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Market cap is not a narrative, it’s the only objective measure so far in our dialogue. > recent That’s great you point out the importance of long term trends,
by mw888 4y ago
Market cap is not a narrative, it’s the only objective measure so far in our dialogue.
> recent
That’s great you point out the importance of long term trends, I shouldn’t even have to articulate my point now.
But why not go deeper anyways? Market cap for Bitcoin is a proxy for hashrate, which is a measure of security. Steadily increasing floor across its entire lifespan.
- Nursie 4y agoMarket cap is meaningless bullshit. I mint a billion tokens, sell one to a friend for a buck, I suddenly have a billion dollar market cap.
- kennend3 4y agoyou pitching that "market cap" proves bitcoins value is a narrative.. You can make the case that everything is a "proxy" for whatever you like. "Facebooks market cap is a proxy for ... which is a measure of ..." If market cap is critical, when bitcoin has a major "correction" and the market cap drastically falls, what does this indicate?
- addicted 4y agoJust because something is the only objective measure doesn’t mean it’s a good measure. The only objective measure of HN comments I have is the length of those comments. Does that mean I should be basing how good a comment is only on how long it is?
- kennend3 4y agoHere's a great example of the "value" of market cap for you: "Theranos Inc., a consumer healthcare technology startup, was once valued at $10 billion, and its leadership claimed it would revolutionize the blood-testing industry." What is the "market cap" of this Ponzi scheme these days? According to you, market cap is critical and a $10 billion market cap seems like a big number so?? Market cap for Theranos is a proxy for investor stupidity, which is a measure of gullibility. Totally not what is takings place with the COIN markets.