What to do with whales? - page 3. | Bitcointalksearch.org

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: Vaskiy on October 31, 2021, 02:43:48 PM

Quote from: mindrust on October 31, 2021, 12:17:22 PM

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

You can't do anything about it. Probably 1000 people own most of the world wealth too so It is not surprising that something similar is happening with btc. That's called capitalism. And the opposite where everybody shares everything would be communism. If everybody had the same amount of money, either everybody would have Ferrari's or nobody would have any cars. Some people must be poor so some others can be rich. That's how it works.

Well said about the working principle of the world economics. It is impossible to have uniformity with everything. Above quote clearly portrays the reality of the market. Let us assume the 1000 individuals owning the most wealth of the world are the most bitcoins holders. The common public is the nodes, just because of the bitcoins got hold within those 100 people these nodes doesn't stop its functioning. The process keeps running unlike the holding.

I don't know why people expect to be very rich by doing nothing. Those 1000 people holding a huge amount of risk by holding bitcoin. Whether they bought when bitcoin was under a dollar or 1000 usd, it doesn't matter. If btc goes down by 99% tomorrow, they are all fucked. Right now they are rich as fuck because they are getting rewarded for the risk they are carrying.

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

There are currently 2,755 billionaires and 20 million Dollar millionaires in the world .....with a global population of 7.753 billion (2020)... would you say that those people are centralizing money in the fiat system?

You do not know how many people have split up their coins in smaller chucks to look less of a target to hackers and how many of those wallets are owned by businesses and trusts and not owned by individuals. Wink

Bitcoin wealth are more distributed ...compared to fiat wealth... Wink

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

there is nothing you or anyone else can do, the rich are free to spend their millions of dollars buying bitcoin, if you look you will notice that it has even become fashionable for some people or companies to display that they hold many bitcoins, this has become a competition for the rich . the concern would be:

on the day that those who have so many bitcoins start selling how will it be?

maybe they sell in a way that doesn't hurt the price, maybe

but still worrying that a small group holds too many bitcoins

Vaskiy

legendary

Activity: 2646

Merit: 1106

DGbet.fun - Crypto Sportsbook

Quote from: mindrust on October 31, 2021, 12:17:22 PM

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

You can't do anything about it. Probably 1000 people own most of the world wealth too so It is not surprising that something similar is happening with btc. That's called capitalism. And the opposite where everybody shares everything would be communism. If everybody had the same amount of money, either everybody would have Ferrari's or nobody would have any cars. Some people must be poor so some others can be rich. That's how it works.

Well said about the working principle of the world economics. It is impossible to have uniformity with everything. Above quote clearly portrays the reality of the market. Let us assume the 1000 individuals owning the most wealth of the world are the most bitcoins holders. The common public is the nodes, just because of the bitcoins got hold within those 100 people these nodes doesn't stop its functioning. The process keeps running unlike the holding.

mindrust

legendary

Activity: 3276

Merit: 2442

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

You can't do anything about it. Probably 1000 people own most of the world wealth too so It is not surprising that something similar is happening with btc. That's called capitalism. And the opposite where everybody shares everything would be communism. If everybody had the same amount of money, either everybody would have Ferrari's or nobody would have any cars. Some people must be poor so some others can be rich. That's how it works.

BIT-BENDER

hero member

Activity: 1666

Merit: 709

Playbet.io - Crypto Casino and Sportsbook

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

Whales having that amount not bitcoin doesn't make bitcoin centralized, because you and I when we have the capital can be whale's as well, bitcoin can be used to purchase many crypto-currency so bitcoin is not in any limited amount, so I don't think the whales have 50% control of Bitcoin so it's still a decentralized crypto-currency, but the believe whales have in bitcoin wouldn't make them sell off at the same time.

Ararbermas

sr. member

Activity: 2016

Merit: 283

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

no one can stop whales from dumping especially if the price is really too high. For me the best things to do on it is to ride what they're doing, i mean when you see a strong uptrend buy if you're not late then when you see a small fluctuation always execute your take profit strategy, then wait for confirmation to buy again if it will continue to rise, if not then don't ever place another order from it because surely it will make more correction.. Whales always make hype when they see it's crowded but if not, expect there will be a massive correction that can lead you to a massive losses as well. So be smart because no one can really predict when whales gonna manipulate the market it's very unpredictable to be honest..

syedakhlaque

member

Activity: 416

Merit: 30

whales are the uniqueness of this business. whales are to face bravely. This is the part of the game. This is also called jump and dump etc.
Through whales, some persons in this business get enough But at the same time, some get lost.
whales also provide an opportunity to the low-income persons or poor for a sudden rise. This is also the grace of this business So do not worry about whales but start facing them with Masculinity

zasad@

legendary

Activity: 1932

Merit: 4602

Buy on Amazon with Crypto

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

Whales do not need to give up Bitcoin, because they have not yet come up with an easier and more legal scheme to take money from hamsters.
You should try to learn to analyze the markets and not trade with leverage, because this is the most common way to lose your coins.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

Prove it.

Where did you get this statistic from?

Quote from: MNbag on October 12, 2021, 10:37:41 AM

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

Only until they do dump it. Then they won't have it anymore, since they dumped it.

Quote from: MNbag on October 12, 2021, 10:37:41 AM

Is there any way to deal with the high degree of centralisation that Bitcoin has?

Bitcoin is decentralized.

Are you talking about the wealth gap? That's a political and societal issue, not a currency issue. There won't ever be a currency that solves that problem.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: DdmrDdmr on October 12, 2021, 01:01:00 PM

Since we know that amongst the top richest addresses there are massive Exchange addresses, and that the percentage shown in those articles is nearly the same as the 41,83% I mentioned above, the articles (or their source) may have taken into their calculus the addresses of Exchanges, which would be incorrect.

Regardless, large whales surely have capacity to move things at their will, especially if they can find a fundamental that acts as a catalyst to boost their efforts. Certainly not ideal, and all you can do is buy some of them and hope that many do. The likeliness nevertheless is that weak hands will keep on caving-in into their strategy …

I remember Glassnode saying that the amount stored on exchanges dropped to the lowest in years below the 2 million mark, so we could drop those from the total number but at the same time, nobody knows where a lot of whales hold their coins. For example, the Inverspellitright Winklevoss brothers held 100k coins but nobody ever correctly identified all their addresses years same for Grayscale, it's possible all those funds are hidden in addresses with under 100 in balance if not less.

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

Are you afraid with manipulation? If yes then learn how to take action on what will be the possible outcome if those whales move. But there's nothing to worry about those holdings since for sure not all of them will manipulate the bitcoin and for sure each one of them have separate takes between their holdings and all of them is believer or maximalist which doesn't want that bitcoin will dump more than we can't expect.

GatotKaca

sr. member

Activity: 1372

Merit: 250

Seabet.io | Crypto-Casino

Quote from: masterrex on October 13, 2021, 06:56:29 AM

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

IMHO, I guess those so-called 1000 individuals who own the 40 percent of Bitcoin total supply are already rich and don't want to dump or sell their Bitcoin holdings, that's why the price of BTC is on the rise and if those whales want to liquidate their asset I believe they will not dump it at once and if that happens the market is ready for them.

the growth of bitcoin in the market is very good. those with the most bitcoin holdings of course will not sell it just like that because the current price is already expensive.
not because I think they are already rich, but because those who have long-held beliefs hold it with full confidence, I'm sure they are not thinking about the current problem, the price is already expensive.
they know bitcoin will be more expensive and more functional in the future.

masterrex

full member

Activity: 1820

Merit: 107

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

IMHO, I guess those so-called 1000 individuals who own the 40 percent of Bitcoin total supply are already rich and don't want to dump or sell their Bitcoin holdings, that's why the price of BTC is on the rise and if those whales want to liquidate their asset I believe they will not dump it at once and if that happens the market is ready for them.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: kryptqnick on October 13, 2021, 05:52:23 AM

Is the first sentence backed with evidence?

It was shown in another post that the numbers are not correct since they contain exchanges' cold wallets, which is not something to be counted as whales.
So... yeah, the calculations are already incorrect. Then you're right about address/wallet relationship and the fact it can also distort the results greatly.

...I start to think that the topic may have been opened only to create a bit of uncertainty amongst bitcoiners.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

Is the first sentence backed with evidence? It might be that you're talking about 1000 wallets, but wallets don't equal individuals. Many wallets belong to companies that invest in Bitcoin, and there are also some very rich wallets that belong to crypto exchanges. So measuring how centralized ownership truly is can be problematic. Also, to make big impact on the market, these entities would need to conspire together, and that's unlikely when they are from various industries and when there are tons of wallets there whose owners aren't known at all. Furthermore, big orders often happen OTC, so they don't really affect the price (unless FUD appears in the media, of course), so it's not that big of an issue, IMO.

pinggoki

sr. member

Activity: 1666

Merit: 426

The power still resides over the people. They wouldn't just dump it off and jump ship unless they got replaced by apes in human's clothing. It is us who will decide whether bitcoin is still valuable or not, and when we deem it as not worthy of the time and the effort we put in, our cumulative cashouts would simply overwhelm their efforts and bitcoin would be back to nothing but a cryptocurrency with an ambiguous use-case. Rest assured that as investors of bitcoin, as long as the cryptocurrency doesn't become centralized, we're good.

Quote from: The Cryptovator on October 12, 2021, 10:22:52 PM

In short words nothing, we can do. A major part of Bitcoin holding by whales does not mean that market becomes centralized. Yes, it is true that they can manipulate the prices sometimes, not always. If they can manipulate always then it shouldn't dump anymore, because whales will try to keep it up always since they are holding a major part of the Bitcoin. They can sell it at a higher price. I know that they could accumulate more during the dump, and they are doing as well. But to be honest, you have nothing to do with them. What you can do, just follow the trend of whales, so you will get some advantage from the volatility. Any other action cannot help to fight with whales.

not entirely true, we could do something about the situation because it's not like they have full agency over the cryptocurrency itself. In my book we are still the ones who control the price and fluctuations. Following the whale trend would just make the matters worst because that is utter submission against an overwhelming force when as a community we outnumber them. And it's not like these people will all of a sudden drop the price of bitcoin just for the lols. We do not know what their motives are but we can safely assume that as the prime figure within this industry, they will be responsible in keeping it alive.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Quote from: v3liana on October 12, 2021, 09:41:31 PM

I think the only way to deal with Whales is HODL. Hold on for dear life.

You cannot deal with whales,,, that is the reason you and me are both here on this forum, talking about whales. Whales have no time to even be here, to even talk on social media, they are doing BTC on the side or have others working for them. We cannot even imagine life as a whale.

But on the plus side,,, we are the real users and the whales need us to keep the network active and strong.

So do not just HODL. USE Cool

UmerIdrees

hero member

Activity: 2436

Merit: 877

Quote from: MNbag on October 12, 2021, 10:37:41 AM

40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?

The whales dump the bitcoin but they later buy it back at cheap prices. We need to think in thier ways.when price is pumping, there is no need to buy the coins and wait for the dump to buy.

Retail just do the opposite, they buy at high and become panic when prices are lower. If you are able to buy and sell with the whales, you will also make a lot of profit.

KennyR

hero member

Activity: 2310

Merit: 532

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: The Cryptovator on October 12, 2021, 10:22:52 PM

In short words nothing, we can do. A major part of Bitcoin holding by whales does not mean that market becomes centralized. Yes, it is true that they can manipulate the prices sometimes, not always. If they can manipulate always then it shouldn't dump anymore, because whales will try to keep it up always since they are holding a major part of the Bitcoin. They can sell it at a higher price. I know that they could accumulate more during the dump, and they are doing as well. But to be honest, you have nothing to do with them. What you can do, just follow the trend of whales, so you will get some advantage from the volatility. Any other action cannot help to fight with whales.

Just the Whales in the market will try to make changes in the trend. What we can do as a common holder is to follow the trend and make some profit. Whenever there is market manipulation from the whales automatically there'll be large scale fluctuation. Most of the time people panic when there is crash caused by the whales. Holders should not panic, but plan better to make some profit through it.

Topic: What to do with whales? - page 3. (Read 701 times)