Post
Topic
Board Trading Discussion
Re: Loosing massive amount bitcoin on purpose...
by
Zicadis
on 09/06/2017, 16:24:43 UTC
What if a multi-billionaire organisation were to buy a large amount of bitcoin (for example 30%) only to destroy the private key associated to the wallet and brag about it all over the internet ?

First the multi-billion organisation will have to invest a lot of time to acquire 30% of current supply and destroying private keys would just be denying themselves access to their loot and this would also mean less supply more demand which translates into rising bitcoin value Wink

First, would it be possible to prove the loss of the private key ? no
that won't be relevant if their actions are true we can see it in the value of bitcoins

Second, How the market would react ?
The only effect this would have on the market is a low supply of bitcoins has the BTC is withdrawn from circulation.