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You can't. What is more likely is that central banks that can print infinite amounts of their own money are buying up bitcoin in order to make it useless. Bitco
by sprash 7y ago
You can't. What is more likely is that central banks that can print infinite amounts of their own money are buying up bitcoin in order to make it useless. Bitcoin is seen as competitor by central banks.
The same happened to gold. As soon as one entity controlled the vast majority of gold the price ceased to be stable. Central banks already essentially destroyed gold as payment method. If central banks only sell 1% of their gold assets they increase the supply on the actual tradeable market so much that the price can be vastly manipulated. It would be smart if they do the same with bitcoin.
- jraedisch 7y agoWhy should all btc holders sell all their holdings, especially if price is steadily rising, since central banks are inflating money supply to buy more?
- sprash 7y agoBecause there is an artificial eternal demand for fiat. Fiat is created as debt with interest. This means the total debt can never be payed except with more debt. As soon as the state ceases to use force to collect debt, fiat will be worthless.
- jraedisch 7y agoIf I buy BTC and prices rise enough, I can sell for more than I paid, pay my debt and still keep some. In this scenario the majority of people who did not buy BTC or other less inflationary assets will suffer a lot more than me.
- sprash 7y agoIf you can stomach the volatility and really like risk just go ahead and max out all your credit cards. Just don't be the guy who buys the top.
- jraedisch 7y agoMaxing out credit cards has nothing to do with it. Nobody is forcing you to do that. How much you buy is depending on you, and it should be an amount that you won't need in the coming ??? (4 seems to be a good guess) years.
- Nursie 7y ago> Bitcoin is seen as competitor by central banks. Some 'coiners actually believe this. Wow. Most assessments of Bitcoin's potential impact on the economy come out saying it's negligible.