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"Buying every bitcoin" doesn't mean anything I think you err in this part. It doesn’t mean anything to you, if you’d buy that. Well, buying all of rice doesn’t
by wruza 5y ago
"Buying every bitcoin" doesn't mean anything
I think you err in this part. It doesn’t mean anything to you, if you’d buy that. Well, buying all of rice doesn’t mean anything to me (I can’t eat it for unrelated reasons and have no other uses beyond that). But other people value some properties of crypto, in the same way they value e.g. Intel much more than its raw factory floors and assets. Nobody would buy crypto if they thought it is worthless. But they have thought otherwise. They bought it at 0.00001, at 0.1, at 100 and at 60000 USD. You are basically saying that you don’t need crypto, even all of it for zero money. Well, this is a personal choice, not something one has to argue with or prove to others. People define value by supply and demand. Market cap is an aggregate indicator of their supply/demand equilibrium times the circulation volume.
- user-the-name 5y agoNo, it still means nothing. The essential difference here is that if you buy all the stocks of a company, you own the company. The company still exists, it is still working, but it is now all yours, and you can control it as you'd like. If you buy every bitcoin, you have nothing. I don't meant that in the sense that bitcoin isn't backed by anything, I mean that in the sense that bitcoin is only meaningful when it is traded between people. If you buy every single bitcoin, bitcoin is dead. It is a nonsensical thing to do. Trying to figure out the price for which it can be done is nonsense, as well.