BTC down 10% just now - Why?

Daal said:
I would suggest you pick up the book Mastering Bitcoin to actually understand how 'control' works in Bitcoin. It has nothing to do with balances
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So you deny that whales can manipulate crypto's? Already a few years ago an Israelian and an American University found proof of manipulations.

https://www.bitcoinmarketjournal.com/crypto-market-manipulation/

https://www.bloomberg.com/news/arti...es-quant-warns-of-bitcoin-market-manipulation

https://www.financemagnates.com/cry...is-still-alive-and-well-says-orbs-ilan-sterk/

https://www.cnbc.com/2018/06/13/muc...-was-market-manipulation-researcher-says.html

There is a huge difference between the official rules and reality. Only reality counts.

Same problem as with laws. Everything is pointed out in laws and prisons are full of criminals that don't respect these laws.
 
virtusa said:
What is better? Let the whales control/manipulate the monetary system?
Check the wallets to see how a very small percentage of wallets control the entire crypto business. They will (do already) abuse their power much harder.

  • Less than 0.4% of all wallets, control over 85% of all bitcoins.
  • More than 99% of bitcoin owners (including you) have no control at all about their own "money". And whales probably split their coins over several wallets for security reasons, they probably control even much more than 85%.
  • Over 76% of wallets have less than 0.01 BTC. They represent less than 0.22% of all bitcoins. And these small wallets are used to manipulate the price.
So looks like a huge (almost) monopoly. And we all know that monopolies are bad for everybody, except for those who control the monopoly.
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One whale (Theee Fed) already does. But you are ok with that.

And instead of a monopoly we get something like the Texas power regulator (ERCOT) allowing the marketplace ... to almost completely collapse when they get a winter storm.

At one time in this country AT&T was a monopoly that brought phone service to every household in America. Then they stagnated and needed to be broken up.

Nothing in absolute.
 
OptionsOptionsOptions said:
  • BTC down 10% just now - Why?
  • Took 2 minutes or so.
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perhaps such a pullback is taking place amid growing concerns that bitcoin is one of a series of "bubbles" in the financial markets.
Also, the rate could be influenced by fears that the administration of US President Joe Biden may try to regulate the cryptocurrency.
 
jys78 said:
Anyone concerned about something so trivial probably shouldn't be in the space.
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You might not be interested but the ET community is. As of now this topic is #1 on the This Week's Most Viewed Threads list.

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