I’ve been thinking about this very question for sometime now, most especially after I came across a thread(can’t specifically remember which board I saw the thread, but I tried searching an didn’t find it) where the op talked about how some big whales use some sort of techniques to create barriers for bitcoin price allowing them to accumulate more until the price of bitcoin reaches their desired price, then they allow it move freely again, just with the case of it moving smoothly from 90k+ to 100k+.
Well, as much as I know that, the price of bitcoin is determined by supply and demand, I also had to see some reasons with that threads op as to the possibility of some people(whales) being able to manipulate these supply and demand and judging from how the price of bitcoin could easily be affected by a tweet from President Donald Trump, has given rise to some sort of curiosity in me to ask and know if truly that some group of people can actually determine the price of bitcoin by altering the demand and supply of the coin?
N/B:. We’re all here to learn and as such everyone is free to bring in their knowledge as I would be in the thread to learn because I’m really curious to know these.
Thanks
Isn't the information about "omnipotent whales" another myth? It seems to me that there are enough players on the cryptomarket, including big players, that manipulating the cryptomarket in this way by whales becomes a task that is, in fact, impossible.
For me, such statements about "whale manipulators" look like similar stories about the illuminatus and the world government that controls everything. The world is much more complex and there are many groups of people with completely opposite goals and interests, therefore, in this chaos, the possibility of such control tends to zero.
The same thing happens on the cryptomarket, where each participant comes to earn (make a profit), and not to become impoverished. A conflict of interests arises, in the form of a desire to make this profit, between all participants. If a hypothetical whale creates a situation that is beneficial to him, then there will certainly be another participant who will take advantage of the opportunity to make money and do so (of course, not purposefully, but for his own benefit) so that this whale suffers losses. It's like a zero-sum game. If someone makes money, then someone will definitely suffer losses. I want to say that no whale is able to take into account each and every participant of the cryptomarket (their interests and goals) in order to manipulate it so skillfully. Remember the story about Gamestop, when the guys from Wall Street were so cleverly screwed. Something similar will happen on the cryptomarket and the mythical whale will suffer losses.