In cryptsy, I see that one 42coin is trading at >900 BTC. Just wondering what is 42coin and why it is highly priced?
A new crypto-coin, scrypt based, which produces blocks every 42 seconds (each of which yield just 42 millionths of the currency, except for every 420th which yields x10) and for which there will be no more than 42 coins in existence. Yes, that's right, only 42 "42coins" will ever exist! That takes Bitcoin's hard limit of 21 million to the extreme, of course.
For what I've read, it's a half-joke based off the novel "The Hitchhiker's guide to the Galaxy", wherein it's stated that number 42 is the answer to the "ultimate question about God, life, the Universe and everything else" - such a question that we humans are just too dumb to fully understand, much less grasp the implications of the answer :)
What amazes me is how a coin with no virtually no use appart from speculation has commanded such a high prize - it's HUNDREDS of times more valuable than a bitcoin itself! And yet, according to coinwarz, it's not all that profitable (probably because of the block's ultra-low yield).
Just found this useful link about it: http://www.businessinsider.com/introducing-42coin-2014-1
We're looking for long answers that provide some explanation and context. Don't just give a one-line answer; explain why your answer is right, ideally with citations. Answers that don't include explanations may be removed.
A better measure is what the market cap of a cryptocoin is. E.g. if there are a billion coins worth 1 cent each, you've got $10M worth of coins. On the other hand, if there are 10 coins worth $10,000 each, you've got $100,000 worth of coins. It's easy to see that the former Coin is worth far more than the latter, even though the price per coin is very different.
So even though 42 Coin easily takes the cake on the "price per coin" list, it has such an insignificant market cap that it's really not an important coin.
I'm not sure about the market depth before, but at the moment it seems like only one entity is making the market:
Notice the amount at each price at the bid and offers.
protected by Community♦ Dec 13 '18 at 12:36
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?