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| == Basics ==
| | yes whale going up my bum |
| * Term for a huge player in the market holding a substantial amount of coins/tokens. Like a fund or (very) early adopter. The idea is that whales have the power to [[move]] the market. Due to their impact on markets, “whale watching” has become commonplace for crypto analysts.
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| *A person or institution that holds such an enormous amount of a certain crypto-currency that whenever they buy or sell, they’re able to move the market (when a whale makes a large crypto [[transaction]], that’s known as a whale movement). [[MANY|Many]] whales choose to remain mysterious. Nobody knows, for example, the identity of the world’s largest [[Dogecoin (DOGE)|dogecoin]] holder, who has collected 39.6 billion [[DOGE|doge]] since 2019 (about 30 percent of the total supply).
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| * Since [[PoS]] and [[DeFi]] have gotten big, whales now have more powers besides moving the market. They now are able to change [[governance]] [[on-chain]].
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| * [https://news.bitcoin.com/whales-control-most-of-litecoin-many-ethereum-tokens/?utm_source=Whales%20Control%20Most%20of&utm_medium=telegram&utm_campaign=Telegram%20Channel From this] [[Bitcoin.com]] article (19-12-2019):
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| ''"A new study of 140,000 crypto [[addresses]] finds that few accounts are needed to form majority ownership of many coins. More than half of all [[LTC]] is held in just 189 non-exchange addresses, and on average, the top 100 [[ERC20 tokens]] are majority-owned by just 34 addresses. Almost 1 in 4 [[tokens]] had a majority owned by the project founder."''
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| == Wealth Attack ==
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| * [[Adam Cochran]] had a [[tweet]] [https://twitter.com/AdamScochran/status/1221489077830197248?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1221489077830197248&ref_url=https%3A%2F%2Fnews.bitcoin.com%2Fhow-decentralized-is-blossoming-defi%2F thread] (27-1-2020) about whale manipulation within [[Defi|DeFi]] and the possible ways to deal with what he calls a 'Wealth Attack';
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| ''1. "Do they focus simply on scaling to dilute the potential/profitability of these attacks?''
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| ''2. Do they put measures in place to cap or negatively scale large whales (such as tickets are capped or get more expensive per ticket after X tickets)?''
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| ''3. Or is this simply an acceptable side effect of [[decentralized]] networks?"''[[Category:Jargon/Various]]
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Revision as of 14:20, 21 July 2022
yes whale going up my bum
