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Has he heard of Tether? It might be worth telling him that the entire cryptocurrency market it being propped up by 10 billion “dollars” of what is essentially M
by earthtolazlo 6y ago
Has he heard of Tether? It might be worth telling him that the entire cryptocurrency market it being propped up by 10 billion “dollars” of what is essentially Monopoly money.
- thisisnico 6y agoMarket cap of Bitcoin is: 117.81 billion U.S. Market cap of Tether USDT: $9.16 billion Tether would account for 7.8% of all Bitcoin. Not sure if that would count as being propped up. It's significant but not entirely propped up, there is a ton of real money in there too.
- mattmanser 6y agoDoesn't that make it much worse? Only a certain amount of the tether is real, making it a tiny chunk, that's propping up a small chunk, that's propping up the large chunk. If the tiny chunk goes, it all goes tumbling down?
- tossAfterUsing 6y agoexactly. stay far away from bitcoin.
- earthtolazlo 6y agoMarket cap != market liquidity If I create 100 billion FakeCoins and sell one to my grandmother for $10, suddenly FakeCoin has a 1 trillion dollar market cap. It doesn’t mean there’s anywhere near that much money actually in the market to support that valuation.
- tossAfterUsing 6y agothis is precisely right and why nobody should ever buy a bitcoin under any circumstance.
- blaser-waffle 6y agoI dunno, they're pretty useful for buying drugs and VPNs...
- noxer 6y ago>...there is a ton of real money in there too. There is zero money "in there" market cap for a non-backed currency is meaningless value. No amount of bitcoin buying will ever put money "into" anything. The money goes to whoever sells its just a trade.
- tossAfterUsing 6y agonobody should ever buy a bitcoin under any circumstance for exactly this reason
- noxer 6y agoNothing wrong with speculating with money you don't need. Disclaimer: I own cryptos however no Bitcoins.