NomNom@feddit.uk to Technology@lemmy.worldEnglish · 12 days agoFrom millions of dollars to under a grand: The dramatic fall of the NFTenglish.elpais.comexternal-linkmessage-square71linkfedilinkarrow-up112arrow-down11
arrow-up111arrow-down1external-linkFrom millions of dollars to under a grand: The dramatic fall of the NFTenglish.elpais.comNomNom@feddit.uk to Technology@lemmy.worldEnglish · 12 days agomessage-square71linkfedilink
minus-squareℍ𝕂-𝟞𝟝@sopuli.xyzlinkfedilinkEnglisharrow-up0·11 days agoYeah, but a currency practically needs a military and an economy to back it. Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
minus-squareMatty Roses@lemmy.todaylinkfedilinkEnglisharrow-up0·11 days agoThat’s the point of crypto - unless you can alter 51% of the blockchain, you can’t.
minus-squareℍ𝕂-𝟞𝟝@sopuli.xyzlinkfedilinkEnglisharrow-up0·10 days agoYou misunderstand, if I own the GDP of a world power, what’s preventing me from buying a ton of Bitcoin and fucking with the supply that way? Crypto nowadays looks like a pump and dump free for all.
minus-squareMatty Roses@lemmy.todaylinkfedilinkEnglisharrow-up0·10 days agoHow is buying the asset fucking with the supply? If you mean hoarding it, that’s pretty much all Bitcoin is good for.
minus-squareℍ𝕂-𝟞𝟝@sopuli.xyzlinkfedilinkEnglisharrow-up0·10 days agoThe supply of an asset is the volume of that asset available for purchase. If I buy all of that, supply becomes zero.
minus-squareMatty Roses@lemmy.todaylinkfedilinkEnglisharrow-up0·10 days agoThe price goes up as you buy it. You could attempt to corner the market, but in doing so, you’re also going to be massively enriching the current holders. What point would taking the entire supply do - especially since you can easily just start another blockchain?
minus-squareℍ𝕂-𝟞𝟝@sopuli.xyzlinkfedilinkEnglisharrow-up0·9 days agoYou buy enough to raise the price, announce that you’re buying it, schmucks try to get in on the wave, you dump while tweeting diamond hands. Repeat.
Yeah, but a currency practically needs a military and an economy to back it.
Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
That’s the point of crypto - unless you can alter 51% of the blockchain, you can’t.
You misunderstand, if I own the GDP of a world power, what’s preventing me from buying a ton of Bitcoin and fucking with the supply that way?
Crypto nowadays looks like a pump and dump free for all.
How is buying the asset fucking with the supply?
If you mean hoarding it, that’s pretty much all Bitcoin is good for.
The supply of an asset is the volume of that asset available for purchase.
If I buy all of that, supply becomes zero.
The price goes up as you buy it.
You could attempt to corner the market, but in doing so, you’re also going to be massively enriching the current holders.
What point would taking the entire supply do - especially since you can easily just start another blockchain?
You buy enough to raise the price, announce that you’re buying it, schmucks try to get in on the wave, you dump while tweeting diamond hands.
Repeat.
Again, why?
To make money