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What I'm saying is there's a link between Bitcoin market cap and market cap of companies that deal exclusively or mainly in Bitcoin. So that if there were twenty (hell, ten or five would be sufficient as well due to synergy and other factors besides companies) Coinbases and they were valued the same, then one can definitely argue that Bitcoin is undervalued.
It should be relatively analogous to any national currency, or perhaps gold. If all the companies who have to do exclusively with gold would be worth as much as all the gold in the world, that would be pretty insane, no?
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what the commentor is saying, it is like comparing apples to oranges Correct. The title's implied conclusion, that BTC is undervalued, from the Coinbase valuation is probably not valid. Coinbase @400M USD, just as a standalone statement, is however pretty bullish  It's absolutely valid IMO. The commenters on r/bitcoin have their mind clouded by the bear market the same way it was clouded during the rise. I'm surprised at the reaction, but at the same time glad that the sentiment is so bearish because it shows how much potential there's left for the move, even within the context of what could be a bear market rally. The whole just has to be greater than the sum of its parts, the whole being the BTC asset/numeraire and the parts being exclusively Bitcoin dealing companies. The argument that Coinbase is valued much more highly because it could survive a Bitcoin death but carry on with other cryptocurrencies is a joke: Go to coinmarketcap.com and look at the rest. The market isn't very worried about the contenders. Plus, even if Bitcoin were to die, this would definitely reduce the value of whatever usurping cryptocurrency there is, and thus the value of Coinbase. So, the risk of Bitcoin dying isn't negated for Coinbase investors, only reduced at best. |
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...snip...
Blitz, you realise the Shroomskit account is used by (and this is an IIRC from a Shroomskit post months back) four different people (shared house? company) -- which explains the lack of consistency and distinct personality changes in posts every few days/hours. And none of them give a fuck about what the others post. So, keep posting this is a bit like posting Parashat ha-Shavua to prove the Pope is Catholic. Save your time/bandwidth. He's lying to hide his shame. Just have a look at his writing styles/personas and you'll see they're consistent. |
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I will leave this place soon. Bitcoin is dead, it's only down from here and i sold everything i got quite a while ago so there is nothing for me here anymore.
I tried to help the few delusional bulls who just won't give up but they don't appreciate my warnings very much. Ah well, your money. I don't care really.
I'll come back every 50 dollar drop for some entertainment. So long and thanks for buying my coins at 400. Poor schmucks.
Good luck with your pump and dump coin.
I feel sorry for all the idiots who sold at these ridiculous prices and i will laugh at all the bears who will get caught in trap after trap the coming weeks.
The only winners are the holders (like me) and the people who pick up the last cheap coins while they can.
We're going up and it's confirmed!
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The Chinese are waking up.
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Today is Thursday, the day the criminals had to leave Bitstamp or else have their funds seized. Completely forgot about that.
Yet Bitstamp had one of the lowest prices amongst the big public exchanges during the pump. How should we interpret this? That despite Bitstamp's bullishness, the crazy Chinese degenerate gamblers are even more bullish than criminals fleeing and securing their money?  |
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Today is Thursday, the day the criminals had to leave Bitstamp or else have their funds seized. Completely forgot about that.
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Freakin' hedge fund is pumping and dumping on OKcoin, bleeding minnows dry. Bow to the new masters...  Fucking idiot hedge funds! I didn't say they are idiots, just that they are bleeding the minnows with their pump and dump. And don't tell me it doesn't look like pump and dump. I would like to see bitcoin price less dependent on mainland China exchanges, you seem to like the new masters.  "[Fucking] idiot xyz" is to make fun of the idiot shroomsy. I don't like the new masters, I kept wishing the China cancer would be killed off by the PBOC, but it never happened. |
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Freakin' hedge fund is pumping and dumping on OKcoin, bleeding minnows dry. Bow to the new masters... Fucking idiot hedge funds! |
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I do know of one particular trader: I will leave this place soon. Bitcoin is dead, it's only down from here and i sold everything i got quite a while ago so there is nothing for me here anymore.
I tried to help the few delusional bulls who just won't give up but they don't appreciate my warnings very much. Ah well, your money. I don't care really.
I'll come back every 50 dollar drop for some entertainment. So long and thanks for buying my coins at 400. Poor schmucks.
Good luck with your pump and dump coin.
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-10XBT yesterday. So the 6847XBT on 11 Nov was real
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maybe I sound pretty stupid, but can anyone explain me quick what  that indicator tells me "MACD" (Ahem, I cannot resist pointing out that I helped edit that article, a few months ago. ) Glad to see you're finally warming up to technical analysis  Looking for" reasons " yet for this one? He should be quiet and come up with some post-hoc reasoning as to why the Chinese are pumping the markets. |
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I guess the OKcoin hedge fund wants to put the whole 3 billion in BTC haha  Load up the bull FUD cannons! |
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Can anyone tell me a reason why Bitcoin shouldn't be worth more than WhatsApp?
21m x 430$ = ~ 9b Getting close! We have 13.5 million coins right now. |
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Sidechains irrelevant, Bitcoin UP.
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Nice one to the idiots bears shorting with my coins on finex. Thanks for the interest!
How much do you make a day? 3 dollars? In return you're giving the bears the fuel to take the price down making your coins worth less. Well done. WELL DONE YOU FUCKING IDIOT TRADER DUMPER LENDER!  I will leave this place soon. Bitcoin is dead, it's only down from here and i sold everything i got quite a while ago so there is nothing for me here anymore.
I tried to help the few delusional bulls who just won't give up but they don't appreciate my warnings very much. Ah well, your money. I don't care really.
I'll come back every 50 dollar drop for some entertainment. So long and thanks for buying my coins at 400. Poor schmucks.
Good luck with your pump and dump coin.
I feel sorry for all the idiots who sold at these ridiculous prices and i will laugh at all the bears who will get caught in trap after trap the coming weeks.
The only winners are the holders (like me) and the people who pick up the last cheap coins while they can.
We're going up and it's confirmed!
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Remember remember, 5th of October!  Well, 6th on this picture. |
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Can anyone tell me a reason why Bitcoin shouldn't be worth more than WhatsApp?
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Just keep this in mind: |
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