Do you like stories? Let me tell you one that young (pre 2012) users of BTC may not know.
Long long ago there was a Bitcoin whale.
He had a lot of BTC he was buying stuff with them, selling, trading, giving away to people.
The times were great for the Whale, he was rocking it.
But there came a day when he decided to buy Lambo and stopped believing in Bitcoin. It was in 2014 after we went from 1000 to 300USD.
He wanted to sell 30 000 BTC right away, get out and forget about this tomfoolery.
He went into Bitstamp exchange and put all the massive 30 000 BTC stash at single sell order at 300 USD price. That is how the BearWhale was born. We knew he is a whale, he had 30 000 BTC but we knew he is a bear – he wanted to sell them all. He did not cancel orders, he just let it get eaten.
All markets started following the trend of this huge wall, soon Bitcoin was stuck at 300 price mark for a long time.
The knights and guilds were fighting for a long time. Loads of blood was spilled, many people and children died. Out of the blue, finally, on October 6 they made it. They killed the BearWhale, he was gone forever (at least we think he was not the reincarnation of other ones in next years).
And this is a chart of the fight which ended with BTC going up to 375 USD. Tell me it does not look sexy and crazy at a same time.
So what do you think of the story, did it teach you anything, did you like it do you have anything to add? Write in the comments.