Topic: LOVE (??) THE WHALES: WHO THE FUCK ARE THEY? - page 2. (Read 299 times)

why would you?!
exchanges don't publicly announce who has bought how much bitcoin from them, that would be illegal. and there is a lot of different ways to buy bitcoin than going to one place and buying it in one chunk!
besides in 2016 the price was mostly around $500 and as low as $300 and 1000BTC would have been $300k to $500k which is not that big when accumulated over time.

and why do you choose 2016? i prefer using 2015 which was the bottom (similar to 2019) and price was as low as $150 while residing in $200 range for a long time. 1000BTC would have been as low as $150k. and that is without trading profit.

that makes no sense!
you have to be either a developer to have any "weight" or start a centralized company which goes against bitcoin to have any "weight".

besides one thing that is important for many bitcoin users is privacy. and bitcoin technology created in 2008 is already good and doesn't need growing.

it would have been true if they were forcing people to hand over their money!
when newbies panic sell or refuse to buy when price is low it is not the system's fault or the whales evil plan!

for example i remember back in 2014 when i started most newbies were adamant that price will never go up and weren't buying at prices between $150 and $500 and look where we are now. you can even find their topics talking about falling down to $20.
nobody forced them at gunpoint to not buy bitcoin or blind them to see bitcoin's potential or the "technology". it was their own damn choice.

this will happen all over again in about 3 or 4 years when people complain about "whales" having lots of bitcoin while it costs them something like a million bucks to buy 10 bitcoins!

I'm not going to lie. For every Phat stacked bank account out there spouting about this investment or that. There are 1000 others doing their thing behind the scenes. Not everyone out there is looking for fame, most settle for cash.

Much like my opinions on most financial matters I'd love to see some form of leveling event happen that would encourage wider mass adoption and less concentrated accumulation. The problem is that any such event is likely to play out in a similar fashion. If the price did a rebound down to 5k, who is going to buy it up... probably not the masses as it will be seen as a sinking ship. The same people accumulating now though will grab it up with the cash they've already made from BTC and whatever other early investor coins they've profited from.

There are some out there who are using their positions to educate assist and create a market for crypto in general. Hell even some of them earn the hatred from the masses, because we don't agree with their vision. It is what it is unfortunately. It's not like it's been a hidden fact that there has been massive price manipulation in the past. Hell a 1000+ BTC movement from a wallet to an exchange drives people bonkers. Then brings in the calls for regulations to make sure these whales don't manipulate anymore... is that what the majority of users want now?? Not in general.

I'm not surprised when I hear that "Whales" want to get more BTC. This can make up a large group of people or entities look at Grayscale and what they've been up to.

https://news.bitcoin.com/grayscale-buys-33-of-all-bitcoin-mined-in-last-three-months/


Vent away good sir... much like the rest of the world issues you learn to live with it and try your best to not b part of the problem.

I'm not entirely sure what point you are arguing for honestly. But from what I gather, many people that invest into Bitcoin even on reasonably large scales will probably do so privately. I agree with you that whether or not its more "whales" or the general population doing the buying I think is hard for anyone to discern unless they were at the helm of a major exchange and could see what was happening on the backend. I'm guessing that article or others like it are a lot of conjecture / speculation. I think all that regular folk could figure out would be if large wallet addresses are getting larger but that will only provide so much information.

As far as the actual elites getting involved, I think it's still too novel of a technology and there's still no reason to really touch it. Most billionaires can't really invest into Bitcoin in any super meaningful way. Bitcoin has a market cap right now of around $200b. But if you do the divide by 20 principle, there's probably only about $10b of actual money in Bitcoin presently. Investing much more than an 8-figure ish amount at those numbers becomes incredibly impractical. That just simply isn't enough. Aside from that impossible logistical hurdle, there's all the legal uncertainty, novelty in technology and other issues and BTC getting taken mainstream is incredibly difficult to do.

In my opinion, it will happen with time, but it will be far from over night. And a simple article will always generalize a bit too far.

Someone posted a topic about an article claiming that the "Bitcoin Whales" have been accumulating and increasing their BTC stash post the "Black Thrusday" event. I replied that kind of metric is simply a false comparison. It is comparing a bunch of greedy motherfuckers against the over 90% of people who actually believe that BTC is worth something and hold less than 1 BTC. There is no reliable way of knowing who exactly these whales are but I am pretty sure they are not "wise investors", as one reply in that topic puts it. These are people who chanced upon bitcoin as developers, cryptography enthusiasts, silk road traders or even plain-ass scammers. These people have actually made their wealth from the 1000s of BTC they held while bitcoin went through ATH and present levels.

Some people think that some of these whales must be newcomers interested in technology. There is plenty of evidence that this is not the case. A newcomer whale interested in technology and buying 1000+ BTC post 2016-17 would have been a seminal event and we would have heard about the individual or institution all over the news. Any such recent whale investing on basis of "technology" would put their weight behind the technology and would have put all their effort to make it grow.

How many times have you heard news about VCs, Startup Incubators or other such funding parties come out in the open and declare that "This is the technology of the future and I am investing a Million dollars in it"??Have you?? Give me one example and maybe we would have your "technology" whale. If we had even a few of such individuals, you would be seeing a far more concerted effort towards mainstreaming the technology. You wouldn't have so much misinformation on media because a group of such people would be working towards ensuring that the regulators don't get to take a one-sided view. Nothing of this sort happens. People like you and me talk it out on this forum, one of the last bastions i guess.

Most of those other bastards are doing exactly what the wealthy elites have always been doing. Milking the rest of the people for fiat money while bitcoin is kept propped up by the belief of the >90% that hold less than 1 BTC. That is the sad truth. Right now, this is just another "Rich getting richer" scheme. Maybe I am just ignorant of these technology enthusiasts and am wrong to point out that the whales are little more than the wealthy factory owners in this very communist ecosystem.

What are your thoughts on this?

Do you think there are people out there with the dough and the willingness to make a difference?

---

---

This is basically my rage post against those elusive "Whales". My earlier thoughts weren't like this. I used to think there was a case for Bitcoin champions.