[dmichulke]

> The first is rediculous

So you're saying the same amount of money in 2013 will have the same impact today? I don't think so, market cap is a proxy for this. It's not a good one but it is one.

> The effect is exactly comparable to how much value will disappear.

Yes but it will be shouldered by many more coins and many more dollars.

> I honestly don’t know what you’re trying to argue in the last paragraph.

You can compare the 600 mn mtgox impact using either of the two proxies, liquidity will give you a view of what will happen in the short-term, market cap will give you a glimpse of what will happen after the initial shockwave went through the orderbooks.

PS: It's "ridiculous" not rediculous.