As said by others, market cap is not enough. There needs to be a better metric that takes in to account "true" market depth. I say "true" b/c the market depth on CC exchanges is generally accepted to be BS due to widespread spoofing/wash trading.
Basically, the total market value of the coin should be the maximum USD (or any other reference currency) that could be extracted by continuously selling (an unbounded amount) of the coin until the price approaches 0.
How is this anything but a bubble? I'm a bit of a Luddite on the whole area of cryptocoins, but I literally first heard of Ripple three days ago. I can't fathom how the entire corpus to them could be more valuable than whatever portion of FB Zuckerberg owns.
I think most commonsensical people are starting to realize how big of a bubble this is. I mean Facebook is used by one BILLION people DAILY -- and it literally knows almost everything about its users. To say that XRP is even remotely as valuable as FB is just so trivially untrue, it seems pointless to even argue.
I remember seeing a bumper sticker in silicon valley that said "Please Lord give me just one more bubble". It looks like their prayers have been answered with cryptocurrencies.
Step Right Up. Everyone can be a winner. Bargains galore. That's right, you too can be a proud owner. For One-tenth of a dollar, one-tenth of a dollar, we got service after sales. You need Ripple coins? We got Ripple coins. How about you sir? Something for the little lady, something for the little lady. Ma'am? We have the best quality Ripple Coins in the world here. Get your coins folks before we run out...
the prisoner billionaire: as soon as he starts selling one dollar his wealth goes to zero
If virtual currencies are the future and anyone can create his own currency, how does this affect inflation in real economies? these are endless trillions of dollars created out of nowhere!
Except he’s not because all his coins are vesting. Are Zucks FB shares vesting? Don’t think so.
I'm fairly sure he wouldn't be able to liquidate anywhere near as many coins as he has without destroying the market
So is there a good explanation of why banks would use Ripple and why it's better than their existing options?
Ripple has retained a majority of XRP currency. So at any moment, buyers can unknowingly transact in something akin to an IPO, without actually owning a part of the company, or having voting shares. In such a case, you're just forking over money to the company, not to other XRP owners. Reeks like potential Ponzi.
Tulips for everyone
Actually I am wealthier. I just made a new coin called "hacker coin". There are a trillion coins, and my girlfriend just bought one of them from me for $10.
It has a 60% premine that I will be using to attract people to the platform (lol).
So my current net worth is about $6T.