Bitcoin Credibility in shock

[SUMBI99]

Suddenly become worried after heard many people blame some people or group of people for slowing down the bitcoin price and I correlate with other fact and see bitcoin is not safe and we are not so safe and what make me so painful is to see we can not do anything about it because of how blockchain technology made.

What happens at this time in Bitcoin price and fact predictions of the reasons behind the decline of bitcoin price / fall down of the price, people are saying different issues some says it's normal when bitcoin price halving is near, other is because of coronavirus outbreak and some blame some of individual /group of individuals, who own a large amount of bitcoin transact and result to the situation. All issues become sensible but for individual/group so-called bitcoin wales give out stress and Bring questions if the credibility of bitcoin is safe if some people/group of certain people may decide which time bitcoin has to be high or low in price.

I go farther around the middle of 2019 on Binance Bitcoin hack, many who we were following the incidence, we did hear some rumor that Binance may get access to those stolen Bitcoin which was around 7000 Btc, but later on, after Binance talks to several professional people, they roll back and stop with the response from the Binance leader who said that we did not do because of advice from such people and we might hit Bitcoin Credibility, This also brings worry that we escape governments to get financial freedom and we are /we might stack to other forms where few people may decide the market condition of Bitcoin and Crypto in general, which I see it is not safe, this question my mind if somehow bitcoin can be manipulated by another interested part/s.

Also, I think of forcing these people to sell that much Bitcoin to multiple accounts which owned by few owners might help, but how it is the problem because for them to hold such amount is not safe for us anymore if what said is true, they will still play users time to time and as matter of fact I confused what will happen later on.
let provide a clear picture if I'm not understood if one individual holds more than 5000 BTC in single or multiple accounts may go to any exchange and set a trade from hight price, middle to low price and because he/she has many transactions will force the market to its low price and what is not good is that he/she might cancel and buy buck when market follow the price by the profits made during the process of setting price from high to low.

I'm a bitcoin believer and appreciate the blockchain technology and having question/s on it is good for mental health on adding knowledge and skills, Tech and developer may have the answers but please bring it in a simple language which even normal people will understand due to the different class of people in the world and the preferred language which used mostly.

Additional Materials

 According to CZ_Binance::https://twitter.com/cz_binance                                                                                                                                            
Pros:
1.we could "revenge" the hackers by "moving" the fees to miners;
2 deter future hacking attempts in the process.
3. Explore the possibility of how the bitcoin network would deal with situations like these.

Cons:
1. we may damage the credibility of BTC,
2. we may cause a split in both the bitcoin network and community. Both of these damages seem to out-weight $40m revenge.
3. the hackers did demonstrate certain weak points in our design and user confusion, which was not obvious before.
Cons:
4. While it is a very expensive lesson for us, it is nevertheless a lesson.  it was our responsibility to safeguard user funds.

We should own up it. We will learn and improve.




https://bizzysumbi.blogspot.com/2019/05/binance-security-incident-update.html

https://bizzysumbi.blogspot.com/2019/05/binance-let-hacker-away-with-over.html

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[mk4]

Can you summarize in just a few sentences what's bothering you concerning Bitcoin? I couldn't get your main point to be completely honest. Is it the potential price manipulation by whales? Is it the Binance bitcoin rollback fiasco? Or what?

Anyways, I'm going to answer both just for the sake of it.

1. Bitcoin's price can move in sharp spikes simply due to very low liquidity, regardless if these "manipulators" exist or not. The only thing that can fix the liquidity is more people and money in the markets, hence more time is to be needed. It's not something that you sort of flick a switch and immediately the problem is solved. Manipulation also exists in the stock markets.

2. Binance's ChangPeng Zhao(CZ) thought of attempting a rollback by contacting miners. Keyword = attempt. He would've failed regardless if he pushed through with the attempt.

[AGD]

Bitcoin is safe but trading markets are not. Not your keys, not your Bitcoins. Was that simple enough?

[NeuroticFish]

Suddenly become worried

You suddenly became worried about something that didn't happen in 2019 (and could not actually happen)?
Market manipulation happens on all levels. My country's central bank is adjusting the Forex price of our national currency multiple times a day and nobody writes long texts about how worried they are.

All I see is that you want to fix something that's not broken.

[pakhitheboss]

Suddenly become worried

You suddenly became worried about something that didn't happen in 2019 (and could not actually happen)?
Market manipulation happens on all levels. My country's central bank is adjusting the Forex price of our national currency multiple times a day and nobody writes long texts about how worried they are.

All I see is that you want to fix something that's not broken.

Typical way to leave a backlink, that is want OP is doing here.

There is no relation with the topic heading and the content being written to support it. I have no clue what the OP meant and why Bitcoin was quoted.

This how spamming is done on BTT now days.

[DooMAD]

I go farther around the middle of 2019 on Binance Bitcoin hack, many who we were following the incidence, we did hear some rumor that Binance may get access to those stolen Bitcoin which was around 7000 Btc, but later on, after Binance talks to several professional people, they roll back and stop with the response from the Binance leader who said that we did not do because of advice from such people and we might hit Bitcoin Credibility, This also brings worry that we escape governments to get financial freedom and we are /we might stack to other forms where few people may decide the market condition of Bitcoin and Crypto in general, which I see it is not safe, this question my mind if somehow bitcoin can be manipulated by another interested part/s.

It seems to be a common occurrence for people to conflate "an issue a particular service has" with "an issue with Bitcoin".  They are not the same.  If you use Bitcoin the way it was designed to be used and don't leave your funds in the custody of third parties, you won't find yourself involved with these little dramas.

As far as I'm concerned, if you're using it wrong, you forfeit the right to talk about credibility.

[davis196]

Typical way to leave a backlink, that is want OP is doing here.

There is no relation with the topic heading and the content being written to support it. I have no clue what the OP meant and why Bitcoin was quoted.

This how spamming is done on BTT now days.

If I understand this correctly,the OP wanted to say that after the huge Binance hack,the Binance owners contacted a bunch of big Bitcoin miners and tried to convince them to reverse the transactions of the Bitcoins that got stolen from Binance.This would have "ruined the credibility" of Bitcoin,because every transaction can get reversed,if the big BTC miners want to reverse it.This is what OP wants to say,I guess.
Anyway,that didn't happen and never will.
Volatile markets aren't ruining the credibility of Bitcoin,there's no doubt about that.

[Wexnident]

Why even bother talking about the price when we're identifying the idea as BTC being safe? Bitcoin is naturally volatile, it's supply is continuously increasing day by day and day traders litter the market which causes the ups and downs at times. It's a safe asset in the sense that it is able to endure the beatings of an economic market crash, and that's it. I suppose it didn't hold up to the recent crash because, well, even gold was hit, which is a naturally known safe asset.

Additionally, Market manipulators are there, whether you like it or not. Be it in the stock market, forex, or crypto market, there would be some of them trying to manipulate it, and them being there doesn't really equate trading to an unfair situation. It's just a matter of how you intake information so as to prevent yourself from getting rekt by them market manipulators.

Also Bitcoin Credibility? More like you're defending Binance Credibility. If you held your BTC in your own hard wallet, you wouldn't have a problem with the hacking right? Exchanges are made to buy and sell but it isn't made to hold your crypto.

[amishmanish]

The spectre of Bitcoin whales manipulating prices always seems to be a valid justification when you always end up buying high and selling low while trading. This is what concerns a lot of newbies who come into BTC thinking that trading will help them earn some side income, which it possibly can. Trading is inherently risky and these whales you are mentioning, even they are trading against each other.

Binance is one of the biggest exchanges and most of its earnings must be from the maker/ taker fees etc. from all sort of traders ranging from very small to the whales. A hack into THEIR EXCHANGE is their responsibility, not bitcoin's. Maybe they need to work better on internal security. There is no need to complicate the issue by linking bitcoin's credibility with what CZ, Binance, hackers or traders do. Bitcoin isn't just about trading anyway.

[Welsh]

Bitcoin whales are no different than fiat whales in the sense that they can manipulate the market when they deposit, or withdraw large amounts. It is somewhat unpredictable how much it will effect the market, because it also depends on what else is going on, and more importantly what other investors are doing. Although, I'll admit that a young currency like Bitcoin, and a limited resources currency at that will be more influenced  by whales due to the fact that there's less money in circulation, and I believe a lot of the percent of current circulation coins are owned by whales. Whales dumping isn't always a bad thing though, and can actually encourage others to invest at low prices, and therefore diversify the shares of the total Bitcoin circulated coins.

[palle11]

Bitcoin is safe but trading markets are not. Not your keys, not your Bitcoins. Was that simple enough?

This is simple, instrumental and well filled with instruction.
Many people think bitcoin is not safe either because traders who who lost in their trade have given out fud about bitcoin and refuse to tell those people the actual issue with their unprofessional strategy to trade .

Why don't they tell people the truth   Tell the people, that you were being a damn unprofessional trader, that was why you lost your damn bitcoin lol    

[dothebeats]

Get a grip. Even traditional markets with known regulatory bodies manning the helm every trading hours are infected with manipulative hands that are rarely seen or noticed by regular traders. It is happening everywhere, not just bitcoin or any other cryptocurrency markets. No investment is 100% safe from any forms of exploitation, and so the notion that bitcoin will gain credibility if these manipulators are eliminated is false.

The moment you have laid your funds in an exchange and bought BTC, you must understand that you are bound to lose your money if you don't play it smart.

As for CZ mentioning actual rollbacks in the chain to regain access to hacked bitcoins, there is no way in this world that that could have pushed through given the stand of majority of the miners against such activity. It would hit bitcoin really hard and people would feel like it is okay to request the miners to do a rollback to take back what they lost, ultimately defeating the idea of blockchain and therefore crashing bitcoin's value big time.

[Kelvinid]

Why we should have to blame others if we make decisions on our own unless if we just rely on them.
Whales have done their way also to generate more profit, the same way we think about but somehow we are not like them who have to capability to make changes in the market price. We don't be bothered so much because of the dumping scenario that we've been experiencing today, we know the reason and we know also that this thing may resolve in the coming days. Whales are out of this.

[Cryptoreflector_666]

Why we should have to blame others if we make decisions on our own unless if we just rely on them.
Whales have done their way also to generate more profit, the same way we think about but somehow we are not like them who have to capability to make changes in the market price. We don't be bothered so much because of the dumping scenario that we've been experiencing today, we know the reason and we know also that this thing may resolve in the coming days. Whales are out of this.

Whales are the same market participants as everyone else. Of course, their sphere of influence is much higher than that of ordinary mortals, but not by much. Just always remember about volatility - the more capital you have, the more losses you incur. So whales have their own problems.

[avikz]

Suddenly become worried after heard many people blame some people or group of people for slowing down the bitcoin price and I correlate with other fact and see bitcoin is not safe and we are not so safe and what make me so painful is to see we can not do anything about it because of how blockchain technology made.

Here we need to blames the hackers and scammers and not the network participants. We have witnessed similar type of bank heists as well but did that put the credibility of banks in shock? No! Then why bitcoin?

The current crash in market is not because of the Binance hack that happened way back in time. But also we can link it to the plus token as well as MtGox frauds. It is impossible for us to fathom what exactly has happened!

Obviously whales have played a big role in it. But we don't really know if these whales have a connection with these frauds or not. They have the ability to manipulate the market and they probably execute such things to make even more money. But we can't really do anything in this decentralized market, apart from riding the wave!

[Leonardo7]

Your article is very long, didn't decode all the write-up. Well, bitcoin credibility can't be destroyed by any and not even the government and as regards the price, bitcoin is doing greatly well considering the current global health and financial crisis. Just buy what you can buy if you still have spare money.

[Sanugarid]

Suddenly become worried

You suddenly became worried about something that didn't happen in 2019 (and could not actually happen)?
Market manipulation happens on all levels. My country's central bank is adjusting the Forex price of our national currency multiple times a day and nobody writes long texts about how worried they are.

Some people in here are obsessed with bitcoin, I can really tell, with how they post, react on it and even speculating.  It seems to me that we are having a bunch of 2017-ish people who are very gullible when someone popular speculates or said something. The manipulation happens all the time, with this it creates a language for every one to be interpreted on their own which makes the market volatile. No need to worry about something that isn't worth to think of, not even I would really think this way, never.

All I see is that you want to fix something that's not broken.

He's looking for something with his eyes closed.

[Slow death]

What happens at this time in Bitcoin price and fact predictions of the reasons behind the decline of bitcoin price / fall down of the price, people are saying different issues some says it's normal when bitcoin price halving is near, other is because of coronavirus outbreak and some blame some of individual /group of individuals, who own a large amount of bitcoin transact and result to the situation. All issues become sensible but for individual/group so-called bitcoin wales give out stress and Bring questions if the credibility of bitcoin is safe if some people/group of certain people may decide which time bitcoin has to be high or low in price.

I think that in the last few weeks it was clear why the price dropped a lot, just see that the price today increased a lot and did not increase a lot due to considience or because some whale caused the price to increase a lot, the price increased a lot because of that:

bitcoin price gains 7 in 24 hours as wall street bets on 2t-bailout

you have no great reason to worry, the most worrying now is to survive in this current coronavirus scenario

[Meowth05]

Don't worry about that, bitcoin endured lots of criticism and I think that it will stay here longer than you may think. How many times does bitcoin have to prove its trustworthiness, the problem is not with the cryptocurrency but with the people who are handling it.

[Darker45]

Let us try to separate Bitcoin from what is not Bitcoin.

To be quite fair, you cannot blame Bitcoin for the failures of others. So, to start, we have to remember that Bitcoin should not take the blame for the hacking of Bitcoin wallets of exchanges. These Bitcoin wallets are definitely not Bitcoin. Bitcoin should also not take the blame for the whales. Bitcoin does not have a built-in feature to distribute BTC equally among the world's population. As a matter of fact, Bitcoin is not even its value in USD. Bitcoin does not guarantee us of a certain increase in fiat value over time.

The credibility of Bitcoin should be based on its fundamental features and not on some external factors.