Bitcoin Whales Rule the Deep Dark Cryptocurrency Ocean
When Bitcoin Whales surface the waves swamp small boats, then BTC dives back for bottom
A sighting of a mythological Bitcoin Whale was recently reported. On October 31 this year a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list. A potential spotting of the big one. Whale watchers were out in force, below is an overview from NFT Alpha.
On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. The underlying problem with Bitcoin is the history of criminal activity that destroyed any possibility of trust in it’s owners.
Mt. Gox Bitcoin Whales lurking deep and waiting until feeding time
Satoshi Nakamoto is Giant Bitcoin Whale wanting to surface
“Satoshi Nakamoto” is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.
There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials. The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.
The first transaction involving physical goods was paid on the 22nd May 2010, by transacting 10 000 BTC in exchange for two pizzas to be delivered by Papa John’s. At the time, the value of the transaction was negotiated by individuals on the bitcoin forum.
In June 2021, the largest bitcoin event in history took place in Miami, attracting approximately 15,000 bitcoin enthusiasts. The entire cryptocurrency universe was created with Bitcoin as the reserve currency. The price volatility is a reflection of the distrust.
At any moment, any number of Whales could disrupt the entire crypto universe. Bitcoin Whales make every Token unstable and vulnerable. Eventually mass adoption across other, more evenly distributed coins, will provide a better future outlook for digital money but currently the concept is held hostage by a hidden hand.
Special thanks to NFT Alpha