Don't you have a math error?
0.0005 x 20,000 = 10 BTC not 100 BTC
That doesn't diminish your point about the large volume perhaps being wash trades of insiders selling to themselves to pump up the price and volume.
Yea, you're right. I accidentally used 0.5% instead of 0.05%. They aren't paying astronomical fees, but you can clearly tell it's wash traded.
I am not disagreeing with the thesis that ETH is a manipulated market of wash trades and margined ETH used to leverage up, akin to printing money out of thin air.
It is ridiculous that the resources of our ecosystem are being drained by our myopia.
I am not going to go on a crusade of talk in BCT.
I think we need to try to do something in terms of investing our money in honest s/w development.
Also it does appear that some actual development is being done in the Ethereum ecosystem, so if we don't compete with what they are offering then the speculators are just going to think we are jealous sour grapes.
Or just stick with BTC and accept the fate of Blockstream + China, which in my opinion in another way we are being used for the objectives of those who control us.
It is depressing. But I want to fight back by coding.
How else to fight back?
(and don't anyone think I am going to be a fucking volunteer. I do my work for a profit. I don't believe in Communism. Any way, I am probably risking my life, so that should be sufficient volunteerism)