Bitcoin Is Not Decentralized

[alexey14]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

[figmentofmyass]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people

you got a source for that?

What Happens to Bitcoin After All 21 Million Are Mined? then whale completely control bitcoin price.
Bitcoin Is Not Decentralized.

there are less and less whales over time. they end up taking profit (distributing) or dumping in failed manipulation attempts. when i first started years ago, whales used to dump 2000-3000 bitcoins at a time. this was an everyday occurrence. when's the last time you've seen dumps that size?

the supply being mined out doesn't matter anyway. everything will keep going just like before. miner revenue will just be 100% fees instead of part fees and part subsidy.

[Kriptonian1661]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people

you got a source for that?

What Happens to Bitcoin After All 21 Million Are Mined? then whale completely control bitcoin price.
Bitcoin Is Not Decentralized.

there are less and less whales over time. they end up taking profit (distributing) or dumping in failed manipulation attempts. when i first started years ago, whales used to dump 2000-3000 bitcoins at a time. this was an everyday occurrence. when's the last time you've seen dumps that size?

the supply being mined out doesn't matter anyway. everything will keep going just like before. miner revenue will just be 100% fees instead of part fees and part subsidy.

It is pretty obvious you dont need much source for that, you think Whales will do that? Just remember that human beings are easily keen to dogma.

[bob123]

What has the stability of the price (which might or might not be completely influenced by whales) to do with the state of decentralization ?

Just because those big fishes can pump or dump the value of BTC compared to a fiat currency, it doesn't mean that the network isn't decentralized 


Or can your transactions be blocked, reverted and censored because of the volatility of the BTC/USD value ? No, it can't.

You are mixing up two completely different topics creating a link between them, where actually none exists.



Additionally, i am interested in where you got your numbers from.

90% of bitcoin hold by whales

Could you elaborate please ?

[Blocktoq]

One day anonymous Bitcoin whale moved 40 000 BTC... you can read about it in the article below:
https://blocktoq.com/anonymous-bitcoin-whale-transferred-229-mln-usd/
What will happen next? We will see

[Duzter]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

If 90% bitcoin being hold by the whales automatically the market could have got a transition to a centralized network. There is no proof stating that 90% bitcoin is with whales. I believe a small majority will be taken by whales on the whole. Maybe whales will have around 65% and the rest in the hands of common people.

[markcryptoexpert]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

How do you know that?

[CryptopreneurBrainboss]

The human body can be used as an example of a decentralized system, which are are made up of cellchains (lol) which operate similar to blockchain  that some part of my body has more cell than the rest doesn't make it less decentralized same thing can be said about the solar system. The decentralization is in the mode of operations, processing of the network and not some amount of coins owned by individuals. The whale are just privilege few that believed in the technology when others doubted its success.

For example, lets say some privilege few, did invest largely in Grin cryptocurrency (not financial advice) with billions of dollars and it becomes a success tomorrow via increase in price and global adoptation then they become whales of grin. That doesn't make Grin cryptocurrency less decentralized.

[Kriptonian1661]

The whole idea of Decentralization is to not give most of it to the "privileged few who believed in the tech (LMAO)" rather to the masses otherwise it is destined to fail on the whole line. But it does not matter as it is simply not important, all we want is the Digitalisation of Paper money, thats it. Dont care if the whole Crypto Charade falls apart

[Kriptonian1661]

The real question is, what defines decentralization? I can argue Bitcoin is decentralized because it's P2P network structure.

It is pretty obvious you dont need much source for that, you think Whales will do that? Just remember that a human beings are easily keen to dogma.

Obvious? depending on your perspective. But no one would believe without source or proof.

What a crock of shit this guy is, oh I don't need a source it's obvious, bullshit. Bitcoin is becoming more distributed with every dump. We see more users buying in everyday.

It is a reason it is called a DUMP, nobody in the right mind wants it   all peeps do is ride it untill the water in the pond dries out

+ it is very obvious that the whales control 90% of the available BTC today, proove me wrong

[Bunsomjelican]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

In the place dude, people here in the forum are not stupid and easy to believe on what they read here in the forum.
Before you get their attention and belief and get their trust, you must have a valid source or support on your statement.
Because, if you don't give any link article on your statement, it will remain rumors or hearsay only.

[Kriptonian1661]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

In the place dude, people here in the forum are not stupid and easy to believe on what they read here in the forum.
Before you get their attention and belief and get their trust, you must have a valid source or support on your statement.
Because, if you don't give any link article on your statement, it will remain rumors or hearsay only.

Give me proof and source that it is the opposite as he says

[NeuroticFish]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

1. Most probably 90% of bitcoin is not hold by whales. That statistics are misled by the huge number of people keeping their funds at exchanges and online wallets.
2. All the Bitcoins will be mined at about year 2139-2149. Do you really care? Well, then I'll tell you something else: I've never mined Bitcoin and still have some, how come? Bought some, worked for some other and so on. Do you think that this will be different in 2149? I don't. Like any kind of money, Bitcoin will be available to buy/exchange or to work for.
3. Decentralization is something different. Decentralization is about the network. The quantity of Bitcoin hold by whales may be big, but that's because they'll use it as store of value; and in that case they'll not be so stupid to make it cheaper.

So I think that your concerns have no substance.

[Kriptonian1661]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

I thought about that too. Crypto turns into an ordinary banking and trading system, we most likely lost decentralization forever.

How so? In 100 years + when this happens the fee system should be for the miners and trades still happen, whales will all be dead and if you think their children and grandchildren will never profit take you're foolish too.

In 100 years there will be no BTC in the minds of Consumers, but there will be Blockchain or something better !

[bubislav]

That's great post. l think you say right,on the one hand BTC is not controlled, but on the other hand it can being see that there are a lot of whales which control BTC.At the end these will eat little fish.  

[Kriptonian1661]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

I thought about that too. Crypto turns into an ordinary banking and trading system, we most likely lost decentralization forever.

How so? In 100 years + when this happens the fee system should be for the miners and trades still happen, whales will all be dead and if you think their children and grandchildren will never profit take you're foolish too.

In 100 years there will be no BTC in the minds of Consumers, but there will be Blockchain or something better !

Oh yes and what will be? Your too secret project you need 50 BTC to start? You're a thief and a scam artist, I have learned all I need to about you to see what you're all about.

LMAO, got anything else to say besides some pointless stuff that even isnt related to this topic? My idea is my idea, and if i was paid for it than i would help BTC rise in Value and be distributed into the hands of common people. As every labour is paid so should be mine, nothing is free.. Ya Gambling addict ^^

[pushups44]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

Yes, bitcoin is held disproportionately by a few whales, but the same thing could be said for the U.S. dollar, gold, and other assets or means of exchange. Look at the growing wealth disparity in the U.S. to see that the current system, even without bitcoin, is highly problematic. To solve the growing wealth inequality will require measures beyond banning bitcoin or scolding those who hold it.

[Artemis3]

90% of bitcoin hold by whales, only 10% of bitcoin hold by people,whales  can do anything pump btc to moon or dump it to hell,
BUT ask yourself 1 question: What Happens to Bitcoin After All 21 Million Are Mined? then whales completely control bitcoin price.
Bitcoin Is Not Decentralized.

If this was true, why didn't they took it over? the Chinese tried and failed...

What do you think will happen in the year 2140 when the last bitcoin gets mined?

Who controls gold price today? Are they hoarding it or not?

[Kakmakr]

OP, you obviously do not understand the "decentralization" of Bitcoin, because this points to the decentralized network of nodes that are spread globally and not the people using the technology. When is something decentralized? It is decentralized when it is spread out over a lot of people or in this case a lot of nodes. 

The whales cannot be prevented, because you have early adopters and also people with a lot of money to buy a lot of coins. This happens with most commodities all over the world, so it is not unique to Bitcoin. 

[Kriptonian1661]

OP, you obviously do not understand the "decentralization" of Bitcoin, because this points to the decentralized network of nodes that are spread globally and not the people using the technology. When is something decentralized? It is decentralized when it is spread out over a lot of people or in this case a lot of nodes. 

The whales cannot be prevented, because you have early adopters and also people with a lot of money to buy a lot of coins. This happens with most commodities all over the world, so it is not unique to Bitcoin. 

So in other words, the only people who will benefit from BTC are the whales, that is if they can sell it to the common man. Decentralized is when 6 Whales do not own the whole BTC Market, instead the majority does. And the Majority will not pay 8k for something that can crash through the night. Unless you have top class promotions and marketing, which in case of BTC nobody wants to pay for . Ofcourse they can be prevented, by not buying any BTC and let them keep the whole Mined ammount.. The code of BTC might be Decentralized but it means shit if the Whales own it all. They can pump it back and forth between them but it will not change the fact that it is stuck