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Author Topic: Skidoo Higher than Bitcoin  (Read 623 times)
Mpamaegbu
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June 08, 2017, 10:50:27 AM
 #1

I just saw this Skidoo crypto on the coinmarket here http://coinmarketcap.com/currencies/23-skidoo/ and couldn't figure if the price on it is right as it's way higher than Bitcoin. So, I am asking if anyone knows anything about this coin? Is it truly the worth or it's a bot error?



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gentlemand
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June 08, 2017, 11:03:47 AM
 #2

Here's your answer - Circulating Supply 0.25257293 CHAO

So there is one quarter of one unit of whatever the hell this is available for the entire planet to buy.

The price of a single unit is not relevant unless you take into account the total number circulating, and even then it's pathetically easy to game.

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June 08, 2017, 03:25:52 PM
 #3

I just saw this Skidoo crypto on the coinmarket here http://coinmarketcap.com/currencies/23-skidoo/ and couldn't figure if the price on it is right as it's way higher than Bitcoin. So, I am asking if anyone knows anything about this coin? Is it truly the worth or it's a bot error?

Unit price has zero meaning. If you want to compare 2 coins you look at market cap. But in this case market cap is also meaningless, as this coin (or asset?) has virtually no trade volume, meaning a schoolchild could manipulate it at will with his lunch money.

Mpamaegbu
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June 08, 2017, 03:29:34 PM
 #4

Thank you but you still got me more confused. Can you break it down in simple English? I am not a tech guy.



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buenav
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June 08, 2017, 03:32:10 PM
 #5

Here's your answer - Circulating Supply 0.25257293 CHAO

So there is one quarter of one unit of whatever the hell this is available for the entire planet to buy.

The price of a single unit is not relevant unless you take into account the total number circulating, and even then it's pathetically easy to game.

People usually complain about how marketcap is a poor indicator, but in this case its all you really need to know lol.

Actually I have never heard of this coin and I don't think many people have...

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Mpamaegbu
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June 08, 2017, 07:59:15 PM
 #6

And then, there's another stunner in Bytebal as it hovers above $800. So, why do people so much hammer on Bitcoin most times as if other coins aren't worth a dime.



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pawel7777
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June 08, 2017, 10:28:28 PM
 #7

Thank you but you still got me more confused. Can you break it down in simple English? I am not a tech guy.
And then, there's another stunner in Bytebal as it hovers above $800. So, why do people so much hammer on Bitcoin most times as if other coins aren't worth a dime.

You don't get it. In simple terms: Bitcoin is the cryptocurrency leader because of the largest market cap, not price of a single coin.

Market cap is calculated by multiplying number of coins by the price. Example:

Altcoin 1: available supply 5,000 price per coin: $200. Market cap (5,000 x $200)= $1,000,000
Altcoin 2: available supply 10,000,000 price per coin: $150. Market cap (10m x $150)= $1,500,000,000

So Altcoin 2 is way more valuable as a currency despite having lower price per single coin.

Also trade volume matters. Anyone can create a shitcoin, get it listed on some obscure exchange and sell it to himself at super high price, making the price/marketcap look big.


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June 08, 2017, 10:29:36 PM
 #8

This thread, kids, answers also the question why Ripple is so overpriced   Roll Eyes


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June 09, 2017, 10:43:10 AM
 #9

This thread, kids, answers also the question why Ripple is so overpriced   Roll Eyes


I thought it was because Ripple is pretty much centralized.

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June 09, 2017, 04:36:51 PM
 #10

This thread, kids, answers also the question why Ripple is so overpriced   Roll Eyes


I thought it was because Ripple is pretty much centralized.

yes, that's one thing

but the other thing is that lots of people apparently have problems with math (politicians too)

they cannot understand that the supply is important....a coin with 100 000 000 000 units in existence, is not cheap at 0.30$

That's what I meant  Wink

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June 09, 2017, 04:57:07 PM
 #11

There was a coin in the name of 23. Yes, only 23 coins was planned to be mined for ever. When it hit cryptsy it was priced above 2000BTC for 1 coin of 23. It means that coin-23 had value 2000x more than one bitcoin when it was first listed. Over trading it was surged down to less than 100 bitcoins when I have checked last.

Now it seems, this so called skidoo is another hoax of similar kind. Probably you are giving it free promotions by asking about its prices levels. In my opinion they are not worth even for an off-topic section discussion too.


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BitHodler
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June 09, 2017, 05:51:45 PM
 #12

coinplus ~ I think that you are referring to 42Coin. This coin once indeed had the insane value you are describing at Cryptsy back then. I even remember having seen a +50BTC buy wall for just 0.08 42Coin, lol.

It has all to do with the greedy nature of people ~ as long as people are willing to jump on board, these shitcoins will continue to pop up. It's all about supply and demand, and the demand is definitely there.

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June 09, 2017, 05:59:36 PM
 #13

Divide the marketcap by the amount of coins.

If I make a coin that has a circulating supply of 10 coins, and I get a marketcap of $1,000,000, then every coin will be $100,000 each.

If you still can't understand this, maybe you should do some basic math before venturing into crypto investing.

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