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Actually I am wealthier. I just made a new coin called "hacker coin". There are a trillion coins, and my girlfriend just bought one of them from me for $10.

by blhack 9y ago

Actually I am wealthier. I just made a new coin called "hacker coin". There are a trillion coins, and my girlfriend just bought one of them from me for $10. It has a 60% premine that I will be using to attract people to the platform (lol). So my current net worth is about $6T.

briholt 9y ago
HOW DO I BUY?!
cryptoz 9y ago
There are markets with people buying and selling Ripple. This fundamentally changes the situation and makes your analogy not useful. Clearly you're joking, but clearly Ripple has more to it than your silly story, and nobody would ever conclude you are worth $6T. Your math is flawed in that is not backed by a market at all, but Ripple's is. I'm not justifying its valuation, but your argument is fallacious.
- deleted 9y ago
  [deleted]
- nextstep 9y ago
  No, Ripple’s market cap is completely fictitious. The circulating supply is tiny and if this “billionaire” tried to liquidate a significant portion of these ripple tokens, it would crash the market. Look at the 24h trading volumes for xrp.
  - cryptoz 9y ago
    If Zuckerberg tried to liquidate a significant portion of his Facebook stock that would also crash the market.
  - etcet 9y ago
    It looks like it's trading around between $1B and $8B a day: https://coinmarketcap.com/currencies/ripple/historical-data/ https://coinmarketcap.com/currencies/ripple/historical-data/ It doesn't seem that difficult to cash out at least few billion with that kind of volume.
- throwaway5752 9y ago
  That's not true. His girlfriend bought one for $10. It's not a large market, but somebody thinks they deserve at capitalization of $10T USD. Or are you saying that cryptocurrencies with limited float compared to full circulation are likely to have distortions in their valuation?
  - cryptoz 9y ago
    > but somebody thinks they deserve at capitalization of $10T USD What? Where on earth did you get that? Because his girlfriend bought one for $10 from the story, you've now created the idea that she did the math, considers it a worthy investment and knows the full market cap? What if she just wanted $10 of entertainment for the evening by buying a silly coin and talking about it? That seems like a solid investment to me, much cheaper than a movie for example, and does not imply that she thinks the full value is worth $10T USD. She could easily be a rational investor who thinks no such thing. A market composed of numerous entities trading large sums of money is a much better system to decide the price of something. One person making a single purchase for unknown reasons is not a "market".
- Maarten88 9y ago
  He does have a point. I can understand that Bitcoin and Ethereum have value, but I have a hard time understanding why Ripple (XRP) has the value it has. The way I understand it: - Ripple offers blockchain software aimed at banks, who use it for transaction settlement. These banks will use a private blockchain, obviously, that is separate from XRP. - XRP are pre-mined. Ripple investors and team owned all 100B of them at the start. They can sell them off slowly, as long as there is enough demand at the current price they'll all be billionaires. I think Ripple have two good things going, but buying XRP seems like too good a deal for them, not so much for the buyer.
vortico 9y ago
Your girlfriend just gave hers to me because she didn't see the point of it, so the hacker coin market just crashed, losing $6T.

by blhack 9y ago

briholt 9y ago

HOW DO I BUY?!

cryptoz 9y ago

There are markets with people buying and selling Ripple. This fundamentally changes the situation and makes your analogy not useful. Clearly you're joking, but clearly Ripple has more to it than your silly story, and nobody would ever conclude you are worth $6T. Your math is flawed in that is not backed by a market at all, but Ripple's is. I'm not justifying its valuation, but your argument is fallacious.

deleted 9y ago
[deleted]
nextstep 9y ago
No, Ripple’s market cap is completely fictitious. The circulating supply is tiny and if this “billionaire” tried to liquidate a significant portion of these ripple tokens, it would crash the market. Look at the 24h trading volumes for xrp.
- cryptoz 9y ago
  If Zuckerberg tried to liquidate a significant portion of his Facebook stock that would also crash the market.
- etcet 9y ago
  It looks like it's trading around between $1B and $8B a day: https://coinmarketcap.com/currencies/ripple/historical-data/ https://coinmarketcap.com/currencies/ripple/historical-data/ It doesn't seem that difficult to cash out at least few billion with that kind of volume.
throwaway5752 9y ago
That's not true. His girlfriend bought one for $10. It's not a large market, but somebody thinks they deserve at capitalization of $10T USD. Or are you saying that cryptocurrencies with limited float compared to full circulation are likely to have distortions in their valuation?
- cryptoz 9y ago
  > but somebody thinks they deserve at capitalization of $10T USD What? Where on earth did you get that? Because his girlfriend bought one for $10 from the story, you've now created the idea that she did the math, considers it a worthy investment and knows the full market cap? What if she just wanted $10 of entertainment for the evening by buying a silly coin and talking about it? That seems like a solid investment to me, much cheaper than a movie for example, and does not imply that she thinks the full value is worth $10T USD. She could easily be a rational investor who thinks no such thing. A market composed of numerous entities trading large sums of money is a much better system to decide the price of something. One person making a single purchase for unknown reasons is not a "market".
Maarten88 9y ago
He does have a point. I can understand that Bitcoin and Ethereum have value, but I have a hard time understanding why Ripple (XRP) has the value it has. The way I understand it: - Ripple offers blockchain software aimed at banks, who use it for transaction settlement. These banks will use a private blockchain, obviously, that is separate from XRP. - XRP are pre-mined. Ripple investors and team owned all 100B of them at the start. They can sell them off slowly, as long as there is enough demand at the current price they'll all be billionaires. I think Ripple have two good things going, but buying XRP seems like too good a deal for them, not so much for the buyer.

vortico 9y ago

Your girlfriend just gave hers to me because she didn't see the point of it, so the hacker coin market just crashed, losing $6T.