Grayscale holds 2.6% of available Bitcoin

[They]

No it would not matter.

I don't know how you go from 5% to 60-70%. Or why you are so focused on who controls the supply.

60% or 70% was a hypothetical for you. I get it, you have no problem if China owned 60% or 70% of Bitcoin or any other entity for that matter.

Not that we are there yet but whenever ownership of anything becomes concentrated it's always an area of concern. Politics, diamonds, drugs, information and Bitcoin too.

 

[tsznecki]

60% or 70% was a hypothetical for you. I get it, you have no problem if China owned 60% or 70% of Bitcoin or any other entity for that matter.

Not that we are there yet but whenever ownership of anything becomes concentrated it's always an area of concern. Politics, diamonds, drugs, information and Bitcoin too.

Again with the sky is falling agenda. So many posters on ET looking at completely unrealistic scenarios. I suggest taking off the tinfoil hat and going outside once in awhile.

If you are long Bitcoin and China wants to buy up all the BTC and send the price of BTC to 1M, you should be happy. And if you aren't long WTF cares.

 

[virtusa]

Very exciting time right now with bitcoin and the timing is great with all of these demand as the halvening is causing a supply crunch, as the miners are not producing enough, and not all mined bitcoins are being sold by the miners, either.

A supply crunch is only a problem for things that people really need and for which there is no alternative.
We don't need bitcoins and survive already centuries without any problem. Water and air are far more life threatening than bitcoins.
Bitcoins are only life threatening when you have some and the market crashes. Some get suicidal thoughts when that happens.

In 2018 this could be found everywhere on internet: If you or someone you know is in crisis, the U.S. suicide prevention line is free and open 24 hours per day: call 800-273-8255.

Did you ever see something like this with the usual correncies? That's the crypto world.

 

[johnarb]

....
In 2018 this could be found everywhere on internet: If you or someone you know is in crisis, the U.S. suicide prevention line is free and open 24 hours per day: call 800-273-8255.
...]

 

[virtusa]

View attachment 243593

For the majority of people this is irrelevant as they lost and took their losses already long time ago. If Bitcoin would be so good the world would be full of bitcoin millionaires and billionares.

I made more money trading futures the last 10 years than 99% made in bitcoins.

Tesla did much better, but how many made millions on that move?
Prices are only relevant if you did catch the move.

 

[johnarb]

For the majority of people this is irrelevant as they lost and took their losses already long time ago. If Bitcoin would be so good the world would be full of bitcoin millionaires and billionares.

I made more money trading futures the last 10 years than 99% made in bitcoins.

I'm glad you're making money and very successful, but you're a little late with the "suicide" comment, bitcoin bear market has passed.

I can't really speak for other crypto people, I only know of 1 person IRL who got involved, but believe it or not, I have heard from at least 8 people who told me they wished they listened to me when I told them about bitcoin.

Still though, at least 4 of those people were asking me if they should buy in 2018 and 2019 and one guy did buy a small amount, less than $1K amount of bitcoin when btc was ~6K but no one else did. He was getting his feet wet at the time and was trying to learn... He sold it a few months after buying. When the subject came up this year, he said he still has regrets not listening to me a long time ago which tells me he wants the price of below $1K. I guess it supports your point, not many can handle the ups and downs.

I never had that problem, always gonna hold cryptos. Fiat is a shitcoin.

 

[Daal]

Bitcoin is an internet database.

And gold is just an atom yet it is worth a lot

 

[They]

Again with the sky is falling agenda. So many posters on ET looking at completely unrealistic scenarios. I suggest taking off the tinfoil hat and going outside once in awhile.

If you are long Bitcoin and China wants to buy up all the BTC and send the price of BTC to 1M, you should be happy. And if you aren't long WTF cares.

Again, it was a hypothetical example. Just looking for viewpoints on if one entity (either a Trust or a Country) holding a large percentage of available BTC changes its dynamic. You have made your viewpoint clear - it will just increase price and nobody should consider anything else.

 

[They]

A supply crunch is only a problem for things that people really need and for which there is no alternative.
We don't need bitcoins and survive already centuries without any problem. Water and air are far more life threatening than bitcoins.
Bitcoins are only life threatening when you have some and the market crashes. Some get suicidal thoughts when that happens.

In 2018 this could be found everywhere on internet: If you or someone you know is in crisis, the U.S. suicide prevention line is free and open 24 hours per day: call 800-273-8255.

Did you ever see something like this with the usual correncies? That's the crypto world.

View attachment 243592

A supply crunch is a problem for anything that is desired, needed or otherwise, unless you are a seller.

We don't need bitcoins and survive already centuries without any problem.

You could say this about the internet as well.

Suicide based on real or perceived financial stress is not a Bitcoin thing.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3213334

Financial scams existed before Bitcoin and they will exist after Bitcoin.

 

[virtusa]

You could say this about the internet as well.

This is the most stupid remark ever made on ET. You are even beating Trump.

Each day billions of people and companies used internet. Without internet the US economy would crash within a few days.
Ban Bitcoin and the only thing that will change is that the scam stops. Our economy doesn't need bitcoins at all.
If they would a poll: ban toilet paper or bitcoins. The answer would definitely be ban bitcoins.