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As the network becomes more decentralized, it similarly becomes more censorship resistant and each individual within the network holds a smaller and smaller share of the currency (on average) resulting in a dynamic in which, over time, price is less exposed to the preferences of a few large holders. It is not to say that there do not remain large holders that can singularly influence price and volatility, but as a directional trend, the impact of any individual on price diminishes over...