FiatMarketCap | Hacker News Reader

FiatMarketCap

fiatmarketcap.com

100 pointsnbrempel22 comments

For my country, Tunisia, the circulating supply reported by the central bank as of may 17th 2021 was 16.4 billion dinars. The website reports only 97.5 million dinars.

Source: https://www.bct.gov.tn/bct/siteprod/indicateurs.jsp?la=AN

Perhaps I'm guilty of being US-centric in my views but I was truly surprised to see this list show that CNY has more 'market cap' than USD.

With China’s population being more than 4 times that of the US, I would find you guilty as charged, on the basis of not considering the possibility :)

I think it is surprising. The US has a larger nominal GDP (which is what matter for this calculation), and USD is also rather unique as the global reserve currency. 60% of USD are held outside the US.

These stats would seem to indicate that either CNY moves much more slowly than USD (which would also surprise me) or that there are also colossal reserves of CNY outside of China (which I believe the Chinese government is actively working to prevent with capital controls?).

Population isn’t that big a factor. India has 36x as many people as Canada, but INR and CAD have about the same total cap.

I think the site is reporting M2 for each of the currencies, which includes much more than just the bills + coins. E.g. the value of all USD coins + bills is "only" $2.1 trillion [1] vs. an M2 that's 10x larger. The 60% of all USD are held overseas statistic only applies to coins + bills and not M2 [2].

An explanation could be that people in Chinese save more and keep more of their savings in banks, compared to Americans?

[1] "Currency in circulation" in https://www.federalreserve.gov/releases/h41/20210506/ [2] https://www.bullionstar.com/blogs/jp-koning/how-much-u-s-cur...

Yes these stats don't make sense, I don't believe them. US Nominal GDP is way higher than China plus USD is still the world's reserve currency ie has massive usage outside the US.

According to the Federal Reserve, China's money supply is larger than the US. GDP levels don't directly map into money supply.

https://fred.stlouisfed.org/series/WM2NS https://fred.stlouisfed.org/series/MYAGM2CNM189N

The more interesting theoretical question here is whether BTC should be compared to M1 or M2 (or another metric entirely).

IMF recently reported that China's economy has already surpassed USA by annual GDP when measured in purchasing power parity (PPP) - as opposed to market exchange rates (MER). [0]

I don't pretend to understand this much further so I welcome comments from anyone who does.

[0] https://nationalinterest.org/feature/china-now-world%E2%80%9...

PPP is totally irrelevant for this discussion.

China's monetary expansion policy has been way more aggressive than the US's.

It would be more interesting to see this indexed against each country's respective population

This site compares M0 for Bitcoin with M2 or M3 for other currencies. This is not a fair comparison.

For the fiat to satoshi column it would make sense to use "undivisible" units of the fiat. For example, Korean won is only 2 satoshi, but AFAIK the minimal banknote is 1000 won.

That is unlike Russian ruble, for example, which has 1 ruble coins in pretty active use.

I think the column would be more insightful this way.

This website seems pretty biased to show national currencies in a bad light and bitcoin in a good one.

Biased in what way?

"Max Supply Unlimited" for every currency except Bitcoin. It's superfluous information. It only exists to hint that Bitcoin is "different" (aka superior).

Seems relevant if you have a choice. If it isn't untrue, then I don't see a great problem.

Seeing fiat currencies rasked this way is quite eye opening!

I'm surprised that CNY is ranked higher than USD. How do you measure these metrics? Also, taken aback that USD is almost half of CNY's market cap.

It's pretty obvious it's measured in BTC

The person you’re replying to is asking about the source of the values, not their units.

Should this use M0? These numbers are more like boaUSD, citiUSD, wfUSD, meaning non-reserve deposits in a protocol.

Reply on news.ycombinator.com