Quote from: DaRude on December 07, 2013, 04:06:01 AM

Someone having a BTC1mil or a group having BTC1mil (AHA) bothers me more than BTC crashing to $200. Hopefully this is them cashing out and not manipulating to rebuy even more

And you are quite right to be bothered!

Quote from: MikeH on December 07, 2013, 04:07:44 AM

you're a dick, everyone knows bitcoin is volatile and most enter with only what they are willing to lose - there is mention of weak hands being played here, I don't think there are that many - more like greedy hands and greedier hands, selling on the way down with the intention to buy back in but I guess we'll see within a couple of days.

you also talk about the top 50 owning 30%, I don't know if that's true but in the fiat world the top 1% own 41%, the top 10% own 86% and we know they are for the most part, evil mother fuckers so bitcoins distribution is still a definite improvement.

A lot of people don't understand the volatility of bitcoin, especially when their main sources of information on bitcoin is this forum and the Bitcoin subreddit, both of which have an undeniable ''The only way is up'' kind of attitude.
The average person doesn't understand that past performance does not equal future success, they see that bitcoin has quadrupled in the past month and they want to make a quick buck.

1% owning 41% of wealth is 7 million people owning 41% of wealth, an average of 0.00000585% each.
50 people owning 30% of wealth is equivalent of owning 0.6% of wealth each.
This is over 100,000 times worse than the society we live in today!

This can not and will not happen.

pokerman

Posts

Merits