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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 t
by 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".