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.
If the orderbook is thin and supply circulated is plenty, the market cap moves by the tradr
[1] https://www.google.com/search?q=market+capitalization+defini...
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.