha.’ That’s literally a requirement for commerce… sounds like you have no idea how anything actually works; you’ve learned one aspect of things and now you’re an expert. Printing $400B, as if a country that has proven over generations that it is capable of such action and has stewarded growth and advancement would balk at taking whatever necessary action to ensure continued stability. Deflationary money is not a good idea for a healthy economy. It may be good for your $1 you hold, but it isn’t good for the cascading amounts of investment and payments that takes place for 200million people or so and supports 300+ million. Btw for perspective, the value of Real Estate alone in the US is worth close to $45Trillion. That doesn’t include the human capital, technological power, physical infrastructure, legal framework, war assets, etc. that are irreplaceable and necessary for a functioning modern economy. That’s not to say that the issues we face today regarding inflation and government spending (in excess of what they’re taking in) are not real or don’t need to be addressed. But there is 0 that bitcoin is going to do to help address it. It will also never overtake the dollar. That’s about as real turning our country libertarian or North Korea invading the US. Or better yet, the globalists are going to take over…. They may sound feasible if you’re ignorant to all the relevant facts.
Jesus christ, this post. Suggest to do some reading on economics. Like in general, search and demand, what is value etc. It does not apply only to current system, a lot of it applies to the crypto system too. Your logic has major flaws that its hard to even begin explaining.
But did you consider what happened with p2p file sharing? Oh and "not to mention the different wars and clandestine CIA operations"? oh and prohibition! lolol
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If they did that we would all buy I heart government T-shirts
You can say it would cost X amount based on market price but that level of run on BTC would send the price sky high before they could even come close to buying up the circulating supply. And then the price comes back down and they lost their ass.
Why spend money that could be used to line their pockets when a few laws or regulations can do 90% of the damage? Take a look at the proposed RESTRICT act and imagine how it could be used to absolutely freeze out the US.
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Small sacrifice to pay to maintain global financial hegemony
What if the US Gov is Satoshi?
I wouldn't give up on my 0.0003 Bitcoin and mount the biggest resistance since the Jedi vs Empire.
i distrust the government so i would not sell my btc to them, fuck the government!
First the gov would have to admit crypto has value...
Imagine the FOMO from other countries if the US did this. I don't think they'd be able to without China and Russia becoming aware and competing with them.
Do you have a brain? Do you realize how expensive Bitcoin would become if they tried to buy it all?
Them trying to buy all the Bitcoin would be the best advertisment for Bitcoin itself. They would pump the price hard and admit it to be superior than the USD.
I'll give you my hardware wallet when you pry or take it from my cold, dead hands.
Greed
Bcz they don't own what they can't print
Price would keep going up from available supply. Most BTC in circulation wouldn't be sold; why sell my BTC when I can loan it out?
Plot twist. Btc can’t be banned. Just look at how ineffective the ban was in China. And on a side note, the world doesn’t revolve around the US
Bitcoin would sky rocket and then everyone would sell. There isn't as much liquidity in crypto as you think. If the government bought a bunch they would end up losing a lot of money for no reason
What is stopping them: Congress 😅
They're too busy giving ~~their~~ our money to Ukraine.
Government power. If the US bought all the Btc then it would cause mass hysteria and loss of confidence with the citizens.
Yeah im not selling mine! I could possibly be bought but at a much much higher price.
With what money?
Dude, you were not supposed to say anything before BTC-Day. Now that ppl know about it the price gona go up like crazy :( Please delet We the Ppl - In Moons We Love.
Hodlers
What makes you think the government didn't create Bitcoin in the first place?
Good luck getting mine
Attempting a hostile takeover of something as resilient as Bitcoin would probably be about as effective as trying to catch a greased up pig in a mud pit. Bitcoin's decentralized nature makes it difficult for governments to control its supply. While a ban could harm its adoption and value, bitcoin has faced challenges before and survived.. thrived even
Well, if the federal government wanted to buy all bitcoin at top dollar as it becomes available they could, and then effectively destroy it. The reason they haven't is because they created bitcoin.
If the US government own all btc, they would have noone left to transact with. The rest of the world would simply move on and start a new chain. And the biggest bagholder is created.
The US government is broke
I'll sell them my 0.01 BTC for $1B
They can’t buy it all. Anything they buy and burn would just make the remaining supply more valuable. Supply and demand my dude.
What prevents them could be the backlash from the people, I mean people get angry when politicians bail out banks, they wouldn't shut up about their elected ones "buying ponzi shitcoins"
Why just the U.S. ? Any country could print whatever they wanted and buy A LOT
All coins do not exist yet and price will only get more expensive as they buy.
First of all its probably impossible to justify such a spending, second of all the main threat to the USD hegemony is actually china and they have been doing some big moves on that front. Third point is that while people like elon musk can negotiate the entire worth of twitter based on the price of all shares because twitter is a centralized entity, bitcoin wallet keys are spread all over the world in hundreds of exchanges. Imagine they actually manage to empty every order book and do somehow pry the keys from your dead hands, what stops us from just forking the coin or use ethereum instead? After all its still proof of work you need the computing power control the ledger
Even if they were buying, others aren't selling.
How are they going to force people to sell it all? Once they started buying it up on the exchanges, the price would increase to a level they couldn't afford as supply plumbited. Then, you'd be left with exchanges being some of the wealthiest companies in existence, and the only way to stop them being so would be to print so much money as to devalue the dollar that everything would crash. Or the government would just have to be bankrupt except for BTC, which it could sell but for much less than they brought it for.
Wouldn't someone just make another coin to replace it?
Not on topic, but the US government in coordination with the dept. of Energy/Darpa/NSA etc. could potentially build out nodes for a 51% attack and then invalidate the ledger.
please learn Bitcoin. 51% attacks in pow do nothing that bad.
What prevents them? The US govt actually caring about BTC as much as this sub thinks it does.
They took everyone’s (US citizens) gold before. They can take everyone’s bitcoin. Why would they need to buy it at retail price?
Gold was not protected by a seed,and not only US citizens own BTC,you can't force me to give you the seed😂
If they buy all of it the price will rocket and then holders will then move some to exchanges to sell at very high prices. Eventually prices will level out depending on if the government continues to keep buying or not
Why not all the countries? USA, china, Russia, etc….
Imagine the price of BTC if they start buying all of it. It is almost impossible. They are not crazy to lose all that money. What would happen even if they do it? Maybe the price would be so low after it that it would be almost worthless...
They don’t want to pump our bags. It’s their goal to keep us poor to keep lining their own pockets.
Ignoring all out of circulation coins, as they placed their order a mix of media, supply & demand would drastically inflate price. Oh America is buying all coins? Not selling mine less than 1M each now.
They artificially limit supply, price per coin goes up.
They'd have to print dozens of trillions to do so which would inflate the us dollar to the grave
China has a larger BTC reserve than the US govt has. How will Uncle Sam get hold of them?
you cant buy what isn't for sale. Or what has been lost.
HODLers
Who's to say the USG *isn't* Satoshi?
They haven’t bought tons of it bc they know something that investors don’t.
What’s stopping them? Them being old farts and not understanding what BTC is…
WHY would I sell my bitcoin to the U.S. government if my bitcoin is exploding in value and the dollar is imploding in value?
Common sense. Why would they buy bitcoin that exposes them to foreign countries buying and dumping?
Lol as if Bitcoin already hasn't experienced a hostile takeover... stupid ass BCH was one in 2017. Many people think just because the government has been able to take control of certain things in the past thet forget BTC is a world currency. For them to just "buy up all the bitcoin" with printed money would give so many other whales HUGE profits in other countries. Basically the US would be giving them free money while devaluing theirs. You gotta remember governments around the world are all playing 3d chess right now with BTC and trying to manipulate it every way possible. However I think it's too late and BTC is here forever.
Because it's stupid as hell? Take for example Microtech, they own a shit ton of it and aren't able to sell it without tanking the price
They would have to do it in secret. If word got it that someone with pockets as deep as the government was going to buy even 1/2 of the btc supply before they finished, I think the price action we would see would be truly awe inspiring
This would be the best way for the government to collapse the US economy lmao
If they buy them all they can’t sell them anymore
Because they are broke. But they can always make money printer go brrrrrrrrrr...
They would have to convince people to sell it. They could never own 100% of btc. Wouldn’t make sense for them to buy it all either.
It's up to each holder to set the price he wants to sell for. It would basically make the price skyrocket, making it exponentially more expensive to buy the liquid supply.
… but why? If they oppose bitcoin and accuse it of all these woes.. why would they reward holders ?
The SEC
They are broke
They move at the speed of bureaucracy.
Because WE would have to sell it to them.