The Bitcoin market has been clamoring for decentralization, and I always feel that decentralization is awesome. It seems that decentralization will solve all problems, as if Bitcoin is decentralized.
Relatively speaking, Bitcoin is decentralized, but mining machines, miners, and mining pools are basically not very decentralized. If there is a problem with the power supply in Sichuan, more than half of the Bitcoin computing power in the world will be affected, but today What I want to talk about is not this, but the thinking caused by a news report.
image fromhttps://bitcointreasuries.org/
888,900 BTC is quite a lot, but it is only the tip of the iceberg for large Bitcoin holders or institutions. The total number of Bitcoins is currently 18.5 million.
The quantity accounts for 4.8% of the total bitcoin quantity, which is far from the positioning of a "banker". The Winklevoss brothers, Tim Drapper, early participants in China, the founder teams of major exchanges, and invisible big mine owners all have more than this number of bitcoins in their hands, but the big players and institutions all over the world It is enough for the holders to be the "main force" of Bitcoin. Bitcoin is an investment target with a mixed bank structure.
Returning to the title of this article, what is the mixed village structure?
Let's talk about it one by one.
Duzhuang:
The bargaining chips are very concentrated. Pulling and smashing can be done by one person or organization. For example, some small project parties have more than 50% or even 90% of the chips concentrated in the project party's own hands, which makes it very easy to control the currency price. So there is one line coming up and one line going down (fishing line) for small projects.
Mixed Zhuang:
The chips are relatively scattered, and more than three institutions hold a relatively high proportion (such as 10%+) of the chips. Stocks (maybe) are considered to be mixed bank structures. Mature financial markets are all mixed. The mixed banker structure of Bitcoin has also been formed. Retail investors cannot drive the overall rapid rise or fall of Bitcoin prices. The main funds are in the hands of the bankers. This is why the rate of doubling or 30%+ in one day is less and less. Of course, if it fluctuates by 30% tomorrow, it means that the mixed bank structure is not mature enough, or there are some large households or institutional financial operation experience in it. Not enough - having money and operating experience are two different things.
No Zhuang:
In a complete retail market, there is no main force of large investors, and the distribution of chips is relatively even. There will be ups and downs.
Of course, there are also "institutional dealers" in the market. Institutions are the main capital, which is the opposite concept to individual dealers. Institutional dealers can be independent dealers (one institution) or mixed dealers (multiple institutions), and the above classification criteria different. Bitcoin can be considered as a mixed banker, and it is an institutional banker.
Many people question the existence of the banker and think it is a conspiracy theory. This is a fact. Those who don't like the word banker can use "main capital" instead, which actually means the same thing. The logical explanation is this: the market value of an investment target can become larger and larger because more and more people are optimistic about it, and then some people with strong financial resources will become the main force when they take in more and more chips, or It's called Dahu. These chips will increase and decrease as the market value grows, and some people will pick them up. For example, 7 years ago, 100 million US dollars came in to buy bitcoin, and now 100 million US dollars to buy bitcoin, the amount of coins bought is very different, even considering Not even inflation. Three years ago, I felt that I was already a super-billionaire with 100 million US dollars invested in Bitcoin. Now Grayscale has easily bought billions of dollars, and is still increasing its position, and Grayscale is not considered a big institution in front of some big institutions. . Bitcoin whales (big players) will always exist, but they were called Zhao Qiansunli last year, Peter and Steven this year, and Antonio and Slovic next year. The main force is still there, and the mixed dealer structure is still there, but a group of people has changed, retail investors are changing people, and dealers are also shuffling.
It is not surprising that Bitcoin has risen recently. The mixed bank structure has been formed. The market value of Bitcoin has entered a relatively stable development period. It would be strange if there is a daily fluctuation of more than 30%. Mature markets attract bigger money, and bigger money drives bigger market capitalization. A positive upward spiral for Bitcoin has formed.
