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Bitcoin crosses $10B market cap again

coinmarketcap.com

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Re: Bitcoin crosses $10B market cap again

#11

Post by retube »

underyx wrote: post #5
curiousgal wrote: post #3

Surpassing Western Union's market cap.

I've seen this comparison a lot but I have no idea what the significance is. Why does this matter?

I've no idea. Is utterly meaningless. A more meaningful comparison would be "what $ value has been transferred using each network over the last 12 months"

Re: Bitcoin crosses $10B market cap again

#12

Post by dwaltrip »

davidgerard wrote: post #9

There is question as to whether this is even real, or just Willybotted up. This article is from March, but it hasn't stopped: http://www.bitcoinfuturesguide.com/bitcoin-blog/reminder-chi... What happens if you try to cash in at these prices? There's no actual demand, so the price flash-crashes: http://qntra.net/2016/06/mere-265-bitcoin-sell-causes-flashc...

OKcoin is not the only exchange... Yes, you can't trust many of the Chinese exchanges. But there are 10s of thousands of bitcoins being traded daily on many different (non-Chinese) exchanges that don't fake their volume.

Coinbase, Bitstamp, and Kraken, three of the more reputable USD exchanges, have had a combined volume of over 30k BTC alone in the past 24 hours. http://bitcoinity.org/markets/list?currency=USD&span=24h.

Re: Bitcoin crosses $10B market cap again

#13

Post by underyx »

lordnacho wrote: post #6
underyx wrote: post #5

Earlier quoted context omitted.

I've seen this comparison a lot but I have no idea what the significance is. Why does this matter?

Probably because WU is a money transmission network, so somewhat comparable to what Bitcoin does.

But doesn't market cap mean two entirely different things for a company and a currency?

Re: Bitcoin crosses $10B market cap again

#14

Post by bencxr »

davidgerard wrote: post #9

There is question as to whether this is even real, or just Willybotted up. This article is from March, but it hasn't stopped: http://www.bitcoinfuturesguide.com/bitcoin-blog/reminder-chi... What happens if you try to cash in at these prices? There's no actual demand, so the price flash-crashes: http://qntra.net/2016/06/mere-265-bitcoin-sell-causes-flashc...

it wouldn't be a flash crash if there was no demand. it would be a crash. the flash crash happened because there was insufficient liquidity on one exchange - as soon as the market sought to fill the gaps, it went right back up.

Re: Bitcoin crosses $10B market cap again

#15

Post by throwawaysocks »

underyx wrote: post #13
lordnacho wrote: post #6

Earlier quoted context omitted.

Probably because WU is a money transmission network, so somewhat comparable to what Bitcoin does.

But doesn't market cap mean two entirely different things for a company and a currency?

Yes.

A more meaningful comparison would be the market cap of various bitcoin exchanges; the flaws with that comparison are pretty much the same as the flaws with comparing bitcoin to WU in general.

Re: Bitcoin crosses $10B market cap again

#17

Post by dantudor »

underyx wrote: post #13
lordnacho wrote: post #6

Earlier quoted context omitted.

Probably because WU is a money transmission network, so somewhat comparable to what Bitcoin does.

But doesn't market cap mean two entirely different things for a company and a currency?

Bitcoin transaction volume in USD for the last 24 hours was $ 224 million. Not sure how much WU turnover in transaction value a day...

Re: Bitcoin crosses $10B market cap again

#20

Post by underyx »

dantudor wrote: post #17
underyx wrote: post #13

Earlier quoted context omitted.

But doesn't market cap mean two entirely different things for a company and a currency?

Bitcoin transaction volume in USD for the last 24 hours was $ 224 million. Not sure how much WU turnover in transaction value a day...

The best data I could find on this is in their 2015 annual report, which says they've had $81.6 billion in consumer-to-consumer transfers[0], which made up 79.21% of their revenue[1], so I guess we can estimate an annual turnover of $103 billion, which comes out to $282 million per day over the year of 2015.

[0]: http://s1.q4cdn.com/568883301/files/doc_financials/2015Annua... - page 66

[1]: http://s1.q4cdn.com/568883301/files/doc_financials/2015Annua... - pages 59 & 64

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