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> By absolute number, sure, but if you count "most" by weighting them with trading volume, then no. That's crypto-speak for how to deny reality. If the value
by IncRnd 4y ago
> By absolute number, sure, but if you count "most" by weighting them with trading volume, then no.
That's crypto-speak for how to deny reality.
If the value of a USD dollar plummeted to $0.01, you don't pull out your wallet and say, "I have 100 of them, so no the value hasn't gone to almost nothing."
- stickfigure 4y agoTo use your analogy: Parent's point is that even if all the quetzals and colones and cordobas and lempiras go to zero, the USD will still have value.
- baobabKoodaa 4y agoExactly!
- hakfoo 4y agoThe dollar holds value in tough economic times because it's the exit-channel for a lot of sketchier assets. You sell your quetzales and lempiras (or iffy stocks and bonds) when the market starts to tremble to get back to relatively reliable dollars. When crypto implodes, what are people going to drop their shitcoins for? I could see a few possible answers: * They'll accept BTC or Ether because it's what they can easily get to in a pure-crypto market. If there's enough turmoil, major fiat offramps may be overburdened. * They'll pile onto stablecoins (likely because exchanges present it a default way out, and sure, they'll exchange for dollars some day) running the risk of triggering further contagion to stablecoins themselves. * They'll take fiat at increasingly terrible exchange rates just to get out of the dumpster fire.
- baobabKoodaa 4y agoThat's not what I mean at all, but I can see how you might arrive at that misunderstanding. No, what I mean is that anyone can make new coins in 5 minutes to commemorate their favorite meme. There's a very large number of these coins and almost all of them are already valued at zero. So now you can go around saying "most tokens value will drop to zero", which is factually true because they already are at zero, and never were worth much of anything, and nobody traded them. So what? If you take a typical crypto hodler, most of the value in their portfolio is in tokens like Bitcoin or Ether, and very little value is in meowcatcoin or shibadibacoin. Bitcoin and Ether will not go to zero.
- llamataboot 4y agoI don't think they will go to zero either...necessarily...but much much lower...I think you underestimate the amount that ponzi liquidity inflated everything...
- baobabKoodaa 4y agoI never claimed that they couldn't go much lower. I was arguing against this statement: > The value of most coins will go to zero.
- SV_BubbleTime 4y agoThere is definitely an energy, art, nutritional, collectable value to a steaming pile of shit. I think the obvious issue is no one is going trade their actual-money for it.
- IncRnd 4y agoThanks so much for the explanation!