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> Ponzi scheme doesn't quite fit since there's no mastermind orchestrating it. What about the 'Whales' ? Apparently < 1,650 Wallets (and individuals owning th
by justboxing 9y ago
> Ponzi scheme doesn't quite fit since there's no mastermind orchestrating it.
What about the 'Whales' ? Apparently < 1,650 Wallets (and individuals owning those wallets) possess over 90% of all bitcoin in circulation, and each has a minimum of 1000 BTCs.
These whales have routinely manipulated the market. Most recently on Feb 6th, when the Mt Gox Custodian dumped like 300 million worth of BTC and briefly the BTC price plummeted from 7Ks to 5.6K.
- Simon_says 9y agoWhat about them? What you describe just sounds like normal supply and demand to me. These 'whales' need to convert bitcoin to traditional currency to buy houses, cars, etc. The question is whether there's an unending supply of people who will buy into cryptocurrencies to support the demand side of the equation. And bitcoin isn't really on my radar anyways since nobody uses GPUs to mine it anymore.