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16 years ago yesterday, someone on BitcoinTalk posted asking about Satoshi Nakamoto: what if someone or a government bought up all BTC, then deleted the wallets—what would happen?
Satoshi replied that in financial history this is called cornering the market: scarce assets get more expensive the more you buy, and in the end what keeps getting raised is the attacker’s own cost.
It also cited the failed example of the Hunt brothers cornering the silver market.
Today, looking at listed companies’ ETFs and countries hoarding crypto, this old post still feels a bit time-traveling.