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100 sats \ 0 replies \ @elvismercury OP 19 Oct 2023 \ parent \ on: _Broken Money_ book club, part 2 bitcoin
An alternative take: maybe we're only seeing the price of sub-ledger bitcoin (as held on exchanges) decrease during bitcoin's "bank runs." It's hard to wrap my arms around that, but I could see that being true.
Interesting idea -- separates the pricing mechanism btwn on-exchange and off-exchange btc, like they're two distinct type of conceptual entities. Not sure what implications that has, but I'm going to noodle on it.
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