INTRODUCTION
This is going to be one of the shortest posts I've published so far. In the light of the recent Bitcoin crash, I've been trying to learn what caused this rapid downturn in the first place. And I've come across an interesting explanation, which would point out towards F2POOL as the main trigger for the recent bloodbath on the crypto-market.
Today I would like to share with you all some info about this particular company. And I've been wondering how many of you ever heard about them.
F2POLL
What is F2POLL? According to google:
F2Pool is a geographically distributed mining pool, helping miners all over the globe secure Bitcoin and 40+ proof-of-work networks since 2013. As one of the oldest mining pools, we're busy decentralizing our team and infrastructure. Website https://www.f2pool.com.
In other words - f2pool is one of the largest (if not already biggest out of all) bitcoin miners out there. What they do is important, since miners are the core of the existence of the blockchain network. And as they are mining BTC, they need to sell some of it every now and then to cover their expenses (which usually need to be paid in FIAT).
F2POOL and BTC CRASH ....
The other day I bumped into this informative video. I would only suggest watching the initial few minutes to all those who are interested in the "REAL" reason for the recent bitcoin crash.
Personally, I couldn't find much information about this subject and not many people seem to be even aware of f2pool existence.
Based on my analysis of the current market situation, the recent dump shouldn't last long since it has been mainly caused by one large player. Once this extra supply will finish flooding the market and meet with demand - I would expect further BTC growth.
I wonder how many of you would agree with my judgment. Perhaps I'm wrong and some of you could point out where and why am I looking at things from the wrong angle.
SHARE YOUR FEEDBACK
As always - I will appreciate every resteem and valuable comment. Please, let me know if you've ever heard about f2pool and if you consider the reasoning in this shared video to be valid? I read all comments,
Yours, @crypto.piotr
@project.hope founder
check out our community: https://steemit.com/trending/hive-175254
Thank you for the information @crypto.piotr. I was unaware of this.
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hi @gungho
I've tried to add you on discord and send you a message. Can you accept my friend request?
Cheers, Piotr
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Hello @crypto.piotr friend, I already knew about the existence of BTC mining in bulk (large volumes), but did not know about the existence of F2POLL.
In any case, I think this could be a cause, as it could also be the result of the entry of new investors, I think
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Yeah a part of the reason could be f2pool. Doubt there's just one single reason though. Bitcoin's due for a breather before marching higher, hopefully.
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There may be many reasons behind price drop @numpypython, however pointing out at one major trigger make sense (in my opinion)
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Agreed, @crypto.piotr. It is probably one of the major reasons for the drop.
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I have not hear about f2pool before, this is my first time but with the explanation in the video, I think is very possible that the downward movement of Bitcoin price is as a result of f2pool action. Anyway I can't be sure of that but the video is very convincing.
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Hi @crypto.piotr
The reasons behind the BTC price drop seem to be many, but there is always one that has more weight than another. No doubt that miners, and more a group of miners like these (F2POOL)that are of such weight can make the crypto market move where they want. However, the price had risen a lot in a short time, every market needs some correction, and that is also a reality that could have affected.
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yeah they liquified $1.8B and i think that day a total of 5-6B were liquified!
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This is my first time if hearing about F2poll. I don't know if they are actually the cause but I believe the drop in BTC price is not that bad cause it helps to create balance in the system.
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thanks for dropping by buddy
ps. I added you on discord :) accept my invitation
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All right friend, will check it out.
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Hello @cripto.piotr
I had not heard of f2pool and in a way, I agree with what George Tung says in the video, this upload is the product of a group and will happen the same as it happened in January.
Best regards.
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That post indeed in informative, I was unaware of the fc group. now the conditions are running to stable .
Resteeming the post, good luck :)
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Dear Sweet-spoken @crypto.piotr,
While Bitcoin's currency market is volatile today, its good days are yet to come. If it is stretched, the people who work hard all over the world will suffer more. Thank you for the thought.
Your
@mrnazrul
@Bangladesh
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Thanks again for checking out my post about f2pool. Have a look at my recent comment to one of the guys: https://steemit.com/hive-175254/@crypto.piotr/qp4pwe
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Okay
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I don't think any mining pools are responsible for the drop. Data charts show a major inflow of BTC to almost all exchanges from multiple sources. Even some 1k BTC that haven't moved since 2010 we moved to an exchange.
The reason of the "dump" is the growth of BTC price. We saw BTC climbing up fast without any correction on minor news like Elon musk is a btc supporter. Market needed a correction and all "smart" money were waiting for this to buy more BTC.
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Hi @cryptohumster
I wonder if you're right. This video about f2pool and reasons brought by it's author are very convincing.
Not to mention the fact, that this is second time large part of BTC has been moved from this mining pool lately. And both times almost instantly markets turned red.
What I found interesting is info (which I've read somewhere) that most of those large quantities of BTC were moved from f2pool directly to exchanges. And most miners do not do that. Selling so many BTCs this way would be very inefficient for them, however it would cause instant flash-crash.
I'm not talking about reason of the dump, but about even that triggered it. And I strongly believe that f2pool was such a reason, and it may be simply worth to pay more attention to this mining pool in the future.
Thanks for dropping by :)
Cheers, Piotr
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I saw several versions of this "trigger" like fud from US officials, issues on Kraken and etc. Some of them look convincing, some don't. I don't think we will ever know what was the actual trigger.
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Perhaps you're right @cryptohumster
The thing is, that FUD cannot be measured. There is no data to do that. At the same time blockchain allows us to monitor and analyze tons of data that is available and make some decisions based on it.
Right now I consider F2pool a main reason behind the current dump and I would connect it with futures on bitcoin, which is closing today.
It does look like some market makers really badly needed to dump price as much as they could. Probably because they were shorting BTC and today those future contracts will be closing.
The fact that those mined BTC has been transferred to exchanges is another indication. From what I've learned - miners and serious whales do not dump their BTC on exchanges. It's not financially efficient. So this move has been most likely done because of an attempt to bring the price down. And it's a costly process, which can be explained with those mentioned futures contracts.
That's how I see it anyway. Thanks for dropping by :)
Cheers, Piotr
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Yes, this makes sense. Especially if you check net stats for Miners (i've mentioned today it in my post). In general, miners are not selling BTC right know, or at least sell less BTC then they did during January market dump. In other words, the behavior of this pool doesn't align with others.
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true more and more miners are not selling btc. In a day though they liquefied around 5billion btc from pools, in one day i repeat. That was the reason of the dump. After 1-3 days (i don't recall) microstrategy bought more btc, i think 1 billion! :P
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I must confess that I know practically nothing about BTC Futures, it is not something I would go into, I have not studied it, but I do see that it has a great importance in the price variations of bitcoin, and of course, of the other cryptos.
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Dear friend @crypto.piotr I saw, the lack of understanding goes a long way. Even so, owning one is still beyond the reach of the average person. Feeling good about getting accepted. Intention not to back down.Thanks you and your community,s members.
Your
@mrnazrul
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I agree with you Piotr:
George's analysis in the video focuses on that direction, which I agree with.Have a great day!
Best regards.
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Problem is that @ such heavy moves everything comes together: big seller (mining pool), automatic stop loss orders following, over leveraged gamblers loosing their temper, robots seeing the building momentum... its just crazy times...
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Hello @crypto.piotr
I had not heard of f2pool, but what you say has a lot of logic, being miners at some point they need to sell bitcoin for their personal expenses, and what better time than now where bitcoin is at $46k at this time that I make the comment. I do not have much knowledge about the movements that occur in the crypto universe, however the only thing I would like is that these upward or downward movements of bitcoin can favor the hive, steem, hive-dollar, hive can reach record highs, since all my savings are in these cryptocurrencies.
Thanks friend for sharing this great post with us. Regards
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Excellent post! Although three things do come to mind:
1.- if there will be an extra supply of btc, I would expect the price to go down, since the scarcity component would be decreased.
2.- as @josevas217 mentioned, all markets tend to have corrections as their natural part to “fine tune”
3.- with the almost teo trillion stimulus package authorized, there is a high sense and feeling of increased inflation on the usd, and cryptos do somewhat hedge inflation, so this could be a reason for whales to invest in Btc (or other cryptos)
Thanks @crypto.piotr , always posting interesting information!
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Thanks for dropping by and for your awesome comment @davidgutre
Appreciate it. always :)
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I haven't heard of F2Pool before now, thanks for sharing that information with us.
I believe there would be further bloodbath. People that invested huge capital in BTC would like to get their gains, won't they? They usually will. There are still other pool of miners out there, that would want to sell and become super wealthy too. Elon is an investor, there will be a day where he will want to pull out his investment and that might cause panic and further bloodbath. The list for more bloodbath are countless.
Crypto is a lucky game. We can't decide anything. I think bake would be $10 by now, but it is dropping to less than a dollar. The crypto market is too huge and unpredictable.
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As always: thanks for your awesome comment @menoski
Have a great Sunday buddy :)
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In my opinion, there's some coincidence to it too. The market was ripe for some correction. A very predictable trend. The crash is probably done already and things will move from here, until the next correction, around 65k probably. So I think f2pool is the effect the market needed.
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I didn't know what F2POLL was. At this point I also think that Bitcoin will recover
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I really don't know much about the f2pool and it's really great I was able to learn few things about the f2pool from your content.
The recent BTC crash has actually been an astonishing event we can never forget as it also tends to affect the rate or value of other cryptos. It's also really surprising how people are still buying more BTC despite the crash. Let's just keep hoping for the best.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead 💕💞💓❤️
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As always: thanks for your awesome comment @hardaeborla
Have a great Sunday buddy :)
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Yes I have heard about it , and like I have no information regarding the same about btc crash was sell of bitcoin by F2 pool. I have to dig more information in this regards.
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Hello friend, the truth is that this news shocked us all, but I am confident that BTC will recover and go much further, that is what we all hope. I didn't know anything about this, good to know. Thanks for sharing it. Greetings!
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@tipu curate 3
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Upvoted 👌 (Mana: 0/3) Passive income - now with TRON rewards! || Compare APR
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