Market cap is not a narrative, it’s the only objective measure so far in our dialogue.

> recent

That’s great you point out the importance of long term trends, I shouldn’t even have to articulate my point now.

But why not go deeper anyways? Market cap for Bitcoin is a proxy for hashrate, which is a measure of security. Steadily increasing floor across its entire lifespan.

Here's a great example of the "value" of market cap for you:

"Theranos Inc., a consumer healthcare technology startup, was once valued at $10 billion, and its leadership claimed it would revolutionize the blood-testing industry."

What is the "market cap" of this Ponzi scheme these days?

According to you, market cap is critical and a $10 billion market cap seems like a big number so??

Market cap for Theranos is a proxy for investor stupidity, which is a measure of gullibility.

Totally not what is takings place with the COIN markets.

Market cap is meaningless bullshit.

I mint a billion tokens, sell one to a friend for a buck, I suddenly have a billion dollar market cap.

Just because something is the only objective measure doesn’t mean it’s a good measure.

The only objective measure of HN comments I have is the length of those comments.

Does that mean I should be basing how good a comment is only on how long it is?

you pitching that "market cap" proves bitcoins value is a narrative..

You can make the case that everything is a "proxy" for whatever you like.

"Facebooks market cap is a proxy for ... which is a measure of ..."

If market cap is critical, when bitcoin has a major "correction" and the market cap drastically falls, what does this indicate?