What do you mean by no one uses it? The market cap of btc says otherwise…

agumonkey · on April 22, 2023

Using as money, not trading.

jejeyyy77 · on April 22, 2023

Market cap is the better metric.

yao420 · on April 22, 2023

Why when USDT is printing a billion in tether several days a week. They are artificially pumping the price.

https://twitter.com/whale_alert/status/1649159592520085507?s...

illiarian · on April 22, 2023

It's a useless metric if no one is using it. It's a magical purely speculative number.

jejeyyy77 · on April 22, 2023

Market cap is by definition people using it. They’ve exchanged their money for it.

agumonkey · on April 22, 2023

using has many meanings here, and store of value was only one of them

illiarian · on April 22, 2023

> Market cap is by definition people using it.

You and I have very different dictionaries it seems

> They’ve exchanged their money for it.

A thousand people trading magical tokens they pretend cost trillions of dollars doesn't make it: a) worth trillions of dollars and b) any significant usage

jejeyyy77 · on April 22, 2023

Eh? The fact that people have exchanged trillions of “real” dollars for them means precisely that’s what they are worth lol.

the_gastropod · on April 22, 2023

That is not how market cap works.

I start a company: SquidSoft, LLC. I sell you equity: 0.000000001% of SquidSoft, LLC for $1. Bam, SquidSoft, LLC’s market cap is $1T even though only $1 has traded hands.

lottin · on April 22, 2023

Market cap is meaningless. Using market cap as a metric anyone can become the richest person in the world. See here: https://www.youtube.com/shorts/igENXZRECOs