Bitcoiner Samson Mow published a tweet, suggesting that even if top altcoins had a total coin supply similar to that of Bitcoin, BTC would still beat them in terms of price per coin.
Mow stated that most altcoins are taking advantage of the so-called unit bias — a psychological effect that appears since, due to their huge supplies of billions and sometimes even trillions of coins, the price per coin seems cheaper than that of one BTC.
If this bias is removed, he says, then mathematically, these altcoins should be worth several thousand of dollars each. But Mow doesn’t believe in these theoretical figures, saying that Bitcoin would still have a much higher market dominance.
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"No way XRP is worth $5,800"
Mow suggested that if this bias is removed, XRP would cost $5,800, SOL would be trading at $3,400, and ETH at $9,200. He explained that these figures can be calculated “by taking the market cap of the alts and dividing by 21 million, thus framing their supply in terms of Bitcoin supply.”
For example, he shows, ETH: $193B market cap / 21M = $9,200. Most altcoins, Mow claims, take advantage of this unit bias “by utilizing a very high supply, so people can't figure out what they're buying.”
Many believe that buying one XRP for $2, for example, is much cheaper than buying Bitcoin at $85,000, he says, adding that “unit bias is absolutely destroying the uninitiated.”
Those numbers are calculated by taking the market cap of the alts and dividing by 21 million, thus framing their supply in terms of Bitcoin supply.
ETH: $193B market cap / 21M = $9,200
Instead of buying that one twenty-one millionth of Etherium, you could buy just 0.11 BTC.
Finally, he said in reality there is “no way these alts are worth that much.”
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New name for 1-21-millionth unit proposed by Mow
Continuing the topic raised in the above-mentioned tweet, Mow suggested that perhaps one twenty-one millionth unit of any coin needs a name. He stressed that this is not common knowledge, but right now, 10 Sats are called one Finney (after Hal Finney, an early Bitcoin contributor).
Just thinking that we need a better name for one twenty-one millionth.
We should use Finney for that. Right now it's uncommon, but a Finney defined as 10 sats - I bet you didn't even know that. No one needs a unit for 10 sats. But we do need an easy to way refer to 1/21… https://t.co/yTMGpXVIbi
But hardly anybody needs a unit for 10 Sats. Therefore, Mow suggests using this name to define one twenty-one millionth supply unit not only of Bitcoin but of each large altcoin and gold as well. Therefore, he says, “A Finney of Bitcoin = $85,000 (for now). A Finney of ETH = $9,200. A Finney of gold = $1,000,000.” Samson Mow asked the community to share what they think about this idea.
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