Re:Mt. Gox demise as told by a Bitcoin insider
by hansvm on Saturday February 06, 2021 @12:03AM
(#26044270)
> The market cap of cypto has been rising exponentially
Personal pet peeve -- "a lot" is not synonymous with "exponentially." Crypto's market cap is decidedly sublinear on a logarithmic chart.
> exactly because it is a good store of value
If I pre-mine a trillion units of a cryptocurrency and sell one to my dog for $1 then it has a trillion dollar market cap. Whether or not it's a good store of value is a separate claim which needs independent proof.
> easy to store
So long as you never make any mistakes. Mt. Gox did a decent job at storing crypto for awhile ;)
> highly resistant to manipulation
So long as we pretend that Elon's tweets didn't impact dogecoin by >50% and that more broadly a form of word-of-mouth popularity doesn't affect the general public's chance of investing in crypto.
Personal pet peeve -- "a lot" is not synonymous with "exponentially." Crypto's market cap is decidedly sublinear on a logarithmic chart.
> exactly because it is a good store of value
If I pre-mine a trillion units of a cryptocurrency and sell one to my dog for $1 then it has a trillion dollar market cap. Whether or not it's a good store of value is a separate claim which needs independent proof.
> easy to store
So long as you never make any mistakes. Mt. Gox did a decent job at storing crypto for awhile ;)
> highly resistant to manipulation
So long as we pretend that Elon's tweets didn't impact dogecoin by >50% and that more broadly a form of word-of-mouth popularity doesn't affect the general public's chance of investing in crypto.