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If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

wsj.com

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Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#31

Post by account73466 »

Bitcoin has about $133 bil marketcap.

NYSE symbols with the twice (2X) this marketcaps according to Yahoo Finance:

UNH (UnitedHealth Group) mcap: $262 bil, trading volume: $1.2 bil

KO (COCA-COLA) mcap: $231 bil, trading volume: $0.6 bil

MRK (MERCK) mcap: $225 bil trading volume: $0.7 bil

Therefore, for Bitcoin to be tradeable as similar stocks it has to show $0.25-0.5 bil for $133 bil mcap or $0.5-1.0 bil for $250 bil mcap.

Binance alone showed $0.3 bil today but the volume is usually $0.5-1 bil. I don't think that Binance is wash-trading, so all this FUD is mostly due to a lack of understanding.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#32

Post by jhatemyjob »

bduerst wrote: post #22
DennisP wrote: post #19

Earlier quoted context omitted.

Yes, it has morphed. The devs in charge of Bitcoin have purposely abandoned the idea of it being a currency. On-chain transactions are artificially limited to about four per second, and they refuse to change that. They call it a "store of value" now. Other cryptocurrencies are working hard on scaling to the point of being workable currencies.

It's more complex than that. It's the miners, not the devs, on the Bitcoin network refuse to come to a consensus on what Bitcoin should be. It's like a weird 21st-century internet tragedy of the commons.

This is why I think "decentralization" will never work. It's just a power vacuum, that will be filled/abused one way or the other.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#33

Post by paulddraper »

axlee wrote: post #11
rwmj wrote: post #4

Many reasons to be dubious about bitcoin and its liquidity and how much wash trading goes on, but it seems a bit odd to judge it by the amount of outstanding coin being traded. How much gold that exists is actively traded? Or even the same question for a typical company stock?

That's one of the standard metrics to judge any currency. Bitcoin is not advertised as an asset but as a digital currency. But it has clearly become primarily an asset, given the minimal uses of it as a currency.

Once transaction fees exceeded $20 back in 2017, it was pretty clear Bitcoin was an asset not a currency.

Horrible properties for a currency. Usual properties for a collectible asset.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#34

Post by globuous »

aazaa wrote: post #18

> About 9.1 million bitcoins, representing about 51% of those outstanding, haven’t changed hands in at least six months, according to Flipside. About two million of those bitcoin haven’t moved in more than two years. Transaction volume has always been a difficult metric. For one thing, most transactions are likely to happen off-chain. That can occur in a centralized system like Coinbase. This has always been a possib…

Nice ! Its been a while ive been out of the game, handnt heard of lightning in a while ! I tried googling some stats, but its always hard to get grasp at them. I dont have the knowledge to understand how much shares each participant represents. Could you hand me some refs i you have to better understand How lightning is used currently please ? If you have any ? Cheers :)

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#35

Post by paulddraper »

tachion wrote: post #13
aidenn0 wrote: post #7

Earlier quoted context omitted.

100s of billions of dollars of gold is traded each day.

Is it actually gold that's being traded, or papers/promises/options/whatever-else-but-physical-gold saying 'x amount of gold' is actually traded?

Well, physical Bitcoins aren't being traded either.

Because there aren't physical Bitcoins.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#37

Post by [deleted] »

aazaa wrote: post #18

> About 9.1 million bitcoins, representing about 51% of those outstanding, haven’t changed hands in at least six months, according to Flipside. About two million of those bitcoin haven’t moved in more than two years. Transaction volume has always been a difficult metric. For one thing, most transactions are likely to happen off-chain. That can occur in a centralized system like Coinbase. This has always been a possib…

[deleted]

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#38

Post by mikeyouse »

account73466 wrote: post #31

Bitcoin has about $133 bil marketcap. NYSE symbols with the twice (2X) this marketcaps according to Yahoo Finance: UNH (UnitedHealth Group) mcap: $262 bil, trading volume: $1.2 bil KO (COCA-COLA) mcap: $231 bil, trading volume: $0.6 bil MRK (MERCK) mcap: $225 bil trading volume: $0.7 bil Therefore, for Bitcoin to be tradeable as similar stocks it has to show $0.25-0.5 bil for $133 bil mcap or $0.5-1.0 bil for $250 bi…

There's no such thing as a "market cap" for Bitcoin - seriously, give me a definition of "market cap" for Bitcoin that makes any sense at all compared to something like the future value of cash flows from UNH equity.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#39

Post by shepardrtc »

account73466 wrote: post #31

Bitcoin has about $133 bil marketcap. NYSE symbols with the twice (2X) this marketcaps according to Yahoo Finance: UNH (UnitedHealth Group) mcap: $262 bil, trading volume: $1.2 bil KO (COCA-COLA) mcap: $231 bil, trading volume: $0.6 bil MRK (MERCK) mcap: $225 bil trading volume: $0.7 bil Therefore, for Bitcoin to be tradeable as similar stocks it has to show $0.25-0.5 bil for $133 bil mcap or $0.5-1.0 bil for $250 bi…

I have a hard time believe its anything other than market makers providing the illusion of trades. Have you seen the price swings? If there was real volume and real transactions asides from trades, how would such insane swings be possible?

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#40

Post by hammock »

account73466 wrote: post #31

Bitcoin has about $133 bil marketcap. NYSE symbols with the twice (2X) this marketcaps according to Yahoo Finance: UNH (UnitedHealth Group) mcap: $262 bil, trading volume: $1.2 bil KO (COCA-COLA) mcap: $231 bil, trading volume: $0.6 bil MRK (MERCK) mcap: $225 bil trading volume: $0.7 bil Therefore, for Bitcoin to be tradeable as similar stocks it has to show $0.25-0.5 bil for $133 bil mcap or $0.5-1.0 bil for $250 bi…

Bitcoin is not a stock though. Forex markets do $5 trillion in daily volume against an $80 trillion base. For example.
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