Topic: buying bitcoin is like immigrating to a new country (Read 924 times)

You are absolutely right, there are lots of developed countries that has bought into the idea of the bitcoin cryptocurrency now, and many of these developed countries has even been using it for a while now without seeing any unpleasant effect off it on their countries and their economy. It is when people has not applied it that they assume it will cause damage, but those who have applied it will testify as we can see that there has not been any negative news from the government of those using It already.

It is just Like you said, to get all government together to put a stop to bitcoin will be difficult as we will have many countries that would still be suing it, and any local exchange will simply just operate off radar and then people would still be able to change their crypto.

But let's be realistic, it's never going to happen. There are many disagreements between governments regarding many things. What is illegal in one country can be perfectly legal in another. If almost all countries in the world would ban crypto exchanges, there would be still at least one or two where those exchanges would be flourishing, and then, seeing the economic benefits of such legislation, other countries would follow. Also, currently, there are no signs of banning crypto services by most governments in the future.

Whale thinking in every country is different, just as the whale in country A wants prices to fall, but the whale in country B does not want that, then the whale of country B will immediately recover the price and this is where war the dumping and pumping between the whales, so prices will always be balanced and a little the possibility to fall to zero.

But on the other hand we also can not be confident that bitcoin will become zero, it could have been if all governments in the world banned the circulation of bitcoin. Maybe we can still trade with bitcoin, but we can't withdraw it because all crypto services will be banned by the government. That's when I think the value of bitcoin will be zero.

I too think that dumping big amounts by whales is a very unlikely scenario. I mean, even if one of them decided to do that, others would quickly buy up his selling orders because they are not interested in the price plummeting.

To OP, maybe buying Bitcoin is like immigrating to a new country, but this new country is much better than the one you've been living in before. Anything can happen, right, but the probability of Bitcoin going to zero is extremely low. People moving from Congo to Germany don't expect to find the same situation there, and they are right.

In a real-world, no investment is really safe, even the most stable banks are having a bank run, don't always 100% sure on your investment, in stock in in real estate, always have something to keep in times of emergency, read a lot of articles about investment and keep updated, it's your ticket to wealth.

it is so correct. i was also thinking about it and finding my salary very low comparing to the earnings and potential in the crypto market. but when i witness that long bearish season i realized that working and continuing with the career is a must.

The same way barter became outdated and then replaced by money is the way that money too can become outdated and be replaced by cryptocurrency. After all, money was first created and proposed by someone, which they saw the sense in it and then probably adopted it because it will make the means of transacting business easy.

In the case of cryptocurrency, it was actually meant to make the means of payment easier than that of money, and if not because of the decentralized technology of it that they do not like, government may have actually adopted it by now and then also pass it into law. So, bitcoin is still very new for it to even think of getting to zero, it is still at the stage off getting the attention of government and many users, so what will zero it now?

I agree with you, But I still want to tell those who put all money in bitcoin, Don't give up on your normal work and life, Indulging in it will only be counterproductive. Even if I have some bitcoins, I will not give up my career. Now I have 3 b2c websites which selling many kinds of products, like sololita , midilady and wigs, I meaning abandoning your career will put you in more risk. If you fail, you will have no retreat. This is really too risky!

I don't think that is possible to happen in bitcoin, unless if all country has banned bitcoin, even though the country was banning bitcoin still there are few people use bitcoin so I don't believe it will turn to zero value. The price of bitcoin depends on the demand and the supply and I think there are many holders together with the whales. Also, in addition, there are miners who keep mining for bitcoin transactions fee so do you think Bitcoin will turn to zero value? And of course, speaking of investment only invest what you can afford.

If whales are planning and that in the future, i'm sure the price would plummet hard but why would they do that?
What's the point of holding a bag of coins if there's no value at all?
I'm pretty sure whales aren't planning like that if they want to circulate the money then they will have to circulate their Bitcoins too, somehow.

if you think about financial power of the bitcoin yes. you are right. but if you consider the potential of the blockchain technology i would say that it is like exploring new planets. much more than immigrating to another country. 

Thats the point. Crypto is all about speculation

It's everyone's assessment to work for their future, there's no clear destination indeed as everything still relied to speculative guessing if what path bitcoin will go, same with migrating as the title itself you are moving into something that you are fully new and you don't have any specific road to take, what you have is the guts to believe that somewhere out there you'll find comfort and success, you'll continue to travel surviving for what the industry will brings you out.

I think it's quite the opposite. If some whales lose their wallets there will be less BTC available for purchase, and with the same demand the price should rise instead of going to zero, as you suggest.


There are thousands of "new Bitcoins" listed on CoinMarketCap already. None of them can replace BTC, and although some of them claim to be better in many regards, the probability of such a replacement(even in the far future) is close to zero. Keep in mind that Bitcoin is not standing still, it's evolving, having a great team behind it.

everything is similar to the real life we live in , using something new and without clear established rules aka decentralized
immigrating to a new country could be a huge success - one could blend in , find a good job , get a good mortgage and live a full life
it could fail dramatically too , it all depends on what and how you do it
with bitcoin it is same: you can buy it on the highest of peaks and then sell cheap and regret about it , writing about how useless it is everywhere
or you could use it wisely , buy and hold or pay for things that you need
putting all your money in bitcoin is not a wise thing to do , same as with any investment , you do not go balls deep all in

That does not come in my mind, I know buying bitcoin is risky but I don't risk a lot on this, and even if I lose, this would not change my life, nor affect my life but if this will become successful, I am hoping it would give me financial freedom.

Maybe my goal is just too high but that's just the way I think, because I believe we are in the early stage still and therefore it's potential to be successful and bring success to its investors is also high.

Indeed bitcoin does not have a full holder that we know its identity, or we can say we buy the currency from satoshi nakamoto, moreover bitcoin has a digital concept that is true as we buy and are in a unknown country.

You should know that behind Bitcoin is blockchain technology that has transaction advantages, we really can't underestimate the possibility of bitcoin becoming zero, but if you imagine that blockchain technology is adopted by several large companies, then what percentage of bitcoin becomes zero?. We see that big figures start making cryptocurrency like Libra, so I'm sure this will have a better impact on the development of cryptocurrency not just for bitcoin.

Don't talk that it's impossible, in the future everything can be possible with what you say is impossible now. Have you ever studied history when in ancient times, everyone transacted with barter, where they exchanged between their belongings that other people needed and the things they needed. But over time, everything was replaced with money, well maybe at that time someone said like you, that it was impossible to replace the barter system. But believe in the future there will be a currency that is better than bitcoin, of course it's still very long. So enjoy your bitcoin now because I'm enjoying it now.


To make bitcoin to zero, I think it takes more than a century. It is true, when the whales sell all of their bitcoins, of course there will be other whales that are ready to accommodate, even though the price will go down but the demand will rise again over time.

Even very bad news won't make bitcoin zero, even though all countries prohibit the use of bitcoin, the value of bitcoin will not be zero. If you know, there are actually still many other parts of the internet that use bitcoin as their payment method. Maybe bitcoin will be zero, when there is a new bitcoin in the future, but what is clear is that it is still very long.

That is entirely possible. Because Bitcoin is without the manager and the valuation of Bitcoin being raised by the whales is very high. Therefore, if an economic day is in recession, I don't dare to guarantee that Bitcoin can maintain its current performance.
or if some whales lose their wallets, I think Bitcoin will lose more value and possibly to zero.

Yes as a volatile market you can say this. Actually all are unconfined here abouty crypto market so that market is too much unstable. There is no regulatory board that can control market as well as. So anytime it can be zero or it may be high. But those we who are crypto lovers try to long live crypto.

I believe it, maybe will out from crypto when time has come. It is right even it has possibility to be zero but it is very small maybe need a many years or maybe very bad news to make bitcoin to be zero.

Not everyone can afford to migrate to a new country, especially if the country is a rich country with high cost of living, with this bitcoin has given the option to start from a small country to have the chance of living in a big country that has cost of things. With the decentralised option of bitcoin, more people will have the opportunity to migrate to any country of there choice at the long run.

Bitcoin will never go zero and I will give you just one reason. I will not argue it with you that we still have whales who are manipulating the cryptocurrency market now, and especially that of bitcoin with large funds and this is why we have been seeing the high fluctuation most time, but as we grow in bitcoin, their activity will gradually start becoming less because bitcoin has infinite supply, and they will not always get bitcoin to buy once bitcoin supply becomes fished.

By that time too, they would have pulled out virtually all their investment, in which the value of bitcoin would have also becoming too high for them to manipulate. Bitcoin is still very cheap now, and reason why they can buy as much as they want, so someone with 500 million dollars now could invest and buy up to 40,000 btc, but what of when bitcoin becomes 1 million dollars, how many of bitcoin do you think they will be able to buy, and how would they manipulate the market with such quantity.

It's hard for me to believe that Bitcoin will go to zero because of the distribution, it could go to zero if there are disruptions in the blockchain, but not in the distribution, because even if these whales dump their shares, there are still buyers, it's better that these whales dump their shares so we can have equal distribution, if only people are willing to buy.

I'm not sure what you are trying to get across here

Yes, Bitcoin may kick the bucket, but most certainly it will be the last to do so among its rivals and peers (read, other cryptocurrencies). And what does that have to do with emigrating to a new country (as it should definitely be emigrating, not immigrating)? For an illustrative example, imagine you buy a foreign currency, so do you really think yourself like moving to a different country? Although I agree that by buying a foreign currency you expose yourself to the risks which are inherent to that currency, your comparison still seems to me a little bit too far-fetched

Bitcoin itself is not risky, but we are the one that has created the risk we see in it now for our self by strictly turning it to investment, everywhere I go, everywhere I turn to, all I see people speak of is investment, if we were using the cryptocurrency properly, I am sure that the whales would not even got the chance to be able to invest largely in it.

Imagine that I get paid in cryptocurrency now, and I move it immediately into fiat, would whale be able to manipulate the market if I don’t have any saving in it, but because we only see it as investment, that is why we put so much money and leave it in the market for too long hoping that whatever we kept there will multiply our savings. Many investors needs to be wise and be keeping only money that they can afford to lose otherwise, they will keep enriching the whales.

Honestly speaking, I am sharing your reservations in a way. I am not a fan of whales myself. Especially with a digital currency which is very sensitive to news and decisions on the trading platforms, its value could easily be affected by whatever the whales may decide to do. That is something that puts the entire fate of Bitcoin in their hands. But I hope that as Bitcoin grows old, adoption will grow wider and wider and Bitcoin ownership will also be spreading.

The moment we've entered the crypto world, we are aware of the complicated consequences like whales, market's volatility, higher risks and etc. Therefore, we know exactly that when we buy bitcoin we are taking the "unsure" results. Bitcoin's ability can't be predict, it can easily dumped or pumped higher unexpectedly. Thus, we can not underestimate it.

I do appreciate your statement as it is an eye opener to most of us here not to put all your money in bitcoin investments. That reminds me of a saying, invest money that you can afford to lose.

You are so right about that, even if bitcoin dumps so hard back to its original value, it would not still take up to a year for the price to bounce back, bitcoin is not like other altcoins that we see in the market that once they are manipulated and dumped, they end up dying. Bitcoin has too much of use case that no matter the dump, it will only halt for a short time and then pick back, op should not forget that this whales are somehow still a blessing in disguise for some people.

without the whales to pump the coin a little bit and cause fomo that would increase it, there is no way those who bought at dip would make money, so whales will always manipulate the market, but we can absolutely learn to play along with them.

Whales are here to stay because this is a free trade no one can restrict anybody to buy all he wants to, like the old saying fortune favors the bold, and in every market, there are always whales, whether we like it or not, and I don't think the distribution will be a reason for it to go to zero, maybe if there is a disruption in the blockchain.

you can do a research before you migrate on a certain country , you can know thier leaders if they are freindly but on bitcoin its pure unpredictable therfore  i wont agree on what you have said although investing on other cryptos can be a simillar when your migrating to a new country because you need to do a research first if what cryptos are the best  . back on bitcoin , i dont agree that bitcoin can turn into zero , but i agree that it will decrease though not too much .

The power of technology is seen throughout the world. The continuously moving and upgrading of globalization helps the people to connect wherever you are in globe. In fact, it is not only in form of cryptocurrency that will connect us all people. But in different forms, we are just like immigrating other countries. Because of global interconnected, we are highly benefited. Specially those who are giving the opportunities to become wealthy.

LOL if only 

Manipulation exists everywhere, be they the stock market or company stocks. There's nothing that can be done to completely eliminate it.

The main benefit in bitcoin is that you can just start small. If ever you lose it, it's not much of a problem (in general, you should NEVER risk all your money in just one thing). The likelihood of it totally going to zero is also not large as compared to some stocks which may never recover. If the whales dumped bitcoin hard, there would always be people who would risk buying the low. I mean, people bought it when it was $20.

That's what people say "never put all of your eggs in one basket". I agree that starting with the new technology like Bitcoin or any other cryptocurrency is like migrating to a new country or learning a new language but at the end it all worth, you will get the fruit if you give your time and your patience in it. I know it's not easy but if you want to get something new and very cool you have to get out of your comfort zone. And by the way in some years Bitcoin will actually be like immigrating to a new country because of Bitcoin.

Incredibly hard to understand what are you trying to tell with this post.

You start by talking about whales and then jump to some problems which bitcoin has to overcome technically..
If you want to say that whales can make btc go to zero, you are wrong. Manipulation exist especially in these markets but noone is interested to shatter bitcoin completely because then there will be no money to be made.

However investment is risky and everyone knows that. prices up and down can be caused by many problems and of course we are difficult to analyze, but if we do not have the courage to do something we certainly will lose the opportunity that should be obtained.
bitcoin is an investment and opportunity, a good opportunity is not at any time to be repeated with profitable things.
 

They exist mate, they are just very clever in the way they operate, wall street started this and it is not hidden to know that they exist, the reason why you don’t see them is because they basically operate over the counter, so you would not see these whales really manipulate the market online, they do that more over the counter.

When they want to sell their coins that will make the market dump, they do all that over the counter. I know we have quite rich people, buy they are not enough to really manipulate the way that whales do manipulate it. I believe that they are able to do this because the technology is still very young,but once the market becomes fully developed like the Forex and stock market, all these will surely stop.

This bubble theory still persist on some people even though we are in the tenth year, there is no country to migrate we all started the same, we just need to educate ourself first, nobody comes here that already knows everything about Bitcoin, and about whales, every trading market always had whales or a group of whales, not really new.

Are you referring to whales not being able to cash out as they please? They surely can. The spot market has been dwarfed by the OTC market in the last couple of years. Bitcoin doesn't suffer from a lack of OTC demand, more so the lack of supply. The insane on-chain value transfers suggest how vigorous the OTC market is.

I find it increasingly interesting how people think that we'll ever reach a point at which wealth distribution is something that can/will improve. It will never happen. Smart money will always be able to multiply and be ahead of inflation and whatnot, while dumb money will continue to complain about how unfair everything is. If they spent as much time working on improving their financial situation as they did complaining, they might have actually improved.

Well I do respect your own insight towards bitcoin and yet you do have a point that everything on this crypto sphere is uncertain.

Terms of wealth distribution?This isn't similar to fiat even though there are some numbers of whales but those people cant completely move out
the market as they like.Imagine on how big the community who do support it.

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.


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.

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.

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.

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

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.

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.


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.

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.

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


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


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?

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.

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.

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.

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.

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

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

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. 

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

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

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!

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.

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.

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

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 ..

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

The difference between bitcoin and other nations is that whales can only affect the price but not bitcoin itself.

Even if you are huge miner we have seen that people like Jihan Wu and Roger Ver who have controlled the biggest mining operations everywhere failed to bring their own version of bitcoin to life and we moved on with segwith whereas they had to create their own version of bitcoin with bitcoin cash. That is why even though we do have whales and do have some rights and can ruin the economy whenever they want, that will only affect the price of bitcoin and nothing else. That is the freedom we like in bitcoin, a person with a lot of money will not be able to bribe their way into making bitcoin 31 million limited instead of 21, or they can't make the blocks bigger, or times slower or whatever else, it is not possible, that is the type of innovation finance needed.

Owning Bitcoin dont mean you lead it.  I have no correlation. Bitcoin is money to use. Bitcoin is lead by developers, miners and infrastructure. Those that use Bitcoin are part of infrastructure.

So to summarize your theory,bitcoin is like another country just because rich crypto whales are using it and there's inequality.Sounds stupid to me.
If there leaders were KNOWN,would this fact make the economic future CLEAR?
I know that bitcoin price might go to zero and i'm not over-confident about the future of bitcoin,but all your statements are plain stupid.

We can base on that.

It is like immigrating there with a lot of dangerous people and expensive living. It is fast and reliable but there are a lot of people lurking around taking advantage of the status they are in.

Ah, I understand your point. So what are you trying to say with "immigrating to a new country" is that you are buying more but getting less in return just like converting 1 Peso to 1 Dollar,. They have same amount but got different values since P1 is only equivalent to $.02 assuming a $1 = P50 rate; and the same thing applied when converting fiat to btc. Well, that's the nature of crypto and the only thing we can do is to adapt. If you are complaining about the wealth distribution then ask yourself once again, ask "Why I didn't invest into it when its price is very cheap", "Why I didn't believe on its future during its pioneer days?" Apparently, its your fault not the whales simply because they knew how to risk something to get something bigger and here they are now the billionaires of our time. If you think they are unfair for having huge amount of btc then you're wrong, they deserve it for all of the sacrifices they made. Anyway, if you really don't like crypto then you can stop it using anyway but just don't expext that everybody follow your lead .

My advice is try to look at the better picture. Imagine what if the price soar very high? That was so great, right? Because it means that you are "immigrating to a new country" once again — from a wealthier country to a poorer country. That was a lotvof money this time. I hope you get my point .  

Yeah, the possibilities were always there but its price will not drop suddenly to zero in just one day so there's nothing to worry about. Its price declines in a slow manner, and knowing that, you still have the adequate time to assess yourself; to decide whether it is now the right time for you to continue hodling or stop. Losing a lot of money is still preventable.

Bitcoin is not like immigrating, you are using a crypto currency and being introduced to financial freedom. You don't need to follow cultures or traditions, you just go with your own methods or wants. We don't have the government, we don't have leaders but we all have that people who can affect the price of it in their own profit.

Market manipulation is done by the whales, and the same is possible to some extent, beyond which it is completely based on the demand to the supply. Scaling issues have been found long back and the same is being rectified with better development plans. It isn't same as getting into a new country as immigrant, because to use bitcoin or cryptocurrency it is a very simple process you doesn't need to follow a big process as there is no authority, while to be an immigrant it takes even years.

First of all, I appreciate your skepticism. But I'm not sure whether or not "immigrating to a new country" is the right analogy to make.


The question probably boils down to, do the whales matter in terms of keeping bitcoin's network running? Is a leader required for the network to function? The answer to both these questions is a clear and decisive no.

Sure, traders with large positions are able to influence the markets in a drastic way; but in what open market is this statement not true? Virtually in every market, futures, stocks, commodities there are big players and small players, that's just the way it is.


You have to realize that wealth distribution isn't something that the currency itself can solve. Also, looking at the gini coefficient of BTC alone doesn't tell you the whole picture, since a lot of coins are centralized at certain exchanges that do not legally belong to these exchanges.

At least with bitcoin, you are sure that wealth distribution is transparent and immutable. Contrast that to fiat, and you'll see the obvious benefits.

Of course. It is like a new country; a new country where the people actually make real decisions. I quite agree with you that there are selfish whales out there. There have always been those kinds of whales, even before the advent of bitcoin. And those whales only have little effect on Bitcoin.
And of course, It is not advisable for one to put in all their money in one place. Not just Bitcoin.

It's an interesting comparison but actually I can't see any connection. Bitcoin is not tied to.any country and to be more precise it's not actually a currency so it's not tied to any economy or monetary system of any particular country. Amd that is advantage of Bitcoin and that is why is available to everyone, everywhere.

Whales do not control bitcoin directly to issue bitcoin. They might be holding a lot of coins on their arsenal but knowing how many whales are there, and knowing that they may possibly not know each other, they still have their own agenda and own moves in the market making making the whole control of the economy seem almost impossible, not unless they band together and manipulate everything up to the tiniest bit.


I'm pretty sure wealth is always distributed amongst those who stayed on the bitcoin train every time the coin dies a little, or faces an extreme correction, and it's just that the whales know better that's why they end up buying the most coins, stacking it up and sell at the right opportunity. It may be a flaw for wealth distribution but it still is wealth distribution nonetheless.


That's why one should always be 100% sure before investing their money into high-risk assets such as bitcoin. Remember the Lehman Brother's which effectively closed down in 2008? They were confident that they were 'too big to fail' and jokes on them, they fell down and bankruptcy went after. Bitcoin is no different. Anytime, a similar scenario could happen and it could fall down to zero so don't ever put all of your eggs in a single basket.

Mining looks centralized, but isn't so under the hood. Behind a seemingly big pool there are thousands of smaller miners pointing their hashrate to them.

Bitcoin's smaller blocks give miners the incentive to include transactions in a block, while before they may have not really done it. I remember a time where Jihan Wu was mining empty blocks just for the heck of it; the transaction fees didn't add up to a decent enough amount so he couldn't care less about transactions waiting for confirmation, which is completely different right now.

Look at BCash's network for example. Some miners have been mining empty blocks or just the transactions that were of their own. It's an easy to exploit attack factor.

To me,it can't be linked to a country simply because it's an universal currency that can be used worldwide but contrariwise each country issues their own fiat currency that can solely be used in that country.Can you see the difference now?

If most of Bitcoin is mined in China that doesn't mean that Bitcoin is centralized in China; you should reconsider your definition of centralization.Having most of the mining power coming from China isn't an issue at all,if China or miners in China decide to stop mining Bitcoin, the network won't be destroyed or heavilyaffected,there will always be someone who is happy to mine the free Bitcoins.

Whales do exist and no one can prove the opposite.

Bitcoin is a crptocurrency, it's a digital form of currency, it's far different from the regular fiat currencies, it's decentralized(no body controls it) as opposed to fiat currencies that's controlled by the government and banks.

As for mining been centralized, anyone may be possible to  a mining rig, but cannot control or hijack bitcoin transactions, all miners do is to validate the transaction, they have no effect on the price and doesn't make bitcoin any centralized.

You must be aware of forex, indexes, commodities, shares, stocks, etc. right? Don't tell me that these such things can't be manipulated? Then why not crypto when it is still very early for many users to understand the basics of trading in crypto? Anyways, it was long ago when people used to do it, but now investors have gone smart and they know that the sentiments can't really be controlled due to the fact that this crypto sphere is being spread at a wider margin and they can't really get to pay the price it takes to manipulate it. A recent example was when a trader tried to keep BTC stable at 12100 on Binance with a huge 1.5k BTC sell wall over there while other exchanges were having its value going in surplus with more than (at least) $400 extra on each exchange. What happened? His BTC got eaten up by other whales who wanted the markets to stay up. So, we've got a very strong buyers' base here if we've got shorts.


I'd vice-versa your question on you and would like to ask you if you've got the data to prove us that there are such whales who got the guts to still control the markets?

We don't know for sure that "they can only manipulate the price for a short period of time", people with advanced manipulation techniques is difficult to imagine. How comes there are so many dictators out there? Because they manipulate people for long period of time.



Bitcoin is a currency, a country issues currency, therefore I can't see why it can't be likened to a country. Many countries issues currency that depreciate over time, bitcoin doesn't issue a lot, that is the difference. The network may not decentralized: mining is probably centralized in China and a lot of whale may exist to manipulate to market. (See the part "Trend towards centralization" in https://en.wikipedia.org/wiki/Bitcoin#Decentralization).

Could you please give data or source to proof the claim that there is no whale? I really don't understand this.

That's if there are any actually, and even if they do exist, they can only manipulate the price for a short period of time, not totally run it down to zero as you claim possible.
Bitcoin cannot even be likened to a country in any way possible, this network is decentralized, no one can control it, there are no leaders(whales) and it's future seems bright judging by how it's doom has been predicted time and again, yet failed.
The first rule is never to invest more than you can lose, every investor should be aware of that.

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.