Topic: Aren't we the reason why BTC is becoming too much centralized? - page 4. (Read 492 times)
We are the reason why BTC/cryto market is becoming too much centralized but buy the rumor and am thee news is the game people traders are playing. However, it all caused by the market itself been a speculative material and then things are like that we should expect some people who will abuse it just to satisfy their greedy orgy.
Centralisation is not an effect of how people trade or what people tweet about bitcoin, but rather and effect of how the PoW is implemented and how people quickly went into maximising the profit that can be made per unit of energy spent on the work. It is simply a question of efficacy, where little people can have a large mining facility with the tech required to be competitive in the PoW market. Some other cryptos such as Ethereum are also progressively more centralised, but this effect is much more limited due to not having ASICS devices other than GPUs, for now anyway.
If you speak about being held by less people, I think you are wrong. Every time I speak with people that used to know zero about the subject, I find out that they are now all over crypto.
If you speak about being held by less people, I think you are wrong. Every time I speak with people that used to know zero about the subject, I find out that they are now all over crypto.
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I don't want us to be naive here cause whether we like it or not there is some issue that will always influence the price of the market which I think the cryptocurrency market been subject to high volatility is the main cause of this issue but the naive crypto investors are the one that's fueling the circumstance of panic sell the most whenever Elon Musk tweets.
Meanwhile, China stopping mining can't be included as a FUD because the level of mining difficulty will reduce if the Chinese do stop mining and this always influences the price of the market right from the beginning.
Meanwhile, China stopping mining can't be included as a FUD because the level of mining difficulty will reduce if the Chinese do stop mining and this always influences the price of the market right from the beginning.
Those who panic sell are newcomers only, they are too attached to elon hence their financial decision totally dependant on elon.
The rest of us who have been here hardly gets affected by elon's tweet, we know that the price gonna go up again and yes, the whales are smart enough to keep accumulating btc like there's no tomorrow.
Imagine increasing btc holding while the price of your asset keep increasing as well, it doubles the profit.
The rest of us who have been here hardly gets affected by elon's tweet, we know that the price gonna go up again and yes, the whales are smart enough to keep accumulating btc like there's no tomorrow.
Imagine increasing btc holding while the price of your asset keep increasing as well, it doubles the profit.
So whenever Elon Musk tweets, we panic sell.
Whenever China says something like they'll stop mining and add some extra official shit to it, we panic sell.
When USA says their investors will need to disclose their crypto holdings over a certain amount, we panic sell.
On every panicking news, we panic sell.
They create enough FUD, and we panic sell.
I know I've used the "panic sell" so many times, but have you, for God's sake, ever imagined with a cool mind that whenever we panic sell during shakeouts in the markets, we are actually giving away our BTC to those big institutions who are willing to snatch it away from us, yeah I mean it, every single drop of BTC seems to be taken away from us and it'll be no longer an average guy's BTC which was Satoshi's vision (don't pull me on this, understand the emotions). So if it goes into the hands of these institutions and governments completely, where will we stand? Nowhere. Why don't we understand that it's all more of an intrigue well thought out to wipe out every single BTC hodler (even the smallest one out there) and take away the control from the hands of common people whom Satoshi Nakamoto left BTC with.
Very small amount of crypto holders are actually holding their BTC and crypto assets to bring the decentralization in the financial sector but most others are doing it for profit making so its obvious that they are going to sell the assets if the prices are falling but panic selling is something different which was actually created from the community side itself when there is a small or sudden dump and the chain reaction follows. Whenever China says something like they'll stop mining and add some extra official shit to it, we panic sell.
When USA says their investors will need to disclose their crypto holdings over a certain amount, we panic sell.
On every panicking news, we panic sell.
They create enough FUD, and we panic sell.
I know I've used the "panic sell" so many times, but have you, for God's sake, ever imagined with a cool mind that whenever we panic sell during shakeouts in the markets, we are actually giving away our BTC to those big institutions who are willing to snatch it away from us, yeah I mean it, every single drop of BTC seems to be taken away from us and it'll be no longer an average guy's BTC which was Satoshi's vision (don't pull me on this, understand the emotions). So if it goes into the hands of these institutions and governments completely, where will we stand? Nowhere. Why don't we understand that it's all more of an intrigue well thought out to wipe out every single BTC hodler (even the smallest one out there) and take away the control from the hands of common people whom Satoshi Nakamoto left BTC with.
Well with how society works, it isn't really that surprising. Not to mention that crypto has been inviting a lot of newbie investors in recent years, mostly ones who don't actually know anything about what means in the market. Now daily traders actually have no choice but to follow suit sometimes since their profit pretty much lies on the short movements of the market, and if the market gets swayed with social media news, well, they just follow it, for profit.
Well tbh, this is only the market side. For Bitcoin development and adoption, I don't really think it affects it that much? All the news is pretty much affecting how people see Bitcoin as a way to earn money, not as a way to be used AS money.
Well tbh, this is only the market side. For Bitcoin development and adoption, I don't really think it affects it that much? All the news is pretty much affecting how people see Bitcoin as a way to earn money, not as a way to be used AS money.
I do think so too, we were too whiny about what we want to do in this decentralized market and now that the companies are presenting themselves to provide solution, we now complain. I think that we have already come a long way and that going back to roots is not advisable.
We can't control market activities. There will be buying and selling because of various reasons and I believe that's not related to the centralization/decentralization nature in Bitcoin. Decentralization is a network "philosophy."
Right now a super rich entity can accumulate Bitcoin and nothing we can do about it. It's a free market after all. What he can do with his huge bag is just sell/dump the market, price tank, rebound, and nothing bad will happen to the network.
I'm more concerned about the pump and dump, plus market manipulation that will taint Bitcoin "brand" and make it more difficult to buy/sell because of KYC and stuff.
Right now a super rich entity can accumulate Bitcoin and nothing we can do about it. It's a free market after all. What he can do with his huge bag is just sell/dump the market, price tank, rebound, and nothing bad will happen to the network.
I'm more concerned about the pump and dump, plus market manipulation that will taint Bitcoin "brand" and make it more difficult to buy/sell because of KYC and stuff.
These centralised thought leaders come and go and are inevitable.
But in the long run, there is no single entity that can manipulate the masses when it comes to bitcoin adoption. If people see value in BTC, which I think a lot of the world is just now waking up to the potential of blockchain technology, then they will adopt it and push prices up no matter what.
No one can force grassroots level adoption to happen. Not even Musk.
Right now, it's all speculative play from Musk. It'll die down, just give it time.
But in the long run, there is no single entity that can manipulate the masses when it comes to bitcoin adoption. If people see value in BTC, which I think a lot of the world is just now waking up to the potential of blockchain technology, then they will adopt it and push prices up no matter what.
No one can force grassroots level adoption to happen. Not even Musk.
Right now, it's all speculative play from Musk. It'll die down, just give it time.
That seems to be the truth. And what's worse is that this is a testimony on how the world's wealth and, consequently, power will remain to reside in the hands of those same people who made it big within the fiat system. I understand that Bitcoin is no tool to redistribute the world's wealth, but it is also true that Bitcoin came out as a huge opportunity for ordinary people to somehow take a bigger slice of the pie.
Unfortunately, all this panic selling has become the transition point. Ordinary people are now letting go of their precious BTC in favor of the wealthy elites who used to criticize Bitcoin. Even if they're kind of late already, they're now buying Bitcoin by the billions. There used to be a lot of talking about how Bitcoin introduced a new elite or the new wealthy. It seems there is no more shift to happen.
Unfortunately, all this panic selling has become the transition point. Ordinary people are now letting go of their precious BTC in favor of the wealthy elites who used to criticize Bitcoin. Even if they're kind of late already, they're now buying Bitcoin by the billions. There used to be a lot of talking about how Bitcoin introduced a new elite or the new wealthy. It seems there is no more shift to happen.
Cryptocurrencies such as bitcoins gain their properties and benefits as a result of decentralization. As long as it is centralized there is very little to be gained from being cryptographic if you cannot use your own money independently and need the services of your central issuer bitcoin is much less likely to be centralized bitcoin is in high demand for decentralization and has a large number of investors. There is nothing to panic about bitcoin no one can control everyone will invest as they wish.
It's pretty difficult to convince a newcomer investor not to panic sell when the media is highlighting one negative news about Bitcoin or the other cause they prolly expect a crash to follow suit, and then again, apart from 'panic selling', people sell for other more personal reasons, thus I don't think everything is falling into the 'big' hands of institutional investors.
Having said that, I don't think it's possible that Bitcoin can possibly be 'completely' owned by institutional investors, and then again, as for the government, they do not even want Bitcoin, they can't control it, neither can they print out as many as they want, thus their focus can only be in the aspect of regulations. Bitcoins decentralized makeup gives us an advantage, at least we know it's not possible for anyone to 'control' the network.
Having said that, I don't think it's possible that Bitcoin can possibly be 'completely' owned by institutional investors, and then again, as for the government, they do not even want Bitcoin, they can't control it, neither can they print out as many as they want, thus their focus can only be in the aspect of regulations. Bitcoins decentralized makeup gives us an advantage, at least we know it's not possible for anyone to 'control' the network.
It's only the small new investors and the big old ones that are selling, older ones are selling but they're doing like they've been doing for as long as I've been here and just dumping the price so they also can buy lower.
Panic selling/buying the news is retail's favourite sport... Oh and selling at a loss apparently... They seemed to be ignoring/unaware of the articles in January saying everyone who'd ever bought bitcoin and held were now in profit.
And yeah old school investors are probably annoyed they'd missed the boat to get it cheap so they're going this way about it instead to either try and get more funds, weaken the network or just stroke their egos.
Panic selling/buying the news is retail's favourite sport... Oh and selling at a loss apparently... They seemed to be ignoring/unaware of the articles in January saying everyone who'd ever bought bitcoin and held were now in profit.
And yeah old school investors are probably annoyed they'd missed the boat to get it cheap so they're going this way about it instead to either try and get more funds, weaken the network or just stroke their egos.
So whenever Elon Musk tweets, we panic sell.
Whenever China says something like they'll stop mining and add some extra official shit to it, we panic sell.
When USA says their investors will need to disclose their crypto holdings over a certain amount, we panic sell.
On every panicking news, we panic sell.
They create enough FUD, and we panic sell.
I know I've used the "panic sell" so many times, but have you, for God's sake, ever imagined with a cool mind that whenever we panic sell during shakeouts in the markets, we are actually giving away our BTC to those big institutions who are willing to snatch it away from us, yeah I mean it, every single drop of BTC seems to be taken away from us and it'll be no longer an average guy's BTC which was Satoshi's vision (don't pull me on this, understand the emotions). So if it goes into the hands of these institutions and governments completely, where will we stand? Nowhere. Why don't we understand that it's all more of an intrigue well thought out to wipe out every single BTC hodler (even the smallest one out there) and take away the control from the hands of common people whom Satoshi Nakamoto left BTC with.
Whenever China says something like they'll stop mining and add some extra official shit to it, we panic sell.
When USA says their investors will need to disclose their crypto holdings over a certain amount, we panic sell.
On every panicking news, we panic sell.
They create enough FUD, and we panic sell.
I know I've used the "panic sell" so many times, but have you, for God's sake, ever imagined with a cool mind that whenever we panic sell during shakeouts in the markets, we are actually giving away our BTC to those big institutions who are willing to snatch it away from us, yeah I mean it, every single drop of BTC seems to be taken away from us and it'll be no longer an average guy's BTC which was Satoshi's vision (don't pull me on this, understand the emotions). So if it goes into the hands of these institutions and governments completely, where will we stand? Nowhere. Why don't we understand that it's all more of an intrigue well thought out to wipe out every single BTC hodler (even the smallest one out there) and take away the control from the hands of common people whom Satoshi Nakamoto left BTC with.
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