Reply to post: Re: People's belief in value

A $4bn biz without a live product just broke the record for the amount paid for a domain name. WTF is going on?

defiler Silver badge

Re: People's belief in value

But it seemed to me from the article that somebody's just plucked a figure out of their arse for the value of this cryptocurrency. And massaged the numbers to suit and to make themselves look grand.

If it turns out that they have all of the funds in one cryptocurrency (let's call them Pishcoins for brevity), and nobody else owns Pishcoins, that means they get to pluck any old dollar value out for a Pishcoin. It could be $1==P1. And who's going to argue? Certainly not the people who have an investment in it being true. It's only when you actually try to release some Pishcoins that the market will fix a value on it, which will probably be $0.

Also, countries tend to have standing armies which can help to prop up their fiat currencies. Just saying...

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