Comment on From millions of dollars to under a grand: The dramatic fall of the NFT
HK65@sopuli.xyz 1 month 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.
mattyroses@lemmy.today 1 month ago
How is buying the asset fucking with the supply?
If you mean hoarding it, that’s pretty much all Bitcoin is good for.
HK65@sopuli.xyz 1 month ago
The supply of an asset is the volume of that asset available for purchase.
If I buy all of that, supply becomes zero.
mattyroses@lemmy.today 1 month ago
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?
HK65@sopuli.xyz 1 month ago
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.