The idea presented in the post is simple - marketcap is based on the last trade. So it is an unreliable indicator. True measure might be something like liqudit

The idea presented in the post is simple - marketcap is based on the last trade. So it is an unreliable indicator. True measure might be something like liqudity and exits. What happens if the liquidity shifts or exits to fiat disappear completely? Like I pointed out, currently USDT is connected to 15% of liquidity in BTC: https://news.ycombinator.com/item?id=16279642 https://news.ycombinator.com/item?id=16279642 Or as MekaiGS said the whole thing will depend on exits: https://news.ycombinator.com/item?id=16279618 https://news.ycombinator.com/item?id=16279618