BLOCKCHAIN FOR NEWBIES
Ethereum mastermind Vitalik Buterin released a new proof of concept that demonstrates how the sharding scalability solution can be “bolted on” to the Ethereum main chain.
FAMGA accounts for remarkable $3.5 trillion of the $8.2 trillion total market cap of the top 100 NASDAQ companies. The average FAMGA stoick is valued at over $700 billion! The smallest FAMGA stock by market cap, Facebook, at $503 billion, is still more than double the $246 billion market cap of Intel, the 6th largest NASDAQ stock by market cap. FAMGA is so dominant, it’ market cap is greater then the next 44 largest market cap tech companies combined.
Straightforward data point - the total supply of bitcoin hit 17 million.
But as with most things in crypto, it wasn't so simple.
Every 10 minutes or so, miners find a block of transactions and the network adds 12.5 new bitcoin to the total supply as a reward for the finders. And each reward has been logged on the blockchain since bitcoin launched in early 2009.
As such, it seemed like a number - a milestone - the industry could trust.
But as some celebrated once the mark was hit on bitcoin data provider Blockchain's website, others took to Twitter to rain on their parade.
The coins and tokens created with cryptocurrencies are curious things. We shouldn’t really call them currencies because they do far more than exchange value. They aren’t quite commodities either, since they aren’t necessarily consumable or interchangeable. And neither are they properties or equities, since they don’t generate ongoing investment cash flow.
Rather, “cryptoassets” are an entirely new asset class, and this raises an open question: how do we value them?
In this post, I’ll propose an answer.