Dominance and Robbery (keep updating if necessary)

Before any accusation, let's see something really intersting on chart.

Big crash 2018

First is the big crash in 2018. As you can see, the bitcoin Dominance reached an all-time low around 40% on Jan 6, 2018. And many altcoins reached their peak at this time. Then the market crashed. During the long crypto winter and after, the bitcoin dominance keep rising.

Pullback in Sep 2021

And the recent pullback in September 2021. When the D close to 41%, the price dropped sharply. Then the price rises again with the D. The same pattern also appeared in the pullbacks on Sep 1, 2020 and Nov 23, 2020. I will share charts later, if I have time.

May 19, 2021

This one is different. In the crash on May 19, 2021, the price and D fell at the same time (bitcoin lose more than altcoins). And here comes the key information: the cause of this crash was China's mining ban, and most of the bitcoin mining used to be in China before that.

So now we can know the disgusting fact that when the mining industry is directly hit and temporarily loses the energy for market manipulation. Altcoins would not loss so much more market cap than bitcoin in a correction.

Not long after, right before the September 2021 pullback I mentioned above, most of the chinese price prediction groups on WeChat were full of rumors about ‘whales selling off’. It is extremely rare for them to predict such level of correction so accurately. Also, founders of these groups have a well-known good relationship with local mining industry. It's just taking advantage of retail investors for their own purpose.

NASDAQ 100

Shanghai Composite Index

I am Chinese and I know how much Chinese millionaires are addicted to their money game ‘割韭菜’. There is no need to describe it, just on chart.

This is robbery. For any progress in the blockchain industry, defi nft or others, the mining industry has zero participation. But with a little manipulation of D, they can always rob more and others cannot get the reward they deserve.