Was China the real reason for the market drops or largely just an excuse for those whales to take profits?

"Just a few observations I've made on these recent market crashes. I don't believe these crashes are due to spineless or skittish investors as everybody seems to think, I believe it is flat out market manipulation by networked "whales". Here is my reasoning:
I call it "The Three Vs of Crypto Currency: Volume, Volatility, and Victims."
The Crypto Currency Market is unregulated and with out governing laws to control manipulative trading or fraud.
The market is largely controlled by a small number of wealthy investors who make up 60-70% or more of the total trade volume.
A wise investors will never buy interest in an inflated investment option, a universal truth.
For prices to be attractive to the big investors the market must "deflate" the bubble so that loss risk is mitigated and large returns are possible.
A cabal of whales working in collusion could take profits to fiat, sink the entire market and re-position at will but without a viable reason it would delegitimize the entire market place and cause disillusionment and ultimately abandonment among the common investor(victim). A good reason for a mass sell off must present otherwise the gravy train is derailed.
PRoC has provided multiple excuses(some suspiciously lame) for these connected millionaires(maybe billionaires) to substantially ease the market, take profits, and reinvest at attractive fire sale rates. A winners hand all round.
This is a 0-Sum game, for every dollar earned, one is lost. We the small investors are the sometimes witless pawns(victims) in a much larger scheme, controlled by some very wealthy individuals, some of these are very bad actors, some are inside trading, some are all three. These are not whales as much as whale sharks, and you either learn to ride in their blind spot and predict their movements or you get chomped. It's a tilted playing field.
I try to imagine myself as a 'pilot fish', recognizing the fake massive buy order prior to a dump, discerning a feinted rebound on a mass sell off, or just being ready to pull buy orders and sell short at a moments notice because of some bs rumor that could be an acceptable excuse to crash.
The upside is that unlike traditional markets, pattern recognition and game theory can both be reliably used to predict movements and gain an edge.
Whether you agree with all this or not, you should be very suspicious and regard this market with a skeptics eye. Don't be a victim."

What do you think?

Source: Reddit