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The Swarm Lounge
General Investing and Economics Discussion - No Politics
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<blockquote data-quote="RonJohn" data-source="post: 798175" data-attributes="member: 2426"><p>There is a problem with comparing cryptocurrency "market caps" with public company market caps, especially Dogecoin. Cryptocurrency is set up basically as a money replacement. People are speculating on it, but Bitcoin wasn't set up as an asset in and of itself to trade. It was set up as an anonymous alternative to government currency. The guy that started Bitcoin has something like $54 billion worth and his wallet has never been used. There are plenty of theories about who he is, but one of the most credible is that he has died an acquaintance of his is spending millions of dollars on crypto experts to hack into his wallet. If that is actually true, that means that 5% of Bitcoins will never be used or sold. There are plenty of people who have lost their wallets, or lost access to their wallets, so there are more Bitcoins that will never be used or sold. The "market cap" might show $1 trillion, but there isn't near that much that is actually trading. It isn't an accurate number of the actual value of actually available coins.</p><p></p><p>Dogecoin has other issues. Every minute 10,000 new Dogecoins are produced. That means that currently $364,000 worth of new coins are produced daily. It can't possibly rise significantly in value for long. If it were to reach $1,000 then $10 million worth of coins would be produced every single minute. The money flowing into the market could not keep up with the coin generation.</p></blockquote><p></p>
[QUOTE="RonJohn, post: 798175, member: 2426"] There is a problem with comparing cryptocurrency "market caps" with public company market caps, especially Dogecoin. Cryptocurrency is set up basically as a money replacement. People are speculating on it, but Bitcoin wasn't set up as an asset in and of itself to trade. It was set up as an anonymous alternative to government currency. The guy that started Bitcoin has something like $54 billion worth and his wallet has never been used. There are plenty of theories about who he is, but one of the most credible is that he has died an acquaintance of his is spending millions of dollars on crypto experts to hack into his wallet. If that is actually true, that means that 5% of Bitcoins will never be used or sold. There are plenty of people who have lost their wallets, or lost access to their wallets, so there are more Bitcoins that will never be used or sold. The "market cap" might show $1 trillion, but there isn't near that much that is actually trading. It isn't an accurate number of the actual value of actually available coins. Dogecoin has other issues. Every minute 10,000 new Dogecoins are produced. That means that currently $364,000 worth of new coins are produced daily. It can't possibly rise significantly in value for long. If it were to reach $1,000 then $10 million worth of coins would be produced every single minute. The money flowing into the market could not keep up with the coin generation. [/QUOTE]
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