They say they can manipulate the price of a certain cryptocurrency coin. So how do they do that and who/what are the most famous and richest whales in the cryptoccurency world?
Different types of traders :
Killer Whale = 5000 BTC or more
Whale = 1000 – 5000 BTC
Shark = 500 – 1000 BTC
Dolphin = 100 – 500 BTC
Baby Dolphin = 50 – 100 BTC
Shrimp = 10 – 50 BTC
Sea Cucumber = 1 – 10 BTC
Plankton = less than 1 BTC
I've never heard of it... does it really exist? well anyway, I did print screen so I did not forget it, it's going to be useful from now on.
Holders of large amounts of bitcoin are often known as whales. And they’re becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings. And those sales are more probable now that the cryptocurrency is up nearly twelvefold from the beginning of the year.
About 40 percent of bitcoin is held by perhaps 1,000 users; at current prices, each may want to sell about half of his or her holdings, says Aaron Brown, former managing director and head of financial markets research at AQR Capital Management. (Brown is a contributor to the Bloomberg Prophets online column.) What’s more, the whales can coordinate their moves or preview them to a select few. Many of the large owners have known one another for years and stuck by bitcoin through the early days when it was derided, and they can potentially band together to tank or prop up the market.
This is a big problem for altcoins. the big holders when they sell, the price down a lot
Other than appealing to "ethics" or "community," do you think there's anything that can be done to prevent collusion between these 1000 users? Or is that ultimately their right and this is the way the world turns?
they will not all sell at the same time, one and the other will be able to sell, with the passage of time we will not have many people holding many bitcoin capable manipulate the market drastically
