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How big is bitcoin, really?

Discussion in 'Digital Currencies' started by Scorpio, Jun 22, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    How big is bitcoin, really? This chart puts it all in perspective
    By Sue Chang

    Published: June 22, 2017 2:47 a.m. ET



    Bill Gates’s net worth still beats bitcoin’s entire market cap


    [​IMG] HowMuch.Net
    Not all money is created equal.
    Bitcoin burst into our financial consciousness like a fiery comet, setting the internet ablaze with visions of upending the existing global money system. Yet, by its nature as a cybercurrency, whose legitimacy only exists in the ether, its credibility leaves much room for debate.

    HowMuch.net on Wednesday put things into perspective and demonstrated that for all the buzz and excitement bitcoin has generated, it still has a long way to go to be even remotely relevant.

    The current value of all the bitcoin in the world is worth about $41 billion, according to the cost-estimating website.

    That is undoubtedly more money than most Americans will ever see in their lifetime. But when it comes to bragging rights, bitcoin really is the poor relation.

    As the HowMuch chart shows, the fattest bubble is for all the money in the world — including bank deposits — which comes out to $83.6 trillion.

    See larger chart

    The second biggest is for all the stocks trading across the globe, totaling $66.8 trillion, and more than double all the physical money in the world.

    “A run towards or away from stocks would thoroughly deregulate the global economy, and nothing more dramatic than a minus sign in front of that amount would lead to the collapse of global civilization,” said Raul Amoros at HowMuch.net.

    For all its glitter, the total value of gold is a distant fourth, at only about $8.2 trillion, while U.S. dollars in circulation add up to $1.5 trillion.

    The next bubble is for Apple Inc. AAPL, -0.08% valued at about $730 billion, followed by Amazon.com Inc. AMZN, -0.07% at $402 billion.

    Meanwhile, the value of all the cryptocurrencies in existence, such as Litecoin and Monero, checks in at $100 billion, slightly ahead of Bill Gates MSFT, +0.48% who claims a net worth of $86 billion as the richest man in the world.

    Larry Page, co-founder of tech giant Google GOOGL, +0.99% and the 12th-richest on Forbes’ billionaires list, alone is worth all the bitcoin floating around in cyberspace, with a net worth of $41 billion.

    Money is about trust. Hence, the U.S. dollar DXY, -0.05% as the monetary representation of the biggest economy in the world is also the reserve currency of choice for many foreign governments.

    As of yet, bitcoin does not enjoy that level of respect given its wild swings recently. Nonetheless, the rise of cryptocurrencies in of itself suggests that people may be slowly losing faith in money and other traditional measures of wealth, according to Amoros.

    http://www.marketwatch.com/story/ho...s-chart-puts-it-all-in-perspective-2017-06-21
     
  2. BarnacleBob

    BarnacleBob GIM Founding Member & Mod. Founding Member Site Mgr Site Supporter

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    Money isnt about trust, but rather contract enforcement & the will to enforce contracts by whatever means necessary!

    This is the major problem with the crypto's, there will be counterfeiting, fraud & other illigitimate abuses.... and no remedy or recourse when it occurs!
     
  3. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Bitcoin is one of hundreds crypto currencies out there. Many are more versatile than bit coin. A smarter kid on the block will invent a smarter and better crypto currency that is accepted everywhere. We will call it Federal Crypto Coin for now.
    Then what?
     
  4. Joe King

    Joe King Gold Member Gold Chaser

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    Then we'll call all the people stupid for having gone for it when a decentralized open-source alternative was readily available.
     
  5. Mujahideen

    Mujahideen Black Member Midas Member

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    ...are you talking about government fiat?

    IMG_0419.PNG
     
  6. SilverCity

    SilverCity Gold Member Gold Chaser

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    Flash crashes like ethereum may rule the day. Reports of at least 12 hours or more to transfer funds should be a deal killer for any rational mind....

    SC
     
  7. BarnacleBob

    BarnacleBob GIM Founding Member & Mod. Founding Member Site Mgr Site Supporter

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    I'm saying that when any proxy for substance as money requires contract enforcement.

    A gold or silver coin with inherent notional value is subject to market enforcement, ie fineness & weight... legislated fiat currency & fiat denominated credit values are predicated upon creating artificial demand via legal tender taxation & contract enforcement.... for their value is but a construct of mind perception, no different than any of the crypto currencies. Crypto currencies are even worse than legislated fiat currency.... How much physical fiat currency & coin has been issued into circulation? Fiat credit??? We dont really know do we? For we must rely upon the institutional credibility of those that report such things. The volumes reported may or may not be accurate... Same holds true of mining of crypto's...

    Specie is universally accepted as a derivative substance of the earth, fiat inc. is the ghost of money accepted under duress & a product of metaphysical legislation, crypto is the ghost of a ghost!!!
     
  8. Mujahideen

    Mujahideen Black Member Midas Member

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    I think what it comes down to is creditability ease of use and practically. Everything else is a gimmick.

    Government paper doesn't mean shit if the government collapses or is inflating away the value. That's why we have gold and cryptos.

    Gold can only be used practically locally. That's where paper and cryptos come in handy.

    Bitcoin isn't tied to a government and has a strict set of rules it has to follow, but is also capable of going poof. Strong governments and gold are good for that.

    Choose your poison.
     
  9. Joe King

    Joe King Gold Member Gold Chaser

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    Most choose the bankers teat to suck on.
     
    Mujahideen likes this.

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