Ask HN: What is PACoin?

[gpickett00]

According to https://coinmarketcap.com/ it's the #3 cryptocurrency behind Bitcoin and Ethereum.

[SirLJ]

The market cap means exactly nothing in the case of tokens.

Anyone can create the gazillion coin, give some to small exchange to list it, make few transactions between 2 wallets and you'll have a "market cap" for all tokens in the gazillions...

But just try to sell let's say 5% of all bitcoins and see what the "real" price is going to be relative to the "market cap"

[mtmail]

"Just reaching out to note that [coinmarketcap] has [paccoin] ranked as #3 but is apparently using old pac as the multiplier which is incorrect." https://www.reddit.com/r/paccoin/comments/838i99/cmc_3_ranki...