Number of transactions, fees paid, shops accepting bitcoin, mining centralization, ...
There are a number of metrics that tell you how well bitcoin is doing.
Market cap reflects only the speculative asset character. And even there it fails. Think of all the lost coins that still count towards market cap.
Sure, but even Satoshi said that writing a description is hard, because there's nothing to relate it to.
I guess market cap is just one way to make it relative to other asset classes, where the metrics you mention do not.
Not trying start a rage debate or anything, but when trying to explain or quantify it, it seems like the best metric.
denying fiat price is admirable but usd is still currently the worlds measuring stick. so what if the measuring stick has been broken for a long time its still in use today.
I'm not denying fiat price. Is that reply directed at nostr:nprofile1qqsfg6rvk2m4p2hq9k7yf9e94j74yh0k65crt8h85hvvc5r5vzghr7sppemhxue69uhkummn9ekx7mp0e52ysj ?
True. If you want to measure Bitcoin as an asset class, you can do that.
My main point with regard to nostr:nprofile1qqs9336p4f3sctdrtft2wlqaq5upjz9azpgylhfd3dplwf005mfrr9spzamhxue69uhkummnw3ezuendwsh8w6t69e3xj7spz3mhxue69uhkummnw3ezummcw3ezuer9wcq3qamnwvaz7tmwdaehgu3wwa5kueg6g89xw s note is that price-related metrics in general are the wrong focus.
He described Bitcoin as "A leaderless decentralized cypherpunk open source software project that secures property rights and free speech for anyone and destroys central banking and financial censorship". If that's what you care about in Bitcoin you should be looking at other metrics than market cap. IMHO focus on market cap or price and NGU mentality are one of the biggest threats for Bitcoin at the moment. They are delusionary and allure many people to follow the wrong leaders for the wrong reasons.
