The market for the digital items plummeted after their glory days in 2021 and 2022, and they’ve proven to be not only an artistic and aesthetic disaster, but a shortcut to financial ruin
But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.
If Russia controls the entire supply of Bitcoin (which is what you’re saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it’s just a Russian currency.
The whole supposed attraction of Bitcoin is that it’s not a government currency, and the supply isn’t controlled by a central bank. Ethereum has additional uses to that, but that’s still one of the prime factors as well.
@mattyroses@HK65 starting another blcokchain is not as easy as copy the blockchain unless you convince the majority of people that your fork is better than the previous one
But here you’re talking about a hypothetical where, for some reason, a major government has bought up all blockchain tokens and won’t release them. So nobody’s on the original one anyways.
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
The government you’re talking about can print money at will.
But that increases the money supply. This way they can take money from other people. For example Russia can get USD without printing and inflating RUB.
That’s just FOREX with extra steps?
If Russia controls the entire supply of Bitcoin (which is what you’re saying) then why would anyone with USD want to buy it? At that point, being owned by Russia entirely, it’s just a Russian currency.
The whole supposed attraction of Bitcoin is that it’s not a government currency, and the supply isn’t controlled by a central bank. Ethereum has additional uses to that, but that’s still one of the prime factors as well.
@mattyroses @HK65 starting another blcokchain is not as easy as copy the blockchain unless you convince the majority of people that your fork is better than the previous one
Sure, there’s a large network advantage.
But here you’re talking about a hypothetical where, for some reason, a major government has bought up all blockchain tokens and won’t release them. So nobody’s on the original one anyways.