Can you summarize in just a few sentences what's bothering you concerning Bitcoin? I couldn't get your main point to be completely honest. Is it the potential price manipulation by whales? Is it the Binance bitcoin rollback fiasco? Or what?
Anyways, I'm going to answer both just for the sake of it.
1. Bitcoin's price can move in sharp spikes simply due to very low liquidity, regardless if these "manipulators" exist or not. The only thing that can fix the liquidity is more people and money in the markets, hence more time is to be needed. It's not something that you sort of flick a switch and immediately the problem is solved. Manipulation also exists in the stock markets.
2. Binance's ChangPeng Zhao(CZ) thought of attempting a rollback by contacting miners. Keyword = attempt. He would've failed regardless if he pushed through with the attempt.
Topic: Bitcoin Credibility in shock - page 2. (Read 302 times)
Suddenly become worried after heard many people blame some people or group of people for slowing down the bitcoin price and I correlate with other fact and see bitcoin is not safe and we are not so safe and what make me so painful is to see we can not do anything about it because of how blockchain technology made.
What happens at this time in Bitcoin price and fact predictions of the reasons behind the decline of bitcoin price / fall down of the price, people are saying different issues some says it's normal when bitcoin price halving is near, other is because of coronavirus outbreak and some blame some of individual /group of individuals, who own a large amount of bitcoin transact and result to the situation. All issues become sensible but for individual/group so-called bitcoin wales give out stress and Bring questions if the credibility of bitcoin is safe if some people/group of certain people may decide which time bitcoin has to be high or low in price.
I go farther around the middle of 2019 on Binance Bitcoin hack, many who we were following the incidence, we did hear some rumor that Binance may get access to those stolen Bitcoin which was around 7000 Btc, but later on, after Binance talks to several professional people, they roll back and stop with the response from the Binance leader who said that we did not do because of advice from such people and we might hit Bitcoin Credibility, This also brings worry that we escape governments to get financial freedom and we are /we might stack to other forms where few people may decide the market condition of Bitcoin and Crypto in general, which I see it is not safe, this question my mind if somehow bitcoin can be manipulated by another interested part/s.
Also, I think of forcing these people to sell that much Bitcoin to multiple accounts which owned by few owners might help, but how it is the problem because for them to hold such amount is not safe for us anymore if what said is true, they will still play users time to time and as matter of fact I confused what will happen later on.
let provide a clear picture if I'm not understood if one individual holds more than 5000 BTC in single or multiple accounts may go to any exchange and set a trade from hight price, middle to low price and because he/she has many transactions will force the market to its low price and what is not good is that he/she might cancel and buy buck when market follow the price by the profits made during the process of setting price from high to low.
I'm a bitcoin believer and appreciate the blockchain technology and having question/s on it is good for mental health on adding knowledge and skills, Tech and developer may have the answers but please bring it in a simple language which even normal people will understand due to the different class of people in the world and the preferred language which used mostly.
Additional Materials
According to CZ_Binance::https://twitter.com/cz_binance
Pros:
1.we could "revenge" the hackers by "moving" the fees to miners;
2 deter future hacking attempts in the process.
3. Explore the possibility of how the bitcoin network would deal with situations like these.
Cons:
1. we may damage the credibility of BTC,
2. we may cause a split in both the bitcoin network and community. Both of these damages seem to out-weight $40m revenge.
3. the hackers did demonstrate certain weak points in our design and user confusion, which was not obvious before.
Cons:
4. While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safeguard user funds.
We should own up it. We will learn and improve.
https://bizzysumbi.blogspot.com/2019/05/binance-security-incident-update.html
https://bizzysumbi.blogspot.com/2019/05/binance-let-hacker-away-with-over.html
What happens at this time in Bitcoin price and fact predictions of the reasons behind the decline of bitcoin price / fall down of the price, people are saying different issues some says it's normal when bitcoin price halving is near, other is because of coronavirus outbreak and some blame some of individual /group of individuals, who own a large amount of bitcoin transact and result to the situation. All issues become sensible but for individual/group so-called bitcoin wales give out stress and Bring questions if the credibility of bitcoin is safe if some people/group of certain people may decide which time bitcoin has to be high or low in price.
I go farther around the middle of 2019 on Binance Bitcoin hack, many who we were following the incidence, we did hear some rumor that Binance may get access to those stolen Bitcoin which was around 7000 Btc, but later on, after Binance talks to several professional people, they roll back and stop with the response from the Binance leader who said that we did not do because of advice from such people and we might hit Bitcoin Credibility, This also brings worry that we escape governments to get financial freedom and we are /we might stack to other forms where few people may decide the market condition of Bitcoin and Crypto in general, which I see it is not safe, this question my mind if somehow bitcoin can be manipulated by another interested part/s.
Also, I think of forcing these people to sell that much Bitcoin to multiple accounts which owned by few owners might help, but how it is the problem because for them to hold such amount is not safe for us anymore if what said is true, they will still play users time to time and as matter of fact I confused what will happen later on.
let provide a clear picture if I'm not understood if one individual holds more than 5000 BTC in single or multiple accounts may go to any exchange and set a trade from hight price, middle to low price and because he/she has many transactions will force the market to its low price and what is not good is that he/she might cancel and buy buck when market follow the price by the profits made during the process of setting price from high to low.
I'm a bitcoin believer and appreciate the blockchain technology and having question/s on it is good for mental health on adding knowledge and skills, Tech and developer may have the answers but please bring it in a simple language which even normal people will understand due to the different class of people in the world and the preferred language which used mostly.
Additional Materials
According to CZ_Binance::https://twitter.com/cz_binance
Pros:
1.we could "revenge" the hackers by "moving" the fees to miners;
2 deter future hacking attempts in the process.
3. Explore the possibility of how the bitcoin network would deal with situations like these.
Cons:
1. we may damage the credibility of BTC,
2. we may cause a split in both the bitcoin network and community. Both of these damages seem to out-weight $40m revenge.
3. the hackers did demonstrate certain weak points in our design and user confusion, which was not obvious before.
Cons:
4. While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safeguard user funds.
We should own up it. We will learn and improve.
https://bizzysumbi.blogspot.com/2019/05/binance-security-incident-update.html
https://bizzysumbi.blogspot.com/2019/05/binance-let-hacker-away-with-over.html
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