Quote from: Torque on April 10, 2015, 01:02:35 PM

Quote from: 12345mm on April 10, 2015, 12:45:28 PM

... don't understand the point of rapidly destroying price and consistently causing so much price volatility that bitcoin will never be widely adopted as a result ... who cares if you have more of something when you're actively decimating the price of the thing and driving people away from it in droves ? ... seriously ... it's like the whale manipulators don't want anyone else to have any coins period and don't care how badly the price needs to be crushed to accomplish this ... the market cannot sustain several $5-$10-$20-$50 drops daily forever ... finex being pummeled the worst at the moment ...

People always talk about how whales dump on good news, because they want to assure that they are in a good position when the price subsequently rises on said good news.

But this never made sense to me, as there is no guarantee price will rise and also dumping would have the opposite effect on the public's view.

So my theory is Occam's razor --- someone has serious motivation to squash the price on every good news announcement, in order to continually drive the price down and the public away. Most bitcoiners believe that someone deliberately dumping to keep the public away is a preposterous notion, as they say it would be too costly to continue to do so. Well I don't believe that, at all. For a decently funded operation (say a world bank?) it wouldn't take much $$ on a yearly basis to do so.

/tinfoilhat

I wouldn't worry about whales not making money. If you control the market there is plenty of opportunity to make money. But the price needs to be at a point where other peoole want to trade. So they pull it down. The problem for Bitcoin is that it is at all possible for a small group of whales to move the price like this. With other commodities like steel or cement their utility isn't affected by the price. But bitcoin becomes less useful if the price swings violently. Even more so if the main direction is down. It is a serious weakness with Bitcoin, but it also shows why shitcoins don't have much of a chance to catch up.

This text is written on a shitty Huawei Android, so don't beat me up about it.