Dear Readers,
Added: 2nd Feb 2021:THIS is what I was referring to:
https://cointelegraph.com/news/bitcoin-s-biggest-mining-pool-may-be-behind-the-btc-price-drop-but-buyers-stepped-in.
By Whales I mean: Anyone that holds massive amounts of Bitcoin, including miners, %1, etc. The reality is they're doing nothing wrong, it might be seen as immoral or not with the ethos of the community, but the protocol is not designed prevent things like this. To hold it's store from original design or still yet added to future versions, so anyone selling huge amounts over a short period of time, they can do what they like but depending on time period they've held and sold, and how much they're selling, they have to give up a certain percentage of the currency and it goes back into the total amount of available bitcoin.The design that came about through a request from someone for a better form of currency and later delivered by Satoshi Nakomoto.
Did not build into it the greed aspect,
The whales have caught on, and the last 2/3 years institutional investors have moved in, they can manipulate the value of the currency on a given day, by selling or buying bags of it. The design for this not to happen is not built into it (yet)? Maybe it still can be done?
If it can be done, then I think that would good for the world, because it would put the control back to all the world's people. I realize it has to some extent.
The rich which already had the means to invest in anything they desired, now they've found a new racket to make even more money than they ever dreamed of, that still sounds like the 1% scenario to me, that millions of people have talking about since 2008.
A crypto currency that does not have this massive price movement depending on whales selling or buying will be the crypto currency for the people, if Bitcoin had this built into it as an enhancement, it would be the crypto for the people (one to change the world), equal distribution of wealth for everyone.
At present we have this amazing technology, Blockchain,
but the decentralization of wealth is for who ever got in there first (let's face it, the techies) and the other camp is the institutional investors who found out they're onto the next big thing and can effectively control the currency, as more and more catch on, They can either make it a store of value or bring it to it's knees.A crypto that has a smart contract that has the ability to determine what someone has put into the currency, over a certain threshold, then if they suddenly selling up, it the smart contract, does "something smart" to be able say this this particular address held 100,000 BTC, and sold 50,000 BTC, some portion (a large portion) of it would go back into the pool, to hold the currency value (store of value). This would apply regardless of the coin was halving, regardless of what the S&P is doing, how much more trillions are being put into the dollar or any other market. It would independently gain value, because it, itself was valuable, because it has the people's buy in around the world.
It could be even smarter and work out how much the address holds referring to "a whale amount" and how long it has been held over a period of time, and does some smarts to based on that and the amount held, to emphasis, it does something smart but fair to put a portion back into the pool, pool meaning the total amount of the currency available, nothing to do with staking pools.
I believe something like this would be the crypto for the people. I have big hopes with the current designers of Bitcoin, building something like this into the Bitcoin currency, because it started everything off and comes from a good place, a good heart, good intentions behind creating it in the first place. We would be doing Satoshi Nakamoto a massive injustice, if it did not live up to this.
