One thousand people control 40% of Bitcoin - page 2.

Glutius

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Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

I think this article is made specifically for intimidating new people who are just beginning to be interested in bitcoins. But even if this is true, these bitches will not be sold soon, at least in 2-3 years.

petrov trevor

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not surprisingly, many mined the bitcoin when it was worthless and keep them, together they had to create a comunity and since they control the market

Clos Belmont ICO

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Quote from: heureca on December 08, 2017, 08:33:55 PM

Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

I suppose that 1% of people have 99% of all fiat money) and they are also well-known persons and know each other..) it is normal for our world at all

This is a very reasonable assumption!

A1exander

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The data may be somewhat inaccurate (some addresses may belong to cold wallets of exchanges), but it's not surprising, The majority of wealth (irrespective of form - money, shares, etc.) in the current economic system is always controlled by a small minority. Forking or anything similar will not help.

johnwarren12

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Check out address number 4. 79k BTC since 2011. Probably he has lost wallet access Cheesy

Vannie12

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I think this may be possible if we will be talking about rich people. Rich people can hold as long as they want. While people who depends on their earnings here will probably spend it instantly specially when they need to support their monthly bills.
But if we will be pertaining to the massive number of users, it may be not accurate too.

RamonBTC

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In a cryptocurrency world most that acquire much number of bitcoin are those who believed in it in the early age and influences a friend or someone they have contact with. I don’t see any irregularities with that. Those 100 richest man in Forbes is even connected to one another professional as partners then what’s the difference.

CryptoBry

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Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

There is no point to be afraid of these people because they will not be able to harm us. There is nothing we can do about it since these people are those who took the big risk believing in Bitcoin when its future was not yet known they took a big gamble it just so happened that the gamble paid-off with great dividends. Had it not also been these people who can be early believers and stakers maybe Bitcoin will not be what it is today so they played a big role and now they get the profits. Now, this is an open market if one has the money then he can buy the Bitcoin that he wants.

gambitcoin53

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"It’s not necessarily illegal for big holders of some cryptocurrencies to discuss trading with one another. That puts small buyers at a disadvantage." - somehow this is reality, there is always a leader in a moving line, who dictates where and when to turn, that is their privilege for being the first one who owns huge bitcoin. we all have to follow.

Ryan Dugan

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They must be early investors. I wonder how many are fluke investors like people who mined early on or bought 1000s of coins when it was $0.003 per bitcoin. I guess we all wish that we had done that. Having such few people in control of so many bitcoin seems against bitcoin to me. That seems to make it ventral. But bitcoin is immune to 51% attack so it should not be a problem.

Walrus1

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Quote from: stompix on December 09, 2017, 08:26:04 AM

Quote from: fiulpro on December 09, 2017, 12:24:07 AM

Well you should always trust a trusted source, well I don't know much about the survey you read about if its true or not but if it is then offcourse its preety scary!

Quote from: Hanako on December 09, 2017, 12:11:12 AM

Yeah it's seems like just a fakenews or nothing but just fakenews. Because there's no proof that they are holding it even a pictures right? Well i definitely would rather sell all my bitcoins if this is true that they owns 40% of bitcoin total supply sell. We all know bitcoin is too expensive right now hehe

They based their assumption on this:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Talking about addresses (not wallets not indivduals)
1556 addresses 0.01% hold 20.3%
another 107 hold 17.72%

95.88% of all coins reside in 2.82% of total used adresses.

Quote from: MkGregor on December 08, 2017, 09:59:49 PM

Does not seem like a true fact. First off all, we have not mined all Bitcoin, Second, there is no way of knowing who owns those wallets, third, even if, it is actually more fair, than the wealth distribution in a real world Grin

Is it?

Quote

According to the OECD in 2012 the top 0.6% of world population (consisting of adults with more than 1 million USD in assets) or the 42 million richest people in the world held 39.3% of world wealth.

0.62% of addresses in BTC hold 87.22% of the total coins.

And now the funny part....
Do you know that most 0.3% of the world population holds all Bitcoins Huh

?
We can easily dismiss everything we don't like or agree with as Fake news but in the scheme of things it is not hard to beleive a small minority controls any type of wealth. It had been like that throughout history, why would this even cause any controversy it is status quo, where there is money there is power. Someone here could be in the top forty percent and we must hunt them.

This aside , I've already said that the article is based on addresses and addresses are not people.
One can hold the funds of thousands and 100 can be owned by the same.

GreenBits

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Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

This number is undoubtedly less; many of these wallets may be owned by the same person, and are being quarantined from each other for matters of security. Bitcoin is centralized for this reason, despite its centralized nature. the concept of centralization applies to all faucets of a thing. yes, the trustless design and use of consensus make bitcoin operationally decentralized, but other factors, like this or the mining situation, are points of centralization that are just as damaging.

a chain is only as strong as its weakest link. so any point of centralization is a point of failure, or an attack vector.

Dudeperfect

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Well, it is an open secret that top 1000 wallets are holding most of the Bitcoins and even if we think that it is bad for the idea of decentralisation, we must understand that it is the reward for those people who adopted it in early and they took more risk than that of us so I would not blame them in any way. On the other hand, I do see tremendous room for the growth and hence we all are early adopters of it in my opinion. I am also expecting a correction in the price after institutional investor's decision to liquidate their capital.

stompix

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Blackjack.fun

Quote from: fiulpro on December 09, 2017, 12:24:07 AM

Well you should always trust a trusted source, well I don't know much about the survey you read about if its true or not but if it is then offcourse its preety scary!

Quote from: Hanako on December 09, 2017, 12:11:12 AM

Yeah it's seems like just a fakenews or nothing but just fakenews. Because there's no proof that they are holding it even a pictures right? Well i definitely would rather sell all my bitcoins if this is true that they owns 40% of bitcoin total supply sell. We all know bitcoin is too expensive right now hehe

They based their assumption on this:
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Talking about addresses (not wallets not indivduals)
1556 addresses 0.01% hold 20.3%
another 107 hold 17.72%

95.88% of all coins reside in 2.82% of total used adresses.

Quote from: MkGregor on December 08, 2017, 09:59:49 PM

Does not seem like a true fact. First off all, we have not mined all Bitcoin, Second, there is no way of knowing who owns those wallets, third, even if, it is actually more fair, than the wealth distribution in a real world Grin

Is it?

Quote

According to the OECD in 2012 the top 0.6% of world population (consisting of adults with more than 1 million USD in assets) or the 42 million richest people in the world held 39.3% of world wealth.

0.62% of addresses in BTC hold 87.22% of the total coins.

And now the funny part....
Do you know that most 0.3% of the world population holds all Bitcoins Huh

?

This aside , I've already said that the article is based on addresses and addresses are not people.
One can hold the funds of thousands and 100 can be owned by the same.

markleal

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Activity: 446

Merit: 13

Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

Hi there Walrus1! That is terrible! But as I read the article it seems that the author just want to give warning to other users which could be the small fishes. But do I feel scary, I think not. If they are really could manipulate the price so, one wise fish could simply go with the whale to make swimming and navigating to the deep bitcoin market safe and secure. However, as I check the link from “stompix” if the link he shared is the source, you can examine that not almost half of the address have a few times of out, and less than a hundred is active with almost day to day transactions. Wink

Lingqingyi

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Open and Transparent Science Powered By Blockchain

That's normal, because bitcoin is relatively small market capitalization, and there is a certain amount of capital that can manipulate the value of bitcoin.

hadisaw

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https://keepcalm.finance/

It's very worrying, we know for ourselves who is the strong one who survives. If they unite to manipulate the market it would be a disaster for us bitcoin holders on a small scale.

marcbitcoins

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Quote from: Walrus1 on December 08, 2017, 10:57:56 AM

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Trying to post a link to this article. Don't know if it lets me but according to the article 1,000 people control 40% of Bitcoin and they all know and are in contact with each other. A bit scary, that's a lot of control

You mean 1000 people that together they will dump bitcoin? If they are all billionaires then there is possiblity to control, manipulate or even dump bitcoin because they have resources but if thru hacking will it is very impossible to hack the blockchain system because it was very stable that even the US defense department or PENTAGON will plan to adopt the blockchain system because it is proven very strong and stable against attacks.

expertofexperts

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I think such articles are brought in the market to flourish rumors Undecided

. Since last 48 hours, BTC has been feeling pressure and trading around 15k. Not sure how such calculations are made when they say 40% of BTC with 1000 people. It seems some fiction story, not scripted well, has been put in market.. Few will start selling their btc to book early profits and btc will fall a few... Best is to go by your own judgment.

joshuaj

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IDEX - LIVE Real-time DEX

Wow, these 1000 people are the richest man in forbes cryptocurrency billboard Grin

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