4 ms·

Imagine thinking an industry worth $800B, with 200M users, transferring billions of dollars a day, is "hated by the whole population". You really live in a bubb

Imagine thinking an industry worth $800B, with 200M users, transferring billions of dollars a day, is "hated by the whole population". You really live in a bubble

Gigachad 4y ago
200M even if accurate is still a drop in the bucket considering almost every person knows all about crypto at this point and the general sentiment on the street is that its filled with gambling, scammers, and environmental destruction. Crypto valuations are also complete bullshit considering how much "wealth" is alt coins with no liquidity. I could easily create a multi trillion dollar market cap coin in a weekend. Doesn't mean shit.
dmitriid 4y ago
> worth $800B, with 200M users, transferring billions of dollars a day None of these statements are true. All of them (especially when it comes to monetary values) are wishful thinking.
Zanfa 4y ago
Made up numbers. You can't just sum up fictional "market caps", number of unique wallet addresses and wash trades to conclude it must be doing amazing.
shapefrog 4y ago
Imagine thinking an industry worth $0.00 is worth $800B. You really live in a bubble
- 2sk21 4y ago
  The crypto "industry" is a set of people selling Pet Rocks to each other
Herbstluft 4y ago
For those 200M I'd like to see an independent source before I believe it. Or are you trying to claim 1 wallet = 1 user or something? When it comes to money moved: the top 1% in the US possess more wealth than the whole middle 60% of income distribution combined. So if you believe that moving a lot of money inherently implies broad adoption in the population you live in a very small bubble far away from reality.
- hiq 4y ago
  https://www.coinbase.com/about https://www.coinbase.com/about claims 108M verified users so 200M overall is not that absurd. That doesn't mean that all these users own significant amounts in crypto though.
martin_a 4y ago
You can't go out and buy a loaf of bread with bitcoin, how is it supposed to be worth $800B?
hiq 4y ago
> an industry worth $800B According to https://coinmarketcap.com/charts/ https://coinmarketcap.com/charts/ the market cap you're referring to was $2.4T at some point in the last year, now down to the number you're quoting. With such variability, it's hard to trust this number as being anything intrinsic to the actual value of the industry. From this link, FTX alone seems to be correlated with a fall of almost $200B in market cap, down from $1T to a bit more than $800B. If Tether eventually collapses as many even within the cryptocurrency world expect it will, how low will this number go? What about other shady companies in this space? It's really hard to put a floor on this market cap, as opposed to regular companies that can always be sold for parts, so as a coarse approximation, they should at least be worth their assets minus their liabilities. Given that we don't even know the liabilities of actors such as Binance and Tether, we can do no such computation here.
- Gigachad 4y ago
  It’s easy, the floor is the sum the value of the parts. So approximately $0.

Imagine thinking an industry worth $800B, with 200M users, transferring billions of dollars a day, is "hated by the whole population". You really live in a bubble

Gigachad 4y ago

200M even if accurate is still a drop in the bucket considering almost every person knows all about crypto at this point and the general sentiment on the street is that its filled with gambling, scammers, and environmental destruction. Crypto valuations are also complete bullshit considering how much "wealth" is alt coins with no liquidity. I could easily create a multi trillion dollar market cap coin in a weekend. Doesn't mean shit.

dmitriid 4y ago

> worth $800B, with 200M users, transferring billions of dollars a day None of these statements are true. All of them (especially when it comes to monetary values) are wishful thinking.

Zanfa 4y ago

Made up numbers. You can't just sum up fictional "market caps", number of unique wallet addresses and wash trades to conclude it must be doing amazing.

shapefrog 4y ago

Imagine thinking an industry worth $0.00 is worth $800B. You really live in a bubble

2sk21 4y ago
The crypto "industry" is a set of people selling Pet Rocks to each other

Herbstluft 4y ago

For those 200M I'd like to see an independent source before I believe it. Or are you trying to claim 1 wallet = 1 user or something? When it comes to money moved: the top 1% in the US possess more wealth than the whole middle 60% of income distribution combined. So if you believe that moving a lot of money inherently implies broad adoption in the population you live in a very small bubble far away from reality.

hiq 4y ago
https://www.coinbase.com/about https://www.coinbase.com/about claims 108M verified users so 200M overall is not that absurd. That doesn't mean that all these users own significant amounts in crypto though.

martin_a 4y ago

You can't go out and buy a loaf of bread with bitcoin, how is it supposed to be worth $800B?

hiq 4y ago

> an industry worth $800B According to https://coinmarketcap.com/charts/ https://coinmarketcap.com/charts/ the market cap you're referring to was $2.4T at some point in the last year, now down to the number you're quoting. With such variability, it's hard to trust this number as being anything intrinsic to the actual value of the industry. From this link, FTX alone seems to be correlated with a fall of almost $200B in market cap, down from $1T to a bit more than $800B. If Tether eventually collapses as many even within the cryptocurrency world expect it will, how low will this number go? What about other shady companies in this space? It's really hard to put a floor on this market cap, as opposed to regular companies that can always be sold for parts, so as a coarse approximation, they should at least be worth their assets minus their liabilities. Given that we don't even know the liabilities of actors such as Binance and Tether, we can do no such computation here.

Gigachad 4y ago
It’s easy, the floor is the sum the value of the parts. So approximately $0.