I'm not saying your conclusions are wrong. I'm only saying that your application of the emh is off by a few degrees. The emh applies to liquid markets. The m

I'm not saying your conclusions are wrong. I'm only saying that your application of the emh is off by a few degrees. The emh applies to liquid markets. The market for cars is illiquid and therefore the emh doesn't apply. There is no contradiction in these, I never said the emh only applies to securities. I'm sorry if how I said it was unclear or confusing. There is a robust market for BTC, therefore the EMH is reasonably applied. This doesn't mean I'm agreeing with the author (I agree that the premise that BTC has a knowable zero value is tenuous). My argument is very limited in scope.