Quote:
Originally Posted by crucifissio
117 billion market cap...0.1% need to cash in to bankrupt all exchangers...
oh and this 0.1% figure is constantly falling...lets say bitcoin soars to 14K...then only 0.05% need to cash in to bankrupt all exchangers...at 28K, that is 4x todays worth, just 0.001% need to cash in to bankrupt all exchangers...
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lol what are you talking about? Your numbers are 100% wrong and made up.
just the last 24h alone over $4.4 billion was traded
https://coinmarketcap.com/currencies/bitcoin/
Volume (24h)
$4,465,960,000
630,420 BTC
Also why would it bankrupt an exchanger, they are just facilitating the buys and sells, eg if someone wants to buy bitcoins for amount x the exchanger finds someone who wants to sell it for that amount. How could an exchanger ever go bankrupt, they just match buyers with sellers like a stock exchange... You have obviously no idea how this works.
It's soley based on supply and demand, just like stocks or banks. A bank or company would not have the money either if everyone wanted to sell / 'cash out' at the same time. But if someone want to sell there is always someone who wants to buy. If more people want to sell than buy the price will go down, if more people want to buy than sell the price will go up. It's very simple.
And then you can say it's not backed up by 'real value' (like gold for a bank). The value of something is what is perceived, gold itself has no value either it's just a piece of 'metal', but the price and value is made by supply and demand.