Whales are out of control = $500 in ten minutes

[gabbie2010]

I don't know that we can do something about crypto whales. They have made a big effect on Bitcoin price at least for a short time. These transactions could push Bitcoin to upper levels.

This is a major obstacle militating against the price of bitcoin imagine the so-called "whales" in their comfort of their homes dictating the price of bitcoin selling a huge bitcoin will result into a price crash causing FUDs as well as newbies dumping massively the end results is price dropped.
I read a news article here about a Saudi Arabian prince seeking to buy 25% worth of total bitcoin obviously this is another whale whose entrant is to manipulate the market.

[Crypto5060]

I don't know that we can do something about crypto whales. They have made a big effect on Bitcoin price at least for a short time. These transactions could push Bitcoin to upper levels.

This is a major obstacle militating against the price of bitcoin imagine the so-called "whales" in their comfort of their homes dictating the price of bitcoin selling a huge bitcoin will result into a price crash causing FUDs as well as newbies dumping massively the end results is price dropped.
I read a news article here about a Saudi Arabian prince seeking to buy 25% worth of total bitcoin obviously this is another whale whose entrant is to manipulate the market.

The same whales keep buying it cheap and selling to top to newbie dumpers. Let's get wisdom from the recurrent market cycle sell when price jumps wait to buy back lower by so doing we're growing our portfolios.

[TahuDiniHari]

Whales from mainland Asia, now have a lot of holding bitcoin, they are very coordinated, and work together, even though they are different countries.

[Leh-Meh]

The changes depend on the supply and demand of Bitcoin. After all, investors are still the ones who will decide on how they will play the game of trading and investing. We all know that most holders are depending on the basic rule of trading which is to sell high and to buy low and that has a big impact on the market.

Last time I was here, there was a seller for 8000 bitcoins.

[fiulpro]

Well to be honest  that's how Bitcoins are , if you are investing in it and if you have been here for more than 2-3 years then you would actually know that this is the major reason that people attribute to , when they go from 0 to 10000 in days

I think it's beneficial in it's own way , you cannot stop bulls if you want to then you need to buy more than they already have you know.

That's the only way to regulate the market.
I think honestly it's no big deal that's just how it goes.

[philipma1957]

Time to do something about the few whales who keep cheating everyone out of their life savings. 

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin? 

We have to end the whales who are out of control. 

Great  topic nice way to generate certain  opposition posts.

I dont really know what this guy is thinking, at his rank he must have good knowledge in here but I can see that he is not.

thinking this:  We do a fork.  Anyone with more than 10 BTC - gets 10 BTC.  The extra is airdrop distributed to people who have nothing. 

After the fork - nobody has more than 10 BTC. 


Are you guys all stupid?  You don't understand how a fork works? 

How fair is it that one asshole spends 10,000 BTC on a pizza and now you have to spend the rest of your life working like a slave.  Seem reasonable to you? 

 A brilliant followup post sure to get even more opposition posts.



The simple answer is there are about 17,735,000  coins so   your idea does not work  since  there are

10 numbers and 26 letters  that is 36  different choices  for each character in a btc address

so the address below could be 34 characters long  


1J dC 6X g3 aj T3 rg e3 Fg PN SY YF pm f5 3V bt je

so 36 x 36 =

1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 =

a really really really really big number  far bigger the 17,735,000 coins.

So if 12 guys hold 12,000,000 coins and 3,000,000 coins are lost and little guys have the rest of the coins.

then  they (whales) will simply divide  their coins into spare addresses.


Actually your idea does have 1 point  that could work. Dead or lost coins could be redistributed to the network.

How about an address over 13 years old with 10 coins gets multiple notices to break itself into smaller amount  or it is forfeited.
I know 13 year old coins do not exist at the moment.  But many wealth depositories have inactivity rules.

I would love to see this idea happen.  As it would recirculate lost coins.  It could be tweaked  but I think it could work.

To op thanks for your trolling efforts as I like my twist to your idea.

[BrewMaster]

it is easy to always blame whales for things you don't understand. the reality is that most of the times, they are not the reason for the things that are happening. for example in this particular case the $500+ rise and the fall afterwards was most probably a big bot freakout that is a normal thing whenever  the traders owning those bots don't expect a rise like that so they set some predefined orders to jump in when the price breaks out above their target.

[sngwinner]

It is sad some few individuals called whales can just do anything with the market. Everyone really wish this can be prevented but how???
To them, they are also making money just like any other here.

[squatter]

Actually your idea does have 1 point  that could work. Dead or lost coins could be redistributed to the network.

How about an address over 13 years old with 10 coins gets multiple notices to break itself into smaller amount  or it is forfeited.
I know 13 year old coins do not exist at the moment.  But many wealth depositories have inactivity rules.

I would love to see this idea happen.  As it would recirculate lost coins.  It could be tweaked  but I think it could work.

To op thanks for your trolling efforts as I like my twist to your idea.

This is a much more interesting proposition, although still incredibly contentious and unlikely to ever be implemented.

Enforcing the re-circulation of lost coins would make the supply even more predictable -- as impossible as that seems given the hard cap and transparent blockchain. Future generations wouldn't need to fear, for instance, the Satoshi coins suddenly being moved and sold at any time. Reintroducing those coins into the supply would rather be a predictable and transparent process.

Would you just gift the lost coins to miners? That adds some additional security to the protocol design by producing new honest mining incentives.

I don't ever see it happening for Bitcoin since it betrays the system's original rules/design, so users wouldn't support the fork. But I always liked this idea, particularly for privacy coin protocols where undetectable inflation can happen, like with Zcash. If it were implemented in the original protocol, I think it could be a good feature. Somebody should do it with an altcoin.

[timmydakolo2]

Time to do something about the few whales who keep cheating everyone out of their life savings. 

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin? 

We have to end the whales who are out of control. 

I don't trade any market which whales have complete control over this will, is good to pick up this upcoming coin at a cheap price sell off when the price is at your own convince point to sell.

[chaoscoinz]

Time to do something about the few whales who keep cheating everyone out of their life savings.  

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin?  
We have to end the whales who are out of control.  

I think the whales are the reason that the SEC has been hesitant to approve any of the Bitcoin ETF proposals made this year. The market is too easily manipulated hence the fake volume on the exchanges and market indexs

[Dapper]

It's funny and not just referring to the original troll post... but you'll see similar themes on other forums.    Many whales there are simply folks who got into the market a few years before you did.   Many of these people who have 7-9 digit net worth figures just happened to invest (whether on purpose or just on a whim) amounts in the range of $5-50k just 9-10 years ago.   Hardly stereotypical 'whales' of Wall Street sitting in mansions and petting an oversized cat.

[joseyphil82]

I wonder how you will do that when crypto is all about freedom of your money and privacy is the king here ,my private key my freedom ,don't put the blames on whales ,they are just the early adopters ,I bet you'd have pray been part of the early adopters too

[Crypto5060]

Time to do something about the few whales who keep cheating everyone out of their life savings. 

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin? 

We have to end the whales who are out of control. 

Great  topic nice way to generate certain  opposition posts.

I dont really know what this guy is thinking, at his rank he must have good knowledge in here but I can see that he is not.

thinking this:  We do a fork.  Anyone with more than 10 BTC - gets 10 BTC.  The extra is airdrop distributed to people who have nothing. 

After the fork - nobody has more than 10 BTC. 


Are you guys all stupid?  You don't understand how a fork works? 

How fair is it that one asshole spends 10,000 BTC on a pizza and now you have to spend the rest of your life working like a slave.  Seem reasonable to you? 

 A brilliant followup post sure to get even more opposition posts.



The simple answer is there are about 17,735,000  coins so   your idea does not work  since  there are

10 numbers and 26 letters  that is 36  different choices  for each character in a btc address

so the address below could be 34 characters long  


1J dC 6X g3 aj T3 rg e3 Fg PN SY YF pm f5 3V bt je

so 36 x 36 =

1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 =

a really really really really big number  far bigger the 17,735,000 coins.

So if 12 guys hold 12,000,000 coins and 3,000,000 coins are lost and little guys have the rest of the coins.

then  they (whales) will simply divide  their coins into spare addresses.


Actually your idea does have 1 point  that could work. Dead or lost coins could be redistributed to the network.

How about an address over 13 years old with 10 coins gets multiple notices to break itself into smaller amount  or it is forfeited.
I know 13 year old coins do not exist at the moment.  But many wealth depositories have inactivity rules.

I would love to see this idea happen.  As it would recirculate lost coins.  It could be tweaked  but I think it could work.

To op thanks for your trolling efforts as I like my twist to your idea.

Don't you think that by redistribution it goes against the bitcoin protocol of decentralisation? Most times FOMO is a cause effect for sudden rise and fall not necessarily the whales. Let's not forget these guys invested their funds in Bitcoin years ago are there no laws against infringement on personal funds because this is what it's all about?

[philipma1957]

Time to do something about the few whales who keep cheating everyone out of their life savings. 

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin? 

We have to end the whales who are out of control. 

Great  topic nice way to generate certain  opposition posts.

I dont really know what this guy is thinking, at his rank he must have good knowledge in here but I can see that he is not.

thinking this:  We do a fork.  Anyone with more than 10 BTC - gets 10 BTC.  The extra is airdrop distributed to people who have nothing. 

After the fork - nobody has more than 10 BTC. 


Are you guys all stupid?  You don't understand how a fork works? 

How fair is it that one asshole spends 10,000 BTC on a pizza and now you have to spend the rest of your life working like a slave.  Seem reasonable to you? 

 A brilliant followup post sure to get even more opposition posts.



The simple answer is there are about 17,735,000  coins so   your idea does not work  since  there are

10 numbers and 26 letters  that is 36  different choices  for each character in a btc address

so the address below could be 34 characters long  


1J dC 6X g3 aj T3 rg e3 Fg PN SY YF pm f5 3V bt je

so 36 x 36 =

1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 =

a really really really really big number  far bigger the 17,735,000 coins.

So if 12 guys hold 12,000,000 coins and 3,000,000 coins are lost and little guys have the rest of the coins.

then  they (whales) will simply divide  their coins into spare addresses.


Actually your idea does have 1 point  that could work. Dead or lost coins could be redistributed to the network.

How about an address over 13 years old with 10 coins gets multiple notices to break itself into smaller amount  or it is forfeited.
I know 13 year old coins do not exist at the moment.  But many wealth depositories have inactivity rules.

I would love to see this idea happen.  As it would recirculate lost coins.  It could be tweaked  but I think it could work.

To op thanks for your trolling efforts as I like my twist to your idea.

Don't you think that by redistribution it goes against the bitcoin protocol of decentralisation? Most times FOMO is a cause effect for sudden rise and fall not necessarily the whales. Let's not forget these guys invested their funds in Bitcoin years ago are there no laws against infringement on personal funds because this is what it's all about?

I think the op’s idea is essentially worthless other then it generated my idea and the general discussion of the thread.

My idea makes sense.  Whether you wait 13 or 15 or 20 years on the locked and untouched addresses is open to talk.  But the fact is we have more then 2,000,000 locked coins not touched since mined
And maybe another million in lost coins.

To say they will be forfeited due to a lack of activity seems like a good way to determine what the status of them really is.  Let’s say there is a 50 coin address from 2009 never touch and subject to forfeit of 5 coins a year for the next 10 years.

If it is a hold address and not lost the owner simply moves 0.1 btc out and then holds for 10 or 15 more years.

If the coins are not accessible  the that address drops 1/10 for ten years in a row.  This. Does not need to start until 2022 or 13 years from the mined coins

[Crypto5060]

Time to do something about the few whales who keep cheating everyone out of their life savings. 

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin? 

We have to end the whales who are out of control. 

Great  topic nice way to generate certain  opposition posts.

I dont really know what this guy is thinking, at his rank he must have good knowledge in here but I can see that he is not.

thinking this:  We do a fork.  Anyone with more than 10 BTC - gets 10 BTC.  The extra is airdrop distributed to people who have nothing. 

After the fork - nobody has more than 10 BTC. 


Are you guys all stupid?  You don't understand how a fork works? 

How fair is it that one asshole spends 10,000 BTC on a pizza and now you have to spend the rest of your life working like a slave.  Seem reasonable to you? 

 A brilliant followup post sure to get even more opposition posts.



The simple answer is there are about 17,735,000  coins so   your idea does not work  since  there are

10 numbers and 26 letters  that is 36  different choices  for each character in a btc address

so the address below could be 34 characters long  


1J dC 6X g3 aj T3 rg e3 Fg PN SY YF pm f5 3V bt je

so 36 x 36 =

1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 x 1296 =

a really really really really big number  far bigger the 17,735,000 coins.

So if 12 guys hold 12,000,000 coins and 3,000,000 coins are lost and little guys have the rest of the coins.

then  they (whales) will simply divide  their coins into spare addresses.


Actually your idea does have 1 point  that could work. Dead or lost coins could be redistributed to the network.

How about an address over 13 years old with 10 coins gets multiple notices to break itself into smaller amount  or it is forfeited.
I know 13 year old coins do not exist at the moment.  But many wealth depositories have inactivity rules.

I would love to see this idea happen.  As it would recirculate lost coins.  It could be tweaked  but I think it could work.

To op thanks for your trolling efforts as I like my twist to your idea.

Don't you think that by redistribution it goes against the bitcoin protocol of decentralisation? Most times FOMO is a cause effect for sudden rise and fall not necessarily the whales. Let's not forget these guys invested their funds in Bitcoin years ago are there no laws against infringement on personal funds because this is what it's all about?

I think the op’s idea is essentially worthless other then it generated my idea and the general discussion of the thread.

My idea makes sense.  Whether you wait 13 or 15 or 20 years on the locked and untouched addresses is open to talk.  But the fact is we have more then 2,000,000 locked coins not touched since mined
And maybe another million in lost coins.

To say they will be forfeited due to a lack of activity seems like a good way to determine what the status of them really is.  Let’s say there is a 50 coin address from 2009 never touch and subject to forfeit of 5 coins a year for the next 10 years.

If it is a hold address and not lost the owner simply moves 0.1 btc out and then holds for 10 or 15 more years.

If the coins are not accessible  the that address drops 1/10 for ten years in a row.  This. Does not need to start until 2022 or 13 years from the mined coins

If there's truly a a way of determining which wallets have lost its keys aside idle wallets of over 13-15yrs then we can say let the redistribution take effect. But since we can't really ascertain if a wallet key is lost or probably the owner is waiting for a really long term hodl in which case nothing can be done to the coins. Even if a redistribution is going to happen whom do you redistribute to and whom do you leave out?

[RodeoX]

The problem with most money systems is not that some are wealthy and others not, it is the unfairness of fiat systems. Bitcoin is mathematically, provably fair. If someone has a lot of bitcoin is is because they bought it. There is nothing unfair about that and the seller is not losing anything unless they foolishly sell at a loss.

So if you are upset by "whales" buying up all the bitcoin, consider that you could have done that. Consider that that no one can compel you to sell your coin, and that you set the price. It is completely fair. There is absolutely no path whatsoever to any commie redistribution of the wealth. You can create a fork or make a coin that keeps anyone from getting rich, but good luck with that.

[Vinalians]

For me, those whales are the major investors of bitcoin and we don't know what they've been through just to keep holding their bitcoins and other cryptocurrencies. They have the rights to do what ever they wanted. It will affect the market yes but in just a matter of time market will surely recover from it.
Opportunities that they wasted will surely be taken by the other people.

[vladimirhf]

Time to do something about the few whales who keep cheating everyone out of their life savings.  

Let's do a fork and take anything over 10BTC away from those big addresses and redistribute it fairly to everyone.  It is ridiculous and totally ruining everything when one person has 1000s and can mess up the order book on a major exchange.  Where is the fairness in bitcoin?  

We have to end the whales who are out of control.  

well, they call it "capitalism". it's not supposed to be fair, it's supposed to be profitable
many people in crypto don't want to change this, but they expect to be the plutocrats of the "new paradigm".

[Successmaniac4]

Last month, in May, we noticed a sharp drop and rise in the price of Bitcoin. Which lasted for less than 10 minutes. It was the whales that were manipulating the coin to attract more investors into the system.