Can anyone explain to me how #bitcoin #btc is decentralized if nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m owns 1% of all bitcoin and 14,000 wallets own 60% of ALL bitcoin. What if we replaced the word 'whale' with 'oligarch'? Not sure how having so few people owning so much of btc makes it less susceptible to manipulation. This is s concern. Maybe I'm wrong?
I think you need to do some research.
The word decentralization does not seem to mean what you think. Has nothing to do with who holds the coins rather who makes the decisions around the protocol. With the Bitcoin protocol, not one person or group can control the protocol and make changes arbitrarily
I understand how the bitcoin protocol is decentralized in and of itself but what would happen if all whales dumped btc tomorrow? I'm guessing the price plummets.
Just like anything else, that's not manipulated by governments no?
Absolutely! But if #btc can be manipulated via majority holdership, what's the difference?
A lot.
Plebs for one.
If the whales sell, there are sooooo many hungry plebs ready to eat it all up. As they say in normie land, we are psychopaths 🤣
Also unlike fiat it only hurts the whale to sell. All value will naturally flow to the hardest asset.
I'm not the best to answer this, but if you haven't yet, check out The Bitcoin standard and The fiat standard by Saifedean Ammous. It can answer all your questions on a much higher level than me.
Thats really only matters if you care about dollar price. Its a trope but 1 btc = 1 btc. If we really are out here to replace the dollar then thinking of Bitcoin in dollar value is pointless.
Not to say that bitcoin fixes the money hording issue of people like saylor but eventually (and this is making a lot of assumptions here) if the dollar fails and we use bitcoin more like money rather than just a savings asset people like saylor will be forced to use that bitcoin. He might still have a small hord but id assume the supply would much more "even" for a lack of a better way to say it.
Might be off my ass here but this is kinda how i think about it.
distribution of the supply*
Derp
