According to this tweet by Jameson Lopp (and to some basic math, if you followed the news and observed every major buying event) 30% of the Bitcoin mined during the last 17 months is owned by a single entity. That entity is Michael Saylor.
Just read that again. In less than a year and a half - and during a global pandemic - a single institution / individual bought 138,775 BTC. Needless to say, Michael Saylor is a mega-whale now.
Which brings me to the second part of the title. We've all been enjoying a mega bull run for HIVE. Not gonna lie, I watched the price action dozens of time during last week, sometimes just staring in awe at those green, naughty candles piercing ATH after ATH. It still hovers around $2.7 at the moment of writing, but it went as high as $3.
Well, such an increase means someone is buying. Of course, if you look closer, you realize the transaction volume is not that big, a lot of it may just wash trades, but still. We're talking about a major, major pump, which can't happen in a vacuum, some HIVE will still have to change hands for the price to move as consistently as it does.
If someone owning 30% of the total supply of the last 17 months isn't really a problem for Bitcoin, for HIVE it might be. HIVE is a POS chain and we all know so well that this governance model is vulnerable to big pockets. This very blockchain was born as a response to a sybil attack, led by Justin Sun after he acquired Steemit Inc, the company who developed the first version (and which had a huge stake after a stolen, ninja mined start).
So, on one side the price going up is really a good thing, but on the other one, unless we know and see exactly how this new HIVE is distributed, we might have a little bit of a problem. It's difficult to see how it all moves, because HIVE trades mostly on exchanges, and we don't know whose bags are dumped there.
I don't think we can rule out the scenario in which someone is accumulating with the aim of controlling as may positions as possible within the top 21 witnesses (or even all of them). If that's happening, HIVE will be a nice, juicy token, but a worthless community.
Let's hope this is just a scenario, and it won't come true. Let's hope that the buyers really are retail traders from Korea, which see a huge upside potential for HIVE.
And, if it's not a scenario and a new sybil attack is indeed forged during this pump, we already know how to deal with it. We've been there before.
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Thankfully with our blockchain and community we don't have to rely wholly on hope alone!
I just joined here at the beginning of this year, but I did alot of listening to podcasts and learning about the history of hive before joining and in my first months.
I can't say "we" cos I wasn't there, but I know the community has done it before, and can do it again.
And I really like the thought that if a bad person came to buy up our chain, that it would just enrich us all, rite before we hardfork and start again, except we never have to start from square 1. They will be left with an empty chain after all the DApps have flown the coop.
We can but that is a hard thing to do. Much better if we keep pushing to make the chain more resilient so it cannot be attacked in the way he is describing.
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Exactly! 1 day at a time, 1 new person onboarded at a time!
It isnt sexy but that is how things grow. Small steps made consistently and over long periods of time.
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I've not heard of Saylor. He's a rich man for sure.
The bulk of HIVE trading seems to be in Korea, but they don't actually use it so much there. It would be nice to get some of them on board as it's a big market.
I understand that there is a delay between powering up and having witness voting capability and I expect people are monitoring what goes on to anticipate any sort of hostile takeover. It's getting more expensive to do so anyway.
!PIZZA !LOL !LUV
30 days which was implemented during the last hard fork.
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That's how I remember it. We don't want to get caught out again. Sun had to get help from exchanges and I guess that is less likely to happen again. We need more people powered up to make it harder.
lolztoken.com
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@steevc, You need more $LOLZ to use this command. The minimum requirement is 8.0 LOLZ.
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@steevc(1/1) gave you LUV. | wallet | market | tools | connect | <><
I’m guessing that there won’t be a Sybil attack. What happened to Justin Sun is a big fat warning to anyone who’d think of trying. But, yeah, we’d just fork again. Our tokens are for sale, but our community is not.
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That is true. One thing is that vulnerability was eliminated since the pre-mine is now in the DAO.
And more of us are still accumulating, making it even harder to overwhelm the system. That said, it could happen but we just need to keep growing the holdings of those who are dedicated to the chain.
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With the 30 day bargaining chip and the threat of another fork I can't see why anyone would do a hostile takeover?
They'd have to be an utter moron.
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It is always a concern. That is why we have to be on-guard for big pockets looking to take over.
One benefit is there is no more ninja-mined stake out there so OTC deals are tough. To acquire a large percentage of the HIVE available is going to require a lot of money.
Of course, the higher the price, the more expensive it gets. We just need to keep adding ourselves to make sure our bags are growing to counter that.
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Word!
@dragosroua. Do you know how much total HIVE is Powered Up 🆚 How much HIVE is trading 💹 on Exchanges? ❓.
That could be a good indicator to attempt to make see of what is going on.
Are people Powering Down to take Profits? ❓
Do you see HIVE come under $2.0 again. I am missing the 0.80 level.
The first questions, I don't know the answers to, it will require extensive blockchain analysis - it can be done, but I don't have the resources (time, mostly) to do it.
Absolutely, I see it under $2 quite soon, probably a week or two. $0.8 is a key level, there's unfinished business there and - in my humble opinion - should be revisited to clean up some hanging supply.As always, not financial advice, DYOR, etc.
On Binance the downward trending continues at Volume less than 10M USDT equivalent to 4.28 Million HIVE
Yeah, it slowly churns until it hits resistance, around $1 - $0.8. Not financial advice, DYOR, as always.
On Binance current Trading 💹 Volume is about 18.66M
Just like last time, if someone came to Hive and tried this sort of attack we as a community would fight the good fight. I would not really understand their incentive to try because in doing so they would run the price up and then finally when they make their move they would be left a dead chain and a loss of all their investment.
The Hive price is for me is something that has yet to show the true value of the community and development happening on Hive. The quick run-up we have seen seem to be market manipulation by people that just look at price charts and have no clue on what is being built here.
Michael Saylor seems to be quite a clever man when it comes to money and I have been enjoying watching all his interviews to try and understand how he thinks.
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Wholeheartedly agree with this.
Yeah, Microstrategy went ALL IN into Bitcoin. I guess they are a whale that will shape the crypto world with so much power.
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HIVE is moving, just to tell us that, alot of people are participating in the platform. Also hive is giving attention. We should know how to manage our hive than to sell it because we are expecting more of the movement soon.
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