30 May '16, 3pm

Bitcoin Foundation board member Vinny Lingham with some great thoughts

If a company is issuing new 25 new shares every 10 minutes, clearly this would constitutes a stock split (continuously) and therefore the historical price of that stock would need to be adjusted to reflect the stock split (this is how it works today). However, in “Bitcoinland”, this is ignored. It’s just too convenient for us to use the biggest numbers possible to reinforce our dogmatic and unfettered belief in Bitcoin as the solution to all global problems and to continue pumping up the price (/end sarcasm). If a shareholder loses their stock certificates and there is no other ledger or proof of ownership, the real market cap of the company would need to be adjusted as those stockholders would be unable to trade their shares, earn dividends or redeem them. The shares are gone and therefore outstanding shares would need to be adjusted. This has happened before, especially ...

Full article: https://vinnylingham.com/deconstructing-the-bitcoin-marke...

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