ish, I would add... price is truth; price appreciation and thus protection against fiat inflation is what makes bitcoin worthwhile...
Price is truth. But what is it a truth of? The collective values of buyers and sellers at a point in time. As any observer of markets knows, markets can be highly irrational in the short run, but highly rational in the long run.
When price goes up at insane rates or down it is truth. But only of the people/actors.
I explain it like this to people that ask me about price. If there was a stock in some company that I knew inside and out but few other understood. I knew it had some magic and others failed to see it. The market price I value it will be much higher than the aggregate price. Price is also a signal of understanding.
It is my theory that given enough time and evidence bitcoin market price will reflect how we value it and not the fiat get rich quick guys.
Price is truth. But what is it a truth of? The collective values of buyers and sellers at a point in time. As any observer of markets knows, markets can be highly irrational in the short run, but highly rational in the long run.
When price goes up at insane rates or down it is truth. But only of the people/actors.
I explain it like this to people that ask me about price. If there was a stock in some company that I knew inside and out but few other understood. I knew it had some magic and others failed to see it. The market price I value it will be much higher than the aggregate price. Price is also a signal of understanding.
It is my theory that given enough time and evidence bitcoin market price will reflect how we value it and not the fiat get rich quick guys.