Wall Street Sees Bitcoin Legacy as Payment System

alexeft

legendary

Activity: 854

Merit: 1000

Quote from: Impaler on January 16, 2014, 12:45:41 AM

The so-called 'market cap' of BTC is meaningless because so many coins are either hoarded or lost, the market value of BTC is the total sum of dollars on the exchanges that are bidding for BTC, and that's in the penny stock range (40 mill on Gox, unknown but presumably comparable on other sights).

Why do I always find you around here then? You have stated that you don't like bitcoin.
Go to freicoin and have your demurrage!

windjc

legendary

Activity: 2156

Merit: 1070

Quote from: Bitcopia on January 16, 2014, 01:12:59 AM

Quote from: Impaler on January 16, 2014, 12:45:41 AM

The so-called 'market cap' of BTC is meaningless because so many coins are either hoarded or lost, the market value of BTC is the total sum of dollars on the exchanges that are bidding for BTC, and that's in the penny stock range (40 mill on Gox, unknown but presumably comparable on other sights).

Is there a roughly $100MM bid depth for the average penny stock? I can't answer with certainty, but a $100MM bid depth on a $180MM market cap seems highly improbable.

Regardless, comparing Bitcoin to a pink sheet stock is incredibly short-sighted.

Lol. No. Penny stocks typically have very shallow bid depth and even shallower in terms of $$$.

These people saying bitcoin is like a penny stock don't ignorant.

Bitcoin is more like a small cap.

Bitcopia

hero member

Activity: 715

Merit: 500

Quote from: Impaler on January 16, 2014, 12:45:41 AM

The so-called 'market cap' of BTC is meaningless because so many coins are either hoarded or lost, the market value of BTC is the total sum of dollars on the exchanges that are bidding for BTC, and that's in the penny stock range (40 mill on Gox, unknown but presumably comparable on other sights).

Is there a roughly $100MM bid depth for the average penny stock? I can't answer with certainty, but a $100MM bid depth on a $180MM market cap seems highly improbable.

Regardless, comparing Bitcoin to a pink sheet stock is incredibly short-sighted.

bassclef

hero member

Activity: 924

Merit: 1000

Quote from: Bitcopia on January 16, 2014, 12:07:06 AM

Bitcoin operates by an incorruptible and publicly audited set of business rules, and could not pump and dump itself if it wanted to.

Bolded for emphasis. This is precisely the reason Wall Street and institutional adoption will be interesting, and not necessarily a bad thing. Finally we can see them as individuals and not suits who use their power and influence to game the markets then run crying to their friends in Congress or the SEC when things don't go their way. It will make them think twice before using their resources to manipulate the market, as Uncle Sugar won't be there to bail them out this time.

Impaler

sr. member

Activity: 826

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

The so-called 'market cap' of BTC is meaningless because so many coins are either hoarded or lost, the market value of BTC is the total sum of dollars on the exchanges that are bidding for BTC, and that's in the penny stock range (40 mill on Gox, unknown but presumably comparable on other sights).

Bitcopia

hero member

Activity: 715

Merit: 500

Quote from: Walsoraj on January 15, 2014, 10:12:58 PM

Please watch the Wolf of Wall Street.

Bitcoin and alts are all pink sheet penny stocks. Wall Street's increasing attraction to bitcoin should frighten, not excite.

The average market cap. of pink sheet stocks is roughly $180,000,000. Bitcoin is roughly $10,000,000,000 or about 55X the average pink sheet stock. That means 55X the capital required to manipulate it.

Pink sheet stocks often represent companies with 0 track record of any success. Bitcoin is proving quite useful. How many pink sheet companies do you think are used by millions of people?

Pink sheet stocks are commonly pumped and dumped by the issuing company, not the holders. Bitcoin operates by an incorruptible and publicly audited set of business rules, and could not pump and dump itself if it wanted to.

Every day that passes, Bitcoin separates itself further and further from being anything comparable to a pink sheet stock.

That being said, I'm not sure how I feel about Wall Street getting involved. I don't think heavy speculation is the best thing for bitcoin, but I think it will be ok. The USD makes up 43.5% of the $5.3 TRILLION DAILY ForEx volume, and it's doing just fine.

BitcoinAshley

sr. member

Activity: 448

Merit: 250

Quote from: aminorex on January 15, 2014, 09:15:18 PM

It's a floor wax. It's a desert topping.

It could be all of those things, and more!

Walsoraj

hero member

Activity: 686

Merit: 500

Ultranode

Please watch the Wolf of Wall Street.

Bitcoin and alts are all pink sheet penny stocks. Wall Street's increasing attraction to bitcoin should frighten, not excite.

aminorex

legendary

Activity: 1596

Merit: 1030

Sine secretum non libertas

It's a floor wax. It's a desert topping.

Lusitanian Trader

member

Activity: 77

Merit: 10

Wall Street Sees Bitcoin Legacy as Payment System: Currencies

Blog - Bull And Bear Markets

While a Texas Senate candidate is accepting Bitcoin campaign donations, and Overstock.com customers can use the technology to buy engagement rings, Wall Street sees its future more as a payment system than a currency.

Either way, it’s been a profitable investment. Created in 2008, Bitcoin’s value took off last year, leaping about 60-fold in the past 12 months to $936.51 yesterday, with prices ranging from $16 to more than $1,200, according to bitcoincharts.com. Gold plunged 26 percent in the same period, while the second best-performing major currency, the 18-nation euro, climbed 7 percent versus a basket of its major peers.

Topic: Wall Street Sees Bitcoin Legacy as Payment System (Read 1276 times)