this post was submitted on 02 Jun 2026
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manipulated by whales? are you talking about 51% attacks? censorship? Can you link some concrete examples of major crypto coins getting manipulated? I think there was a potential 51% attack on Monero but IIRC nothing actually happened.
I'm talking about making large transactions one way or the other to manipulate the psychology of normal investors en masse, causing them to move as a unit in a direction favorable to the whale.
Here are some links I found where they talk about it and largely admit it's a problem:
I admittedly do not understand a lot of the nuances of how it is done, since I have only used it for anonymous purchases, but that is primarily because I do not find it a safe place to put money. Its fluctuations are based on the whims of people I have no way of knowing, rather than any real-world circumstances that can be studied and planned for with the proper experience and education.
Furthermore, an economy cannot function using such an unstable currency. Its valuation can change by several percent while I'm on my way to the store to spend it. It is more of a speculative "futures" asset than it is money. Even the ~8+% inflation over the past 5 years in the USA has had grievous global fallout. An 8% swing in crypto is just considered a Monday morning.
I'm not at all telling anyone not to use it. It's fine; do what you want. Even I have. What I am saying is that it has certain intrinsic properties that make it not work well as the default regular money.