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Unless altcoins can freely float with any other altcoins. Then an altcoin simply becomes a stock in a network effect that altcoin can sustain. There's a reason
by simondlr 13y ago
Unless altcoins can freely float with any other altcoins. Then an altcoin simply becomes a stock in a network effect that altcoin can sustain. There's a reason why Dogecoin (as a "joke" as it is), has almost a $10 million market cap, and it just over a week old.
Next year, we'll start seeing altcoins pop up for anything and everything. The marketcap doesn't have to be millions.
- adrianwaj 13y agoJust because some coin's last trade was at $100 doesn't mean someone who holds 1 million of them is worth $100 million... volume and depth is important too.
- steveklabnik 13y ago> has almost a $10 million market cap A few days ago, I was talking to my co-workers about DOGE, because I'm pretty into it. This morning, when I walked into work: "Hey, remember how I was saying DOGE had a $2MM market cap the other day and you were laughing? Today it's $12MM. It's now the 8th biggest altcoin (and is almost 7th)." http://coinmarketcap.com/ http://coinmarketcap.com/ has the whole list of altcoins and the numbers and graphs for them, if anyone is interested in this kind of thing. DOGE specifically has changed my entire perspective on cryptocurrency. It's incredibly interesting.
- tlrobinson 13y agoIs this a subtle joke or are you serious?
- simondlr 13y agoDogecoin changed my perspective on cryptocurrencies personally. I battled with the concept of altcoins: why they have value, and whether they aren't just taking away the value from one cryptocurrency. The change it instilled is that crpytocurrencies can simply function as an investment in an any idea/concept/theme. So far all coins were "arbitrary", centered around vague ideas: 'feathercoin', 'litecoin', etc. Some had technical improvements, but its power were just a belief. Dogecoin is the first coin where there is a much more clearer purpose behind: that of the doge meme. It means we will start seeing a cryptocoin for anything and everything. It's a way to create a world of public shareholding... of anythin.
- tlrobinson 13y agoMemes are, almost by definition, temporary fads. That seems like a terrible thing to build a currency around. What happens when people get sick of Doge?
- steveklabnik 13y agoThe fact that you have to ask that question is part of it. I really need to do a writeup on it, I've been too busy.
- genwin 13y agoPerhaps the market cap is based on one purchase of 1000 DogeCoin for $1.50.
- simondlr 13y agoNope. On Cryptsy it has a 24 hour, 2900 BTC trading volume so far.
- steveklabnik 13y agoThis happened early on, but there's pretty significant volume being traded. A quick add-up of a bunch of the orders shows about 40 BTC that you could actually get. And there's one seller on Cryptsy willing to buy 44 BTC worth of DOGE alone. https://coinedup.com/OrderBook?market=DOGE&base=BTC https://coinedup.com/OrderBook?market=DOGE&base=BTC https://www.cryptsy.com/markets/view/132 https://www.cryptsy.com/markets/view/132