buying bitcoin is like immigrating to a new country - page 3.

Mpamaegbu

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish.

How selfish can a businessman be? Remember that the aim of anyone being in business is to make profit and that every businessman is self-centered. So, don't begrudge any early adopter for the bag of coins they hodl.

Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

Do NOT be too confident with bitcoin and put all your money in it.

If Bitcoin fails, then that means the entire cryptocurrency industry will have ended. Nah! I don't see this ever happening. At least, we all saw how Bitcoin rose from the ashes of 2018. Bitcoin is here to stay.

jonaire99

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Whales has been the object of debate when it comes to price manipulation and some traders believes that they are the ones who can control the price of a coin for their own benefit. My initial week of trading was already full of stories on whales manipulating the price of a certain coin but no one can able to prove if they really exist to manipulate the market. Whales are just like other crypto investors and the only difference with them is that they had big funds that enough to change the market prices.

sana54210

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Quote from: ?? on ??

In the first place that's not their fault to be tagged as crypto whales because they have money to invest and that's what rich people do invest and earn, there are nothing wrong with that is just that they take business of bitcoin seriously. Ordinary people like us can still buy bitcoin and earn from it by holding it for long term investment and we don't need to compete with the whales because we have our own decisions in life on how to handle our crypto investment.

I am not quite sure if there is still anyone in this forum that is seeing everyone with large money to bring into the cryptocurrency as whales, if anyone tags them as whales, and then they are yet to fully understand who whales are. Rich people are people we really need in this market, that is why we have so many people clamoring for industries and financial institutions to adopt cryptocurrency because those ones comes with the genuine mind to really make use of bitcoin for other purposes different from just investment alone.

Whales, whales are people that are purposely coming into the market to use large funds to manipulate the market and their intention is not to make use of the system for anything, than to just stir the market, cause panic sell and then create FOMO for their own benefit.

STT

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Quote

bitcoin is like another country just because rich crypto whales are using it and there's inequality.Sounds stupid to me.

I'd say its more true then not, Bitcoin being part of the global economy gives some participation back to local inhabitants who might be isolated in local economic cycles otherwise. However I'd be alot more bullish on that idea if it were true the people could earn in Bitcoin, mining is quite a distant prospect for most now so that means mostly ecommerce and can people locked in a country market themselves to the world more easily with Bitcoin.

If trade is enabled because Bitcoin exists, its bullish for them and its bullish for Bitcoin overall to offer genuine utility

salty

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish. Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

Yes, you are right,but the price and value of bitcoin is determined by the crypto community itself.Therefore, if absolutely everyone does not believe in the value of bitcoin, then this value and, accordingly, the price will not be.I absolutely do not recommend everyone to invest in bitcoin last money.

Kemarit

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish. Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

It doesn't matter how many whales are in the ecosystem. What economic future are unclear to you? I mean everything is psuedo anonymous and decentralized, even stock and other securities and commodities can easily be manipulated and their future is also unpredictable.

Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

Bad analogy. Of course, it technically it can go to zero, but the chances are very slim. If bitcoin has to died, it wouldn't seen 10 years. It has grown tremendous that even scaling problems can't stop it adopted by many investors. Thanks for your warning, but I guess people are already aware how volatile this market are but they're willing to take the plunge and the risk.

FanEagle

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How could be underestimate the probability of bitcoin going to zero? We literally know it is not possible. There is more money being bought at over zero than there is bitcoins. So, literally even if every single person that owns bitcoin right now wants to sell their bitcoin and sold it right now it would drop the price but it literally wouldn't go to zero because of all the buy orders.

You would have to do this 3 times in order to reach under 3 dollars, I mean SELLING ALL BITCOINS EVER three times in order to drop under 3 dollars, everyone knows it very well that its impossible to do it even once, let alone do it three times. Do not listen to naysayers, they are probably people who missed out on making profits with bitcoin and that is why they want people to sell or want bitcoin to drop, whenever you tell someone you made a good profit with bitcoin and its a good investment they will find a reason to make it look bad, that is how humanity is.

Slow death

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there...

Have you seen any whales yet? because I have never seen any whales, do the following: record a video that shows whales manipulating the price, it is important that you show proof that these whales exist

Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

first you should have shown proof that these whales exist later you would make that comment

Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

when the price was $ 400 and had very little adoption, it did not fall to zero, and today the price is over $ 10,000 and has a lot of adoption, you say that price will go to zero? What kind of losses did you have that left you traumatized?

BitHodler

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Quote from: yvesp110 on July 15, 2019, 03:49:31 PM

I disagree with you on this because it is not just benefiting only the rich but the poor as well.

Agreed. It's pretty annoying how some people always think its just the elite that's gaining an advantage out of something, and that while you percentage-wise can benefit just as much as they do.

Quote from: yvesp110 on July 15, 2019, 03:49:31 PM

Regardless of the financial status you are at right now, you should be able to make instant cheap transactions with your Bitcoin like any rich guy does.

In this case things are a bit different. If you're referring to LN then sure, most people won't have a problem paying 1-5 satoshi fees. However, main-chain fees could rise to a degree where some people can't enjoy fast confirmations.

Bitcoin is heading towards a point where $2-$5 main-chain fees will become normal due to the increase in demand, and this will motivate these people to make the switch to LN because they don't have a choice if they want to continue using Bitcoin.

yvesp110

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Quote from: barota on July 15, 2019, 08:11:03 AM

Prices will decline very dramatically
The only beneficiaries are the large whales
Because they have a home and a rich life even with bitcoin if crash

I disagree with you on this because it is not just benefiting only the rich but the poor as well. Regardless of the financial status you are at right now, you should be able to make instant cheap transactions with your Bitcoin like any rich guy does. In addition, you should be able to escape the cost of trust that otherwise you would have to pay had a bank been involved.

webtricks

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish. Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

As far as number of people demanding Bitcoin (i.e. willing to buy Bitcoins) is higher than the number of people holding the total supply of Bitcoins, it is impossible that Bitcoin goes to zero. You said number of whales are unknown but you still putting all whales in single bracket by claiming that they all are selfish! No doubt whales control the market to very large extent and most of the major fluctuations are caused by manipulating activities from these whales. But still it is impossible that all whales make same move at the same time. Until they all corroborate each other and manipulate market in the same way, it is impossible that they completely control the market.

barota

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Prices will decline very dramatically
The only beneficiaries are the large whales
Because they have a home and a rich life even with bitcoin if crash

Kakmakr

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Your logic makes no sense. Saying buying Bitcoin is like emigrating to a new country is like saying a homosexual friend likes fish and therefore all men who likes fish are homosexuals. Roll Eyes

A lot of people emigrating to other countries have researched and planned the move to the other country in great detail. Tongue

A lot of people start a whole new life in another country and they make a huge success of that decision. So, the lesson to learn from this is to do proper research before you invest in Crypto currencies and to accept that the move from Fiat to Crypto currencies would be a long-term decision. Wink

b3llsf1l3s

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That is why it is very important to educate people who still don't really understand the ways of Bitcoin and get their profits working. They only know that Buy then Hold Bitcoin without looking at the risks that are likely to be faced.

But this should not be used as an excuse to avoid it

Chrystora123

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Quote from: brotherwood12 on July 13, 2019, 10:29:51 AM

so true , but i think its same as other investment we dont know how or who make that price or the cause of price rising or lowering
what we can do its just analyze and hope the best for our investment

what we do is only analyze and hope.. that is true. maybe the title above is based on the OP experience when first buying Bitcoin Cheesy

, surely we will feel heavy and doubt when first investing, especially buying Bitcoin, but believe me.. you will not lose investing in Bitcoin.

shulc7

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish. Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

It is a very cool comparison. When we are going to immigrate to another country, to make sure that everything will be good, we learn a lot about all that is connected with this country. The same with BTC. Do you want to be successful with it? Learn about it!

akram143

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Quote from: franklin2058 on July 12, 2019, 11:28:38 AM

It seems nobody knows how many whales are out there, these whales maybe extremely selfish. Therefore, it is like a country with UNKNOWN Gini coefficient and UNKNOWN leaders, therefore very UNCLEAR economic future. In other words, it is very difficult to predict its future.

From what I understand, if we consider in the near future, even if the scaling problem are completely solved, bitcoin may still fail because reasons list above in terms of wealth distribution. If you buy bitcoin now, it is like immigrating to a new country. Never underestimate the possibility that bitcoin may go to zero. Do NOT be too confident with bitcoin and put all your money in it.

I think the Bitcoin is like giving the chances for your so if you think like that then you cannot be considered and more confident with your future if you put your investment then you need to be wait for the right time that is the only work that can give from our side.

hatshepsut93

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Wrong, Bitcoin is absolutely nothing like a country, because when you move to a country, you become locked to its laws and its economy, but with Bitcoin you can still use the currency of your country and participate in their economy. Gini coefficient is not really a useful metric on its own, and it's especially not useful in Bitcoin, since it's not a country. What is it to you that some people are rich - they didn't amass their wealth by robbing you anyway.

Ucy

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I don't understand your post very well. How does whales holding lots of bitcoin affect the distribution of wealth? I have seen similar arguments in this forum but they don't make much sense. Whales buying bitcoin also increases the value and price of bitcoin.

The only time one should be worried about whales is if they make average investors dump their bitcoin while they buy them up cheap and hold them long-term. I believe this will give them advantage over bitcoin market and with the ability to manipulate price

fiulpro

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It is more like placing a bet , a long term bet .. which can show gains in the upcoming year or even show a downside and hit mere a dollar per Bitcoins.
When we are going to some other country at least we know what to expect and we are well prepared,but actually sometimes it happens that you were asleep , saw the price 3k and then in the morning price was 4k suddenly .. even opposite'
But we can back out anytime is something that is a good thing, we don't have any time limit, while trading for gold you need to specify the time period of holding here everything is according to us ..

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