

Could The U.S. Gov't destroy Bitcoin by owning it all? - gremlinsinc

You know the government is not fond of bitcoin, especially w&#x2F; a lot of illegal activity using it.<p>My questions is what would happen to the crypto-currency if the U.S. went on a massive buying campaign to buy&#x2F;mine all bitcoins they could get their hand on and other cryptocurrencies? -- Essentially cornering the market? They have the resources to do so, and sure more bitcoin would always hit the market, but would this curtail it&#x27;s popularity?
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forktheif
Wouldn't that just cause bitcoin to become more expensive, until it's so
expensive the US can't afford to buy up the last few bitcoins?

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gremlinsinc
By then the damage would be done, in fact I think they'd only need to corner
the market w/ 60% or so to be able to wreak havoc on the stability of the
system. Would be funny if this thread on HN led to the downfall of BTC by
giving the gov't the very idea on how to destroy it.

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Octplane
Wouldn't declaring this money illegal much more faster, cheaper and efficient
to destroy it (at least on US ground) ?

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dragonwriter
No. Declaring a commodity to be illegal is not a fast, cheap, or efficient way
to destroy it.

See, e.g., Prohibition. Or Prohibition 2.0: The War on Drugs.

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gremlinsinc
Exactly - but drugs can be made, and manufactured.. Bitcoins cannot, there is
a finite limit. Of course people may eventually move-on to other crypto-
currencies, but the u.s. could buy up all those super cheap as they come
available as well.

