The top 1000 coin holders own 50% of the coins...what could go wrong

[CryptoRage]

The top 1000 coin holders own 50% of the coins. Think about that and then tell me if that it can't be centralized...

Chinese and/or East European Miners are in a great position to for a cartel using their holding and future production of BTC, to manipluated exchanges and influence Futures trading.

Central Banks create fiat from thin air and have investment banks buy up BTC.

With controlling interests they could fork the hell out off btc, they could crash it in favor of a coin more suited to their liking.  Influnce laws to criminalize crypto.  The list of nightmare scenarios is significant and no one is talking about the

None of these scenarios are outlandish and yet most are only concerned about goin to the moon.

Cryptocurrency was designed to be free of oppressing of fiat, but we may simply heading down a path where we get new economic masters or handing the planet to the banks that enslave us now.

Crypto is our only chance to be truly free and yet everyone is feeding greed.

Think about it...

[cindygirl]

The top 1000 coin holders own 50% of the coins. Think about that and then tell me if that it can't be centralized...

Chinese and/or East European Miners are in a great position to for a cartel using their holding and future production of BTC, to manipluated exchanges and influence Futures trading.

Central Banks create fiat from thin air and have investment banks buy up BTC.

With controlling interests they could fork the hell out off btc, they could crash it in favor of a coin more suited to their liking.  Influnce laws to criminalize crypto.  The list of nightmare scenarios is significant and no one is talking about the

None of these scenarios are outlandish and yet most are only concerned about goin to the moon.

Cryptocurrency was designed to be free of oppressing of fiat, but we may simply heading down a path where we get new economic masters or handing the planet to the banks that enslave us now.

Crypto is our only chance to be truly free and yet everyone is feeding greed.

Think about it...

There are two ways to look at it, one there are many whales and if they all decide to sell then bitcoin price will completely tumble, 2 there are many whales and many of them have probably held for a long time and hopefully so will hold for a long time longer and won't panic sell, causing the price to increase over time.

[trk]

That was actually scary to hear as the concept of decentralization is no longer correspond with its initial goal
But we cant deny the advantage of being early adopters, they believe in it before other do, they have faith long before we all do

But yeah, it is still scary to hear because they can shake market quite hard with that huge amount of coin

[InsightCryp.to]

There are two ways to look at it, one there are many whales and if they all decide to sell then bitcoin price will completely tumble, 2 there are many whales and many of them have probably held for a long time and hopefully so will hold for a long time longer and won't panic sell, causing the price to increase over time.
[/quote]

I agree with the two scenarios. Starting with Japan, there are more other countries who will be following their first steps in incorporating bitcoins in their supermarkets, kiosks to buy and sell, and etc. With the right Financial Literacy, people will start to take advantage of this golden age where we can be part of the Bitcoin era as investors. I don't think those who got their BTC below 5k$ USD will sell right away, if they can actually make more profit by just holding their coins in the next few years. I myself, looking for the BIG Correction, BUBBLE, or whatever they wanna call it. I wanna be able to buy more Bitcoins at a very relatively cheap price. Corrections are expected, since BTC and other Crypto currencies are very volatile.

[Dapper]

Well, if you wanted decentralized and unregulated, it means you have to swim with the whales and sharks without any lifeguards present.   And just like any stock or bond market aquarium, you still have to start as a shrimp.

[pawanjain]

It is indeed true that the top owners of BTC holds hundreds and thousands of Bitcoins. But I don't think that all of them would be selling all of their coins at the same time. Although the chances are there that BTC will dump loads in the price and it will crash down but there has to be a good cash out strategy in order for the owners to cash it out successfully. Just think how will they cash out thousands of BTC if there is no supply of cash at the given moment. They could exchange it for Altcoins and tether but cashing out so much of money in fiat would then be a real problem for them. The only possible way for them to exchange it for fiat would be to cash out in batches and that will dump the price steadily and give us chance to cash out as well

[Wind_FURY]

The top 1000 coin holders own 50% of the coins. Think about that and then tell me if that it can't be centralized...

Chinese and/or East European Miners are in a great position to for a cartel using their holding and future production of BTC, to manipluated exchanges and influence Futures trading.

Central Banks create fiat from thin air and have investment banks buy up BTC.

Game theory. With them controlling 50% of all the coins, it is now in their interest that nothing catastrophic should happen to Bitcoin. They now have their self interests at hand and the self interest of the whole community. I believe this was proven in the cancellation of the hark fork to Segwit2x/btc1.

With controlling interests they could fork the hell out off btc, they could crash it in favor of a coin more suited to their liking.  Influnce laws to criminalize crypto.  The list of nightmare scenarios is significant and no one is talking about the

None of these scenarios are outlandish and yet most are only concerned about goin to the moon.

A group of Bitcoiners and miners are already attempting it through Bitcoin Cash, and yet Bitcoin is still ok so far.

Cryptocurrency was designed to be free of oppressing of fiat, but we may simply heading down a path where we get new economic masters or handing the planet to the banks that enslave us now.

Crypto is our only chance to be truly free and yet everyone is feeding greed.

Think about it...

Did you really believe that Bitcoin was the answer in giving us total economic freedom from our "oppressors"? Wake up! But the freedom Bitcoin gives is good enough for most of its users.

[pooya87]

The top 1000 coin holders own 50% of the coins.

you are just giving a random number out of thin air without even thinking about it!
first of all you can not count how many people own how much bitcoin. it can be 10 person holding 10 million bitcoin or it can be 10 million people holding 10 bitcoin each.

all you can see is the addresses and their balances. and according to stats 4,424,141 BTC is among 134,219 addresses each owning 10 to 100 bitcoin. 1,461,212 BTC is among 549,350 addresses and so on.
also you have to consider addresses like exchange cold storages that are holding 100,000-200,000BTC which belongs to millions of users not the exchange itself.

Think about that and then tell me if that it can't be centralized...

being decentralized doesn't mean everyone should have the same amount of bitcoin at this point. it actually has nothing to do with how much bitcoin different people have.

besides, nobody was preventing you to mine bitcoin back in 2009-2013 with your PC and earn 10,000 bitcoin in a short time.
nobody was preventing you to buy bitcoin when it was like $0.1.
i bought a lot of bitcoin back when it was $200, a lot of people bought it when it was $1000 this year. and a lot more are buying it when it is $16,000 now and soon in a couple of years someone will cry about that too!

Chinese and/or East European Miners are in a great position to for a cartel using their holding and future production of BTC, to manipluated exchanges and influence Futures trading.

Central Banks create fiat from thin air and have investment banks buy up BTC.

again you have no proof of this. you are just making a random guess.

With controlling interests they could fork the hell out off btc, they could crash it in favor of a coin more suited to their liking.  Influnce laws to criminalize crypto.  The list of nightmare scenarios is significant and no one is talking about the

now i am convinced you are trying to spread FUD.
forks have been happening from day 1. there are currently near 700 forks of bitcoin available.

[cindygirl]

There are two ways to look at it, one there are many whales and if they all decide to sell then bitcoin price will completely tumble, 2 there are many whales and many of them have probably held for a long time and hopefully so will hold for a long time longer and won't panic sell, causing the price to increase over time.

I agree with the two scenarios. Starting with Japan, there are more other countries who will be following their first steps in incorporating bitcoins in their supermarkets, kiosks to buy and sell, and etc. With the right Financial Literacy, people will start to take advantage of this golden age where we can be part of the Bitcoin era as investors. I don't think those who got their BTC below 5k$ USD will sell right away, if they can actually make more profit by just holding their coins in the next few years. I myself, looking for the BIG Correction, BUBBLE, or whatever they wanna call it. I wanna be able to buy more Bitcoins at a very relatively cheap price. Corrections are expected, since BTC and other Crypto currencies are very volatile.
[/quote]

I am too actually in some ways hoping to see a large correction, not so large that it really stops people believing in bitcoin but big enough that I can accumulate more coins for the future. I feel as though I was too late to the party and I won't be able to realise my ambitions from bitcoin. But at least I can get a little closer than some other methods