With whales robbing small investors, it will be difficult to convince people to buy, OP.
Robbing is illegal, how do you define the way they rob small investors?
.What he means is that, whales will pump a coin and then newbie investors and those some investors there will see the coin and they are hoping that it will rise up more so they will jump on it - in short they got FOMO'ed. While the investors are busy buying the coin, the whales will then dump the coin causing it to go down that hard and some of the investors will be selling it at a loss since they bought it at a high price already
.As the OP, I'm still holding but I don't want to buy at this moment for some reasons.
They did this several times in the last two years, to such a extent its impossible to convince someone to buy.
Its a systemic issue with the crypto markets. Every crypto released start as a ponzi scheme, market-wise, and to tackle this it needs large-scale adoption. But you cant have adoption when a single whale can destroy an exchange book shorting 1k bitcoins on it.
The only way to solve this is through collusion on the down side, putting several mechanisms to stop massive shortings after a certain value. Some exchanges could be doing this already, but not all of them, and thats why it is needed a new consensus on the algos. They are not doing this, though, because "muh freedom to kill the market" is more important than bitcoin adoption by the average Joe. If the bear market turns out to be permanent, there is no reason to hold, you can just sell at 10k and rebuy at 5k.