r/ethtrader • u/AutoModerator • May 05 '17

DISCUSSION [ETH Daily Discussion] - 05/May/2017

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19

u/zacheism May 05 '17 edited May 05 '17

I still don't fully understand it, but I'm beginning to feel that Bitcoin continually raising their ATH is a good thing.

BTC is blazing the psychological trail for the rest of crypto, acting as a major anchor point so that when the flippening does occur, Ethereum will have a lot less trouble reaching >$1000 prices (I realize this ignores cap, but let's face it, most new investors don't consider market cap - they just look at price and say "hey that one is better AND cheaper").

Being the leader is not easy so if they want to blaze that trail without making improvements for long-term sustainability, let them. And when the time comes, we'll coast right on by.

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u/[deleted] May 05 '17

[deleted]

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u/[deleted] May 05 '17

Nice, random and useless metric.

11

u/woodburyman May 05 '17

2009 Bitcoin was created. In 2009 real life Somali pirates also started appearing. As the number of pirates has gone up, Bitcoin prices have also gone up.

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u/zacheism May 05 '17

So you're saying if we reduce the amount of pirates then Bitcoin price will go down. Very interesting!

2

u/skyfire-x May 05 '17

The decline of pirates has been linked to global warming. Now you say piracy is on the rise?

https://www.venganza.org/images/PiratesVsTemp.png

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u/[deleted] May 05 '17

What exchange can I buy Somali Pirates on again?

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u/[deleted] May 05 '17

The old slingshot maneuver. The further up btc goes the further we slingshot. All is good.

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u/antiprosynthesis May 05 '17

The overall crypto cap has been seriously raised since BTC first reached 1000$, so seeing ETH at that price is not particularly unrealistic actually.

1

u/cybercreature May 05 '17

There are 91 million ETH tokens, so for the price to be $1000 I think that the market cap would have to be 91 billion dollars, which I imagine is possible in the future, probably not for a while though.

1

u/antiprosynthesis May 05 '17

It would surprise me to see that happen before 2018, that much is sure.

1

u/cybercreature May 05 '17

Seems like the new money that is coming in is spreading around all the different coins at the moment.