Reminds me of coinbase using mongodb with silent fail and no ACID transactions a few years back. And of course the mtgox fiasco. The amount of amateurishness in the cryptocurrency ecosystem is disappointing.
I just don’t see how an altcoin without a functioning wallet can have billions of dollars of market cap.
As a buy pulls the latest price up, all of the other shares are worth more, and the opposite is true: for every sale, the price might slip down a bit; in the event of a large sell-off, you end up reaching zero value a lot earlier than everything can be sold off.
Market cap is a bit of a fantasy metric, but has utility - just less so for crypto where you can't make any comparisons to tangible assets, liabilities or even market potential.
[1] https://www.google.com/search?q=market+capitalization+defini...
If the orderbook is thin and supply circulated is plenty, the market cap moves by the tradr
Only in the Cryptocurrency ecosystem? So far, what I've seen in the Startups I worked for is that most of them are staffed with 25 years old developers who work 80 hours a week but barely know what they are doing.