Although I fully understand how these past few years, the game has all been about screwing a whale, and it has been very successful, I do wonder if its possible with something like bitcoin. Yes the price is dropping, but given how much of it is in offline storage, its not just a matter of hedge funds that need to get together and program their algos to start selling in unison in order to take out a whale. I realize that at any one exchange, perhaps you only need to sell a few thousand bitcoin in order to cause a fairly large price drop, but many people are true hodlers, and as we drop lower, more and more will likely want to load up.
Of course 20k is not that far away, and I'm by no means saying it can't happen, but I feel like this market is a bit different than any other so called regulated market on some exchange where all the major players need to report positions, which makes it very easy to leak this info to other parties and hence its much easier to carry out a coordinated manipulation attack.
The lower the bitcoin price goes, the more individual investors might want to start nibbling. If they take their bitcoin offline, which is what should be done, perhaps the exchanges themselves will start to become extremely short of supply. At some point, the so called "smart" money doing all the selling will have to re-evaluate if continuing to sell off their bitcoin to others who want to hodl it is a smart move.
I personally don't want to see a 5k bitcoin, and hence lose considerably on what I have, but then I can purchase an entire coin, and I absolutely would. How many other people must be in this same boat, who are just waiting to load up? I said it in another thread, and I'll say it here again. If all those addresses with 10,000 coins sell half, and thousands of people load up and get to have an entire coin, will this not be the best case scenario for distributing wealth and preventing further attack on bitcoin in the future? When the coins are more and more distributed amongst the population, doesn't this mean a brighter future for bitcoin?
Of course 20k is not that far away, and I'm by no means saying it can't happen, but I feel like this market is a bit different than any other so called regulated market on some exchange where all the major players need to report positions, which makes it very easy to leak this info to other parties and hence its much easier to carry out a coordinated manipulation attack.
The lower the bitcoin price goes, the more individual investors might want to start nibbling. If they take their bitcoin offline, which is what should be done, perhaps the exchanges themselves will start to become extremely short of supply. At some point, the so called "smart" money doing all the selling will have to re-evaluate if continuing to sell off their bitcoin to others who want to hodl it is a smart move.
I personally don't want to see a 5k bitcoin, and hence lose considerably on what I have, but then I can purchase an entire coin, and I absolutely would. How many other people must be in this same boat, who are just waiting to load up? I said it in another thread, and I'll say it here again. If all those addresses with 10,000 coins sell half, and thousands of people load up and get to have an entire coin, will this not be the best case scenario for distributing wealth and preventing further attack on bitcoin in the future? When the coins are more and more distributed amongst the population, doesn't this mean a brighter future for bitcoin?
