Hi, Stan!

I'm glad you posted this so it can get some scrutiny before you jump into it. As always you are bang on when it comes to technicalities. And that is all good.

But you don't understand market capitalization. Contrary to what you think, MCAP is a indicator for the future. After 15 years, including a financial chrisis in the stock market, I know this too well.

A standard industrial company is typically priced at 10 years earnings. A pharmaceutical company often 30 or even more years of earnings. Even if they loose money at present, it's not uncommon to see forecasted earnings priced in.

When market cap falls under a certain level compared to its peers, the market predicts negative growth.

The market is never 100% efficient. It is also never 100% right. But it has a escalating effect when negative growth is to be expected.

Now this is related to stocks. You could argue it don't apply to currencies. And I would say you're right. But when you examine (especially) the dpos systems, you will find they all have a corporate democracy. One share, one vote. So I would argue that market cap is an important measure. It says something about the company's ability to generate growth and prosperity. And for bitshares (and steem) it is pricing in negative growth.

the good news here is that the market is never right. That's why it keeps moving up and down. There is more good news. It is only the markets PERCEPTION that equals the price, or market cap when you compare with peers. Change the perception and you get a trend reversal.

So how to change perception? Make a profit! Be excelent! Innovate! Be responsible!