Topic: If I Was a Whale (or Do Guardian Whales Exist?) - page 2. (Read 3311 times)
Oh my god what a load of bullshit
If I Was a Whale (or Do Guardian Whales Exist?)
"To keep your coins, you must lose your coins"--Zangelbert Bingledack
There's been a lot of anger directed towards "manipulative whales" with the recent sharp drop in price. I understand the pain: the value of my bitcoins has declined when measured against fiat too. But what if this isn't a manipulation attempt to gain wealth, but instead a manipulation attempt to lose wealth.
Imagine for a moment that you are a whale. I don't mean a 100 - 1000 BTC dolphin, I mean a holly-mother-of-god 40,000 BTC great whale. You've already raked enough of your gains to purchase a nice house, cars, and a diversified portfolio of precious metals, real estate, etc that should allow you to live comfortably for the rest of your life. But you still have 40,000 bitcoins! You've held fairly tight through all the ups and downs so far, because you believe that bitcoin is a great advance for humanity. What would you do now?
You would be committed to making bitcoin succeed!
To make this happen, you want to spread bitcoin wealth to a wider array of people who value it. But you can't just give them away--gifts aren't respected. You need to make people earn them; you must transfer coins to strong hands that value them. So, every once and a while, when the time is just right, you market sell 1000s of coins over and over, and then market buy, and continue till everyone is exhausted. You are actually *trying* to lose wealth. You chose your strategy such that it *must* transfer wealth from yourself and other panic sellers to those that confidently place strong and sensible bid walls and ask walls. Your strategy rewards those who act to *stabilize* the market and punishes those who do the opposite. In effect, you are training market participants to have trust in this innovative new peer-to-peer electronic cash system.
I'm not saying this is actually happening--but it recently hit me that any remaining great whales are probably more concerned with maintaining the viability of bitcoin than "cashing out."
"To keep your coins, you must lose your coins"--Zangelbert Bingledack
There's been a lot of anger directed towards "manipulative whales" with the recent sharp drop in price. I understand the pain: the value of my bitcoins has declined when measured against fiat too. But what if this isn't a manipulation attempt to gain wealth, but instead a manipulation attempt to lose wealth.
Imagine for a moment that you are a whale. I don't mean a 100 - 1000 BTC dolphin, I mean a holly-mother-of-god 40,000 BTC great whale. You've already raked enough of your gains to purchase a nice house, cars, and a diversified portfolio of precious metals, real estate, etc that should allow you to live comfortably for the rest of your life. But you still have 40,000 bitcoins! You've held fairly tight through all the ups and downs so far, because you believe that bitcoin is a great advance for humanity. What would you do now?
You would be committed to making bitcoin succeed!
To make this happen, you want to spread bitcoin wealth to a wider array of people who value it. But you can't just give them away--gifts aren't respected. You need to make people earn them; you must transfer coins to strong hands that value them. So, every once and a while, when the time is just right, you market sell 1000s of coins over and over, and then market buy, and continue till everyone is exhausted. You are actually *trying* to lose wealth. You chose your strategy such that it *must* transfer wealth from yourself and other panic sellers to those that confidently place strong and sensible bid walls and ask walls. Your strategy rewards those who act to *stabilize* the market and punishes those who do the opposite. In effect, you are training market participants to have trust in this innovative new peer-to-peer electronic cash system.
I'm not saying this is actually happening--but it recently hit me that any remaining great whales are probably more concerned with maintaining the viability of bitcoin than "cashing out."
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