The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
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Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#2I really enjoy investing in cryptocurrencies. However, I have a lot of doubt this is going to make the world a more fair or better place. It's going to create a wealth gap like has never been seen in first world countries.
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#3If they have access to their wallets.
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#4>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.
That's not indicative of something that's a store of value.
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#5Most of these "whales" are hot and cold wallets for various exchanges, investment fund holdings, seized coins waiting to be sold.
It's nearly impossible to map an address to its owner (or owners).
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#6I really enjoy investing in cryptocurrencies. However, I have a lot of doubt this is going to make the world a more fair or better place. It's going to create a wealth gap like has never been seen in first world countries.
I struggle to think of any other way bitcoin could have caught on without early enthusiasts getting a huge number of coins.
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#7>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. That's not indicative of something that's a store of value.
Is there any currency or commodity or derivative for which that statement is not true? It seems self-evident that if you own a lot of something like gold, dollars, BTC, sterling, etc. and you sell it, its value relative to what you're selling it for declines.
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#8>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. That's not indicative of something that's a store of value.
I think that's more because if you sell a huge percentage of any thing the price will drop, a huge sell order at market price will eat through an order book
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#9Most of these "whales" are hot and cold wallets for various exchanges, investment fund holdings, seized coins waiting to be sold. It's nearly impossible to map an address to its owner (or owners).
Isn't the US Gov one of these whales ever since SilkRoad was seized?
Re: The Bitcoin Whales: 1,000 People Who Own 40 Percent of the Market
#10I really enjoy investing in cryptocurrencies. However, I have a lot of doubt this is going to make the world a more fair or better place. It's going to create a wealth gap like has never been seen in first world countries.
It's redistribution of wealth. Old money being transferred to new owners. New fortunes are being made ever day. It doesn't matter.