I am no expert when speaking of bitcoin, but I have been watching the value and evolution since just a few years after it was started. the recent bizarre events regarding bitcoin have caused me to summarize a brief statement, here follows. just now I am looking at coinmarketcap and they are showing btc at $5500 .. some short time ago the coins were $400. I have a theory about what happened to it because it started to seem absurd just after the $400 point (in my opinion). bitcoin was bought (everyone has seen the so called 'whales') well, a substantial portion of bitcoin was bought, by the same entity that would seek to control it, obviously. if having bought a significant portion of the total available supply then one can set the price at any moment. we all know this but who has considered that a very significant portion of the bitcoin network (just like the mining) is owned by very few entities (if not a single entity/corporation/whatnot). it is not out of the question at all to consider such a move as this would be common strategy for anyone (anything) with enough wealth wishing to purchase the controlling power of the network. when the price was set to 10X over the years following, there is no room for loss, because all of the earnings were made back since the price increase. the remaining portion of the coins could be dispensed at whatever cost.. now at the most absurd time the coins have gained so much value in 2 days? yeah right. I may be mistaken but it seems that any sane person would probably panic sell considering the severity and relevance of the proposed blockchain split. yet the price just keeps going up.. ? seems like sabotage to me. anyway, thats my 2 cents.
why I am posting this in the komodo thread? really I guess just to share a perspective but also and more importantly to make those who are holding aware that bitcoin is not the king and it will not be the king because it is most likely controlled by a single entity. just an encouragement for komodo as it seems obvious to me that komodo has the potential to rise to the top.
@awill333 that is one hell of a theory!.....So here's another........ This is called cryptocurrency, the idea being a digital currency to act as an alternative to fiat. Bitcoin is the first cryptocurrency to fill that roll. All the developments in sidechains...asset exchanges......decentralized exchanges.....untraceable transactions........proof of stake...smart contracts etc are not alternatives for fiat. Bitcoins price rise is more likely because it has a limited supply 16,621,950
BTC approximately (21,000,000 total supply) and investors are desperate to find a safe haven that QE can't affect. Having a never ending ICO fest where you instantly have hundreds of millions of coins/tokens being created every other day is the equivalent of crypto QE. So I dispute that
BTC is not the king...even KMD use's the
BTC networks hash power.
Many of the developments that are happening in the crypto world will prove to be of great benefit to mankind, however many of them will have little practical use as a currency for the average person.
Cheers Jon
