We got used to the bizarre nature of the cryptocurrency industry. But someone who buys 800 bitcoins just to win a bet – that requires more attention.
The year 2019 belongs in crypto to governments and big corporations – they were definitely dominant players on the market in recent months. But in the ongoing discussion about regulations, stablecoins, and other current topics, we may forget about the Bitcoin market itself – and traders responsible for it. Some of them could be really influential – and recent events have clearly shown this.
Before we move to an actual topic of today’s article, it is worth reminding who are whales in the world of cryptocurrencies. To put it simply, they are holders (hodlers) who keep significant amounts of coins in their wallets. To be a real whale, you need to hold enough crypto to have actual influence over the market prices. So, we are talking here about a number in at least hundreds of bitcoins.
Usually, we don’t know their names, cause such traders prefer to remain anonymous.What is characteristic of whales is that they keep their funds intact, no matter how the situation develops. They just peacefully exist in the ocean of cryptocurrency assets – which makes them similar to their real-life counterparts.
Now let’s move to today’s story. We all know what the current situation looks like – Bitcoin’s price seems to be highly unstable, and more and more voices speak about ever further ongoing bear market. In such a case, even the whales may get worried, since vast amounts of their cryptocurrencies may lose value. But the response of two whales went beyond any expectations.
Joe007 (@J0E007) and Samu (@QuodSemper) are the whales active mostly on Twitter, where they share their thoughts on market conditions. Joe007 is a known Bitcoin supporter (number one according to volume in USD on Bitfinex leaderboard) when Samu is a Dogecoin fan. The discussion between them eventually led to the bet. Goal? Keeping Bitcoin’s price above $7,100. Stake? Five million dogecoins – which calculates about $11,000.
OK let’s clarify the conditions of the bet.
“If Bitfinex BTCUSD is above 7100 at 13:00 UTC December 12, 2019, @QuodSemper pays 5M Doge to the address of @J0E007‘s choosing. If the price is below 7100, @J0E007 pays @QuodSemper 5M Doge”
— Joe007 [I identify as endangered whale] (@J0E007) December 4, 2019
It is hard to say whether this price is a serious number for the two whales, but from the perspective of the regular trader, 5 million shiny dogecoins is an impressive thing. But even more astonishing was the amount of bitcoins bought by Joe007 to keep BTC price stable. 800 bitcoins just to win the bet? Welcome to the whales’ world.
Of course, we can’t be 100% sure that Joe007 is the one who has bought the coins in question. But if it is true, then it might be considered as cheating. Samu made such conclusions and didn’t send the previously promised 5 million DOGE. Nevertheless, Joe007 has commented on the bet in these ironic words:
“Show’s over guys, you can proceed with your dump now. Don’t be afraid, stupid whales are done with their stupid whale games. Please carry on”
Big players are shaking the table – just like in every other industry.
Despite the 800 BTC allegedly bought by Joe007, the price began to fall again shortly after the bet’s deadline. It all appeared to be a “stupid whale game,” just like Joe007 said on Twitter. It’s hard to tell what was the reason for this whole affair – but paying such amount of money just to win a bet is something which raises suspicious for sure.
After all, it might be considered as a market manipulation on a significant scale. Both the change in price and the backlash of such a move among the traders’ community is something that should be taken into account. The cryptocurrency world is still an unstable industry, and unexpected changes may influence it to a large extent. A mysterious whale paying over %5,5 million in BTC is such a change for sure.
Which leads us to the other side of this story – cryptocurrency whales themselves. Despite their significant impact on the industry, they are shrouded in mystery. And just like other vital players on the market, like cryptocurrency exchanges or big companies, are pretty standard for us, anonymous whales, like Joe007, are a great unknown. No wonder that their decisions seem to be so bizarre for us – especially when buying 800 bitcoins is apparently nothing more than a fun game for such a whale.
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