2 ms·
> You might argue the price fluctuations are the price-discovery function of markets screaming "there is no correct price because there is no actual value" Tha
by cgmg 9y ago
> You might argue the price fluctuations are the price-discovery function of markets screaming "there is no correct price because there is no actual value"
That makes no sense. If the market were really 'screaming there is no actual value', the price would be around $0, not $14K.
- sliverstorm 9y agoIt makes sense to me in a divide-by-zero sort of way. I'm not saying the market confidently believes bitcoin has no value. But such wild fluctuations might suggest that even after five years, the price discovery function still has no idea what bitcoin is worth. Now what does that mean? We can only speculate, of course. But to me I wonder if 1) there is no identified fundamental value today and 2) no one knows what the fundamental value will turn out to be