Long Island Iced Tea Soars 500% After Changing Its Name to Long Blockchain

Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by s17n on Thursday December 21, 2017 @10:30AM (#15979420)

$500,000: BTC market cap approximately equal to value of all mined gold.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ghostbrainalpha on Thursday December 21, 2017 @03:06PM (#15982336)

I see that number all the time as well, but i'm confused.

There is less than 2 Trillion in Gold in the entire world. If you divide 2 Trillion / 21 Million (total number of possible bitcoins), you would get BTC of $100,000 equals the market cap of Gold. Not $500,000.

By my math BTC of $500,000 would be 5x the market cap of gold. Would someone explain how my math is wrong?

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by bpicolo on Thursday December 21, 2017 @10:34AM (#15979455)

There's really no actual reason it should have value equal to the value of all mined gold though.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by ryanwaggoner on Thursday December 21, 2017 @11:10AM (#15979879)

There’s no actual reason that gold should have the value it does, either, other than the global shared delusion of it as a store of value.

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by down on Thursday December 21, 2017 @10:48AM (#15979586)

yes, bitcoin is better then gold, will probably get higher

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Re:Long Island Iced Tea Soars 500% After Changing Its Name t... by acchow on Thursday December 21, 2017 @02:20PM (#15981914)

Except, the millions of gold holders (including in jewelry, etc) around the world can transact among each other at any time.

Bitcoin can handle 3-7 transactions per second.

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