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Forced to sell at a higher price? My dreams of being a millionaire are forcing me to sell this orange for a million dollars. Ergo, oranges will now retail for
by legolas2412 6y ago
Forced to sell at a higher price?
My dreams of being a millionaire are forcing me to sell this orange for a million dollars. Ergo, oranges will now retail for a million dollars.
- jkhdigital 6y agoExcept that oranges are consumption goods and can be produced in whatever quantity is demanded by expanding production. Bitcoin production is perfectly inelastic, and Bitcoin itself has no consumption value. You need a different analogy.
- nannal 6y agoThat's a terrible analogy. Orange supply could be infinite should we maximize orange production, this is not how Bitcoin works. If there were only 12 oranges produced on all the trees in the world every hour & it cost $500 an hour to operate your orange farm. You therefore have to sell your oranges for at least $42 to cover costs and make a small income However now there are only 6 oranges produced every hour (not 12), what can you do to maintain profitability?
- legolas2412 6y agoAnd if people don't value your oranges that much, you close shop. It is not going to make the people suddenly value your oranges more.