Theory on Bitmain's Manipulation of Bitcoin based on facts obtained first hand.

Lets not fool ourselves this massive btc drop off happened right as many first time buyers with deep pockets came into play from all over the world, very strategic timing. So what just happened in with BTC? Its hard to understand at first but what actually took place resulted in a direct siphon of money to china as their fiat dollar continues to fall. Hmmmm?

Why would I make such claims?
The Chinese already have a monopoly with BTC mining, one would be foolish to think otherwise.
In my mind its nearly certain Bitmain the people who run the largest BTC pool, and the only manufacture of the fastest most efficient asic miner. Bitmain well understands this part of mining better than anyone. This is why you havent seen antpools has hashrate to double that of the 2nd place pool. and would influence the market to maximize there profit margin. So if this is the case a number near 50 percent of all new bitminers / newly minted btc would stay within china. People need to understand that the flow of newly generated coins into the market is the key. Bitmain is so sure of the rising value it recently stopped accepting USD wire-transfers and is only accepting bitcoin as payment from now on. This recent bubble wouldn't have been as big or as noticeable "yet" had BU been adopted by the majority community. A backed up network drives the tx transaction rate up allowing for bitcoin txs to be worth as much as 6-8 bitcoin extra ontop of the 12.5 btc block reward. Since the system was already backing up they decide to manipulate further ( more on this later) for those panic sellers who need the transactions confirmed asap they would be wiling to pay the highest rates to the miners to confirm their txs first... thus giving Bitmain and the large chinese miners the biggest block reward ive seen under current block size.

Without more time to wait for they initiated there massive sell of new bitcoin and which was at a time when bitcoin was at new all time high and a the most unconfirmed tickets i have ever seen.. No wonder that all the big chinese btc pool are mining profit with BU and would have stood to profit even more. These manipulations are not as visible, until the network is back logged. Chinese miners waited for all the right things and manipulate the market when btc was at a all time highe. all they did was wait for for a new difficulty rise coming in a few days with the massive bubble they actually helped pump up. A massive uptick in new bigmoney investments was the last thing they needed. Bitmain manipulated the market but cutting off a huge percent of newly minted btc. This scarcity created false demand by not only holding the coin, but actually turning off miners. to help the networks transactions back up.

Also know over the past month there was a masssive loss of BTCs hashing power massive amounts of miners were turned off the to back up the TX transactions, thus resulting in a spike in the amount of money MINERS were making due to a heavily congested network. These people have been dealing with it the longest.

Right as bitcoin was growing at an even faster rate, BOOM the massive influx of new BTC into the system created too much supply and Immediately sent BTC in a downward spiral. As the downturn started the networks hashrate hits a new all time high, with the massive inflation of tx fees from the planned hasrate reduction, and now Bitmain stands to make even more moeny through the high transaction fees. The lack of newly minted bitcoin caused or largely influenced this bubble.. And what would one do with all this bitcoin, sell it at the most opportune time when the exchange rate is at an all time high. All those newly minted bitcoin dropping into the the market Caused panic Now the Market drops the Chinese fiat grows massively against BTC. So now their currency in less then 2 days can buy heir paper currency. They buy back in when they have the highest conversion rate to their currency. DONE They made money on both the selling bitcoin and the downturn and repurchase. All caused by selling so many freshly minted/never before traded bitcoin into a market that has been going up on false scarcity.

Also know over the past month there was a masssive loss of BTCs hashing power massive amounts of miners were turned off the to back up the TX transactions, thus resulting in a spike in the amount of money MINERS were making due to a heavily congested network. These people have been dealing with it the longest and knew exactly how to manipulate it to benefit them the most. More transaction clogging the network the higher the rate anyone is willing to pay to have their transaction a priority.

Summary
The size of this bubble was also directly influenced by big Chinese miners collaborating in a number of ways to profit the most off their dying currency and bitcoin.
bitcoins network hashing rate fell... over 500P/h for a brief period directly coinciding with a difficulty increase.
Those 500P/h still account for over 10 percent of the entire networks rate .
Fast forward the difficulty rose they they put there plan into action massive new bitcoin sales hit... so everyone else mining actually takes a difficulty spike alongside the with the 10% hashrate spike on the network and the downward spiral that ensued. All of which I believe was planned perfectly, end eventually caused the misfortune of many holding BTC .
This was done so bitmain would profit the most and stay supreme as the top dog mining.
Massive amounts of miners were turned back on in a very short time on a heavily congested network overpriced tx fees. These people have been dealing with Bitcoin buying and trading the longest, which is why I am certain they manipulated it the networks mining fees, and either manipulated price of bitcoin though good old supply and demand, or worse they were the cause of the bubble itself.

Also know over the past month there was a masssive loss of BTCs hashing power massive amounts of miners were turned off the to back up the TX transactions, thus resulting in a spike in the amount of money MINERS were making due to a heavily congested network. These people have been dealing with it the longest.

other food for thought
The Chinese Pools were not the only ones to benift still those stoies are the rare ones. The average person who held btc lost at one time nearly 50% of their portfolio in 2 days.
If anyone has any more relevant insight please leave a comment below.
Bitmain was a catylyst and possible even completely responsible for the weeks of overpriced trading and the largest loss Bitcoins Market Cap has ever seen. a but they sure seemed to used their hashrate and knowledge to literally steal money from the rest of the networks upcoming blocks

Robert Sims
RDS Investments