Friday 1 September 2017

Yes, you are still an early adopter


Some fun facts:Coinbase 1.6Bil valuation, in today's dollars, is about 20% less than Paypal's valuation of 1.5 Bil in 2002 - if you consider that would be 2 billion in today's rapidly declining fiat dollars.Citibank has a market cap of 187 Billion, and total deposits of around 1 trillion. Bitcoin "total deposits" are harder to measure... maybe 40 billion adjusted for liquidity? Still, it's got a way to go before this "global currency" comes anywhere close to one single bank in one country.Paypal went 50x (market cap is around 70 bil now) over the ensuing 15 years, and is now considered mainstream to some small extent... but really only barely. Ask 10 boomers in the U.S. (those who control most of the capital) if they use Paypal, and the answer will be "no" most of the time.If Bitcoin goes 25x.... to around a trillion valuation, it will be have global assets comparable one single modern U.S. bank (of the thousands of banks), and its biggest onramp provider, Coinbase, will be half as big as one single low-valued processor (of the thousands of processors).Even at that level, Bitcoin would still be considered a "young" technology on the global scale.Anyone who says "it's already come as far as it can go" ... or "it's in a bubble", simply isn't comparing to to the banks and payment processors in the industry in any reasonable way.Bitcoin doesn't has a "market cap" - it has "total value of customer deposits". The market cap is the sum total of the market capitalization of the service providers, which, right now, is probably less than 3 billion.Buying Bitcoin at $5000 or whatever paltry price it is now is so incredibly early that most of your friends will think you're buying in to some sort of scam or scheme.Don't worry, they will be wrong. via /r/Bitcoin http://bit.ly/2gwFWaE

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