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It's gonna be pretty funny to watch all the bitcoin people go into a tizzy when the banks buy a ton of bitcoin and start to regulate the economy by changing the
by tehjoker 5y ago
It's gonna be pretty funny to watch all the bitcoin people go into a tizzy when the banks buy a ton of bitcoin and start to regulate the economy by changing the money supply at will. It doesn't matter if there's some kind of theoretical cap on the supply. Say the bank buys 50% of the money supply, they can then double the number of coins at will. If they buy 90%, they can increase it by 10x.
- asasidh 5y agothat would only mean real bitcoins will hold a premium over "promise of a bitcoin" held by banks.
- jdhn 5y agoThe only way the number of bitcoins can change is if they change the hardcoded amount. JPMorgan could buy 50% of all bitoin made tomorrow, but they'll have done nothing to the actual bitcoin protocol.
- tehjoker 5y agoRight, but the number of bitcoins in circulation will change, which is what you might consider the "real" bitcoin economy. Similarly, with the M1 money supply vs the crazy amounts stored up in federal reserve notes.
- trixie_ 5y agoGiven the thousands of banks, exchanges, services, countries, etc.. holding Bitcoin it’d be practically impossible for any one entity to acquire enough to begin to have any sort of control over the price.