Over on M* Forums there's a poster, Stonksalltheway, who I'm sure is a bitcoin promoter, possibly even a bot. Certainly paid to promote. But it prompted me to check this : 79% of all BTC was mined before 2016. Ownership was relatively low then, so there must be a high concentration of ownership. Which in turn would make for a market ripe for manipulation. The space is so very promotional and subject to manipulation, it seems to me. A little collusion and you can keep the train running. Where are the regulators?
Any thoughts on this? I hear that institutions are getting into BTC but I don't know if I can believe that; just look at CNBC with segments that are sponsored by Greyscale, segments that look like legit interviews but are really promo spots.
I've been reading up on bubble events, like the tulip craze but haven't found anything to inform me about what this might be.
I should add, I Googled "Stonksalltheway" and that person/bot/whatever is all over the web on investing message boards, always promoting crypto and in mostly inappropriate ways.
bb2 I am no BTC aficionado and just own some instead of going to Vegas. That said, there's a lot more to it than what you mentioned re: original investors. I ask myself the question ... if it was really able to be manipulated by a handful of original investors - what's stopping them? Why have they been nascent? There have been plenty of swings where those original holders could have sold/bought and made a MINT. So, there's that. Read a recent story where Jamie Dimon said it's a complete scam (paraphrasing) but his investors want access to it so he is going to provide it. The recent news of ETF approval is sure to juice it. I don't gamble and have always considered traditional gambling as my kryptonite. However, throwing a bit at BTC is like purchasing lottery tickets to me. You'll probably lose but you never know. I DO have friends that have made a real fortune on it because they were early adopters. I was trying to determine if I could play the volatility to my advantage. It worked a little bit. But the fun is watching and playing just a little. Redirect the money you might spend for high priced coffee to a little exposure and who knows. It just may go to 100K and then drop to 35K and go back to 150. Best wishes to all.
Edit Add: If you don't buy the ETF, you can always just buy some Michael Saylor Microstrategy stock and you'll get plenty of exposure.
Last Edit: Oct 15, 2021 23:30:25 GMT by jongaltiii
Jongaltiii - My suggestion is that BTC whales have caused those swings and have indeed made a MINT or they can stabilize the price as well. Being early accumulators, they have started with a MINT, (I recall BTC below 1 cent), and can use it to get even richer, maybe using a sell-wall tactic or possibly to increase the popularity of BTC with a FOMO move to the upside. Or they might want to stabilize the price for a while to quiet naysayers who say volatility is bad for BTC, comforting prospective buyers.
You've been smart to go along for the ride, something I should have realized long ago. Why not latch on to an unregulated, manipulated market controlled by people who either want the asset to rise over time or succeed in the way a true believer would want - a new, stable form of money. Either way, you probably can't lose. If it goes back to a penny, that would be a one way trip.
I know a guy who bought at $5K on the advice of "someone he trusts" and when I see him next I'll ask about that conversation and post back.