Topic: Is the Bitcoin Giant Whale worthy of our respect? (Read 288 times)

Of course what they do is for their own sake, they don't care if others lose or die, for me this doesn't matter as long as we can also get profit, as evidenced by what they are doing is making a lot of new rich people and reducing unemployment

Yeah, Because of their wealth, they are free to choose their own food and choose their needs and interests. Whales benefit the market, and that should at least be quietly respected. It's not necessary to exaggerate things like Elon, although Elon is not the only one to make the "double-edged sword" point of view.

Whales can't own that much, for not the reason that they do not have money, but because we all control the price way too much and there are tons of us who are not willing to sell until it is insane prices or we have too much of it.

So let's say one whale decided to form a whale group, and then they all got together and buy a lot of it, what happens? They end up buying as much as they can, they spend like 5-10% of all of bitcoin right? What happens? Price goes up, then they go out there and buy another 5%? Then price goes up even more, then if they buy another 5% then suddenly everyone realizes what's going on and EVERYONE starts to buy and they would have to end up paying maybe 200-300 billion dollars total, or even more just to get to more bitcoin levels, and that's why they can't because no whale will end up spending that much to get close to it.

True, whales have their own self-interests, just like us.

---

Respect is a strong word depend on the context. Yes, they made a lot of money from making correct decision, and I respect that. Not that I worship/admire them or hate them for their actions, as it will not affect me IRL (My "respect" in this context has a different weight than my respect to my father, my mentor, etc.). In the end, their actions are for their personal gain, not us.

The crypto whales can theoretically control more than half of the Bitcoins in existence,but they have to be responsible,because every mistake made by a crypto whale can easily crash the Bitcoin price and therefore the whales could lose money(at least in the short term).
The crypto whales need all the small investors,because they are profiting from market price pumps and FOMO,but the small investors also need the crypto whales,because crypto whales can help for pumping the Bitcoin price.
This can be a symbiotic relationship,but sometimes it can be damaging for the small traders/investors.  

after reading this thread my mind immediately went to one name which is Elon Musk. many people say that he is a whale that can control the market.
I think not all whales are like that, there must be some whales who genuinely want to invest and think about the healthy growth of bitcoin.

I mean the way they move the markets to their favor even if retail investors go negative from doing so is your kind of criteria for respect then it's on you but I don't think respect should automatically be given away because I grew in the idea that it should be earned more than anything else.

I don't think ordinary crypto users should be concerned with super big whales, as they are two different worlds. As for influence, it is certainly the big whales that influence the crypto market and do it only for their own benefit. If you still think that everything that happens is for the benefit of the entire crypto community, then you are wrong. In the crypto market, as in the ocean, there is always a war for survival.

For Xiami who holds Bitcoin, the giant whale is worthy of respect. When all the shrimps attack the giant whales, maybe the giant whales will sell the bitcoins in their hands. It will only harm the shrimps holding the bitcoins, and will not affect the giant whales themselves. So I think there are some in the ocean. The strong and the weak also have an ecological balance that depends on each other to survive. When the giant whale continues to hold Bitcoin, there is still room for Bitcoin to rise!

The problem with having Giant whales is that small time and even big time crypto enthusiasts ends up losing their opportunity whenever the whales are manipulating the market. If you'll think it through, why would someone need to hold too much bitcoin without even considering how much it may help others if they just let it circulate continuously. Considering the amount they are holding, they can move the market whenever they want to and it is clearly unfair for many. Maybe we should start strategizing on how we can beat or still win as they play their game, unfortunately we have no choice left about it.

Thank you for your patient response. I am worried that it is actually whether Bitcoin can develop healthier. Many giant whales have released a lot of news to guide the trend of market prices. Bitcoin's volatility is very high. This thing does have pros and cons. The disadvantages are The intention to panic in the market is beneficial to allow Bitcoin to keep adjusting its disk and to let unsteady speculators leave the market.

You do not have to worry about controlling half of more because most of the coins that were mined already got stuck with either satoshi himself or people who lost their coins, technically creating a "fake" burn of those bitcoins, it is calculated over 2-3 million by now. That means we are basically already at 10-20% all gone, and there are exchanges, do not forget exchanges and those people do not want bitcoin to be fully gone, but they have a ton of crypto which means they own a lot of the money that can cause their own business to collapse if crypto crashes so they rarely ever sell them, or do sell in bulk to corporations like how Tesla got 1.5 billion, not like Tesla created a binance account and bought it, was off the books type of deal.

So whales can't really own that much, because it would limit their own movement and would make it suck, they can however increase the price a lot, which means owning 10% of all bitcoin when price is 1k means nothing compared to owning 1% of all bitcoins when price is 100k.

I agree with your point of view, perhaps because of their immorality or their wealth obtained by means that cannot be told to others. Where the money will be used in the future or what benefits it will bring to everyone is also to judge whether his approach will be respected.I personally think that when I have huge wealth, I should have some sense of social responsibility, but the Musk you mentioned, I think he treats people all over the world as fools, which is annoying.

The market is being moved by thousands of pips not just few like the normal small lot sizes or funds we do use to trade which could never have effect on the movement of price. The whales are in the market to help move the market not just manipulating the market price only. Without their influence in the market, I'm sure price will remain stagnant because their is no huge lot sizes or big amount of funds to push the market to any direction. They have greater role to play in the market.

This is why smart traders should be always careful of not trading against the whales cause it would always end in tears. The whales deserves our respect in respective of their uncertainty of price movement in the market.

They helped move the market and get it recognized into the world stage, so I guess we should still thank them in some ways but not to the point that we revere them as gods. Also over time, whales will eventually lose their control on the market as more and more people get involved in bitcoin. They will continue to exist, that's for sure, although the amount that they can buy as time goes by will also diminish since price will also get high, and I don't know if people with deep pockets will always have that drive in them to risk a lot to gain a few.

               Of course these giant whales deserve respect. Being a whale itself requires so much from a person and is definitely a huge accomplishment. You have to be different from others to be able to achieve such a feat. And trust me, in this type of world that we live in today that scoffs at uniqueness and individuality, sacrifices, effort and pain are unavoidable for these people which only deserves great respect. What they do while they are a whale though is a different story.

There is honestly nothing wrong being rich and investing in the market big time. The fact is what you do with that money will not only influence your life but also the life of many small investors. Some of the people who are big time holders are really good. They not only help stabilize the market but at the same time they also help in long term gains.

I am not saying this is the case with every whale out there but some of them are actually essential for the whole market. Consider Elon Musk :- I do not respect the man for what he did for the market. But he did make some people rich with his market Manipulation, now those who were able to gain a lot would worship him. This is a matter of opinion. For the bitcoin community he did terrible things.

Every investor have the choice to use their investments the way they desire but at the end of the day we will only see very few rich people with morals, maybe it's their lack of morals which makes them rich. Who knows.

I don't think they should be held responsible for making Bitcoin healthy, I'm not even quite sure what you mean by that. However, in economics those with a large share of the market will always influence the market for others whenever they decide to move money. This happens in fiat currencies as well as cryptocurrencies, yet we don't really expect those involved in fiat to only do things for a healthy economy. Usually, whales are businessmen, who want to make more money so when they are moving money its usually an investment or a way of taking money out, and putting it elsewhere. They aren't going to take into consideration the effect it has on the market, unless they are trying to manipulate the market to profit directly off of it.

Market manipulation is a problem, and there should probably be counter measures to try, and prevent it. However, its hard to identify what is natural usage, and clear market manipulation. Elon recently has been accused of market manipulation, but I'm not entirely sure I would agree. The thing is when your famous or you have a lot of money, people will accuse you of things for just having an opinion or taking a certain action, even if it was not your intention. So, while whales most definitely exist, and influence the market, I don't think they should be held responsible for helping Bitcoin, at the end of the day they are just trying to make money like you, and I. Besides, placing this responsibility on them is almost censorship, and that's something we should be trying to prevent rather than encourage.

If we justify the government who takes the complete control of the fiat money and prints as their wish then its okay to give respect to the whales because they are not entirely controlling the bitcoin, they holds more bitcoin so if they want to take risk then they can manipulate the prices only but anyone can benefit from whale's manipulation but everyone lose their assets value when government prints more money.

What makes you think that Bitcoin wouldn't reach where it is now if whales didn't exist? All whales do is hold coins, pump and dump. I don't "whales" participate in active development.
And will you still be thanking them if they start selling their "massive bags" that you are talking about?
They never will be able to control more than half or 21 million coins. They will have to eventually sell to make profit. When they sell, the coins get spread. So as bitcoin becomes more widespread and more people starts to invest in bitcoin, there will be lesser whales in the market.
Has it? Look at the long term charts and then tell me again that the price have fallen dramatically.