[davidgerard]

> Bitcoin's enegery:market-cap ratio

This is absolutely the most contrived number I've ever seen put into the service of excuses for bitcoin's ghastly energy consumption. This is actuallly a new one on me.

It's especially good since "market cap" of a crypto is a made-up marketing number that tells you nothing about the price or its likely movements - it is, literally, the last speculative trading spot price multiplied by the number of coins someone thinks are in circulation.

A billion putative dollars of market cap can disappear in five minutes when the price goes down. Where did all that value go? Nowhere, it was imaginary.

[elevenoh]

>It's especially good since "market cap" of a crypto is a made-up marketing number

I've never heard this before. What makes you think this?

If there's one thing I've learned, an open market is rarely wrong, esp. in the mid to long term.