> recent
That’s great you point out the importance of long term trends, I shouldn’t even have to articulate my point now.
But why not go deeper anyways? Market cap for Bitcoin is a proxy for hashrate, which is a measure of security. Steadily increasing floor across its entire lifespan.
"Theranos Inc., a consumer healthcare technology startup, was once valued at $10 billion, and its leadership claimed it would revolutionize the blood-testing industry."
What is the "market cap" of this Ponzi scheme these days?
According to you, market cap is critical and a $10 billion market cap seems like a big number so??
Market cap for Theranos is a proxy for investor stupidity, which is a measure of gullibility.
Totally not what is takings place with the COIN markets.
I mint a billion tokens, sell one to a friend for a buck, I suddenly have a billion dollar market cap.
The only objective measure of HN comments I have is the length of those comments.
Does that mean I should be basing how good a comment is only on how long it is?
You can make the case that everything is a "proxy" for whatever you like.
"Facebooks market cap is a proxy for ... which is a measure of ..."
If market cap is critical, when bitcoin has a major "correction" and the market cap drastically falls, what does this indicate?