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Why you can’t cash out pt 1: Why Bitcoin’s “price” is largely fictional | Attack of the 50 Foot Blockchain

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"‘Market cap’ is even worse. It’s literally just whatever the last price was, multiplied by the number of tokens in existence. This is a bogus number that’s not actually applicable to anything — it’s not money that was put into the crypto, it’s not a realisable value like a company market cap, it doesn’t affect prices — it’s just an easily-calculated splashy-looking number that looks good in a headline. Trading is so thin in any crypto, even Bitcoin, that you could never realise a fraction of the number. It is literally just marketing."

From "Why you can’t cash out pt 1: Why Bitcoin’s “price” is largely fictional | Attack of the 50 Foot Blockchain".

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