They’re called the same thing, but the underlying market is different, the underlying asset is different, the float is concentrated, etc etc etc. The model is no longer merely wrong, it’s sitting out somewhere in fictionville, but folks pretend it still applies.
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Twitter informs me that one particular cryptocompany (does it even matter which?) is now the 10th biggest company in the world by market capitalization. Does that pass your laugh test? At all? The underlying economic substance is less than that of a single-location shoe store.
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God this is a frustrating habit of cryptoworld. A share of FB gets you a fraction of FBs profits for eternity, add them all up and you have their market cap. What does a bitcoin get you? What's the market cap of Frozen Concentrated Orange Juice?
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Ripple is the company. And it’s hardly a true crypto. But the point that things are out of control is still valid in my perspective.
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