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21 sats \ 8 replies \ @fourrules OP 18h \ parent \ on: What bitcoin taught me: Value is not subjective econ
I don't think agreement has anything to do with accuracy.
If we're talking about aligning with historical consensus then I think my view is the dominant view across pre-modern history, although it wasn't really possible to articulate and they didn't have the examples of digital technology.
In general you are just side stepping my proposition and pretending to engage without saying anything about it. At least @Undisciplined sounds like they're engaging in good faith.
I'm not describing subjective value, I'm describing the properties of objective value, in contrast to subjective value.
I'm not describing subjective value, I'm describing the properties of objective value, in contrast to subjective value.
Then I misunderstood you.
Seems as if you were to me. I'm just saying it doesn't sound like you are disagreeing with most bitcoiners to me at all.
Edit:
But your title says "value is not subjective". You just said you are contrasting objective value with subjective value. Do you see why that is confusing. You said no one agrees with you and yet when I read your post that statement seemed absurd.
It sounds to me as if you just rephrased the two types of value and then claim this is a view that isn't common. Seems like making difference where there isn't one.
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Fair point, subjective value is an opinion, objective value is what something is actually worth, even if nobody alive is willing to pay that price today.
Edit: People in the modern world do not believe, in general, that there is such a thing as objective value, beyond price.
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Indeed. How you measure value? How do you know your value is the objective one?
The bigger question is this framework useful? To say something has an objective value is one thing. Easier case to make. Value is not obvious sometimes.
I believe bitcoin has objective value but that doesn't help others. Just me.
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I don't think it's a matter of belief. Bitcoin fulfils these criteria therefore it's objectively valuable, inevitable.
Using this framework in any other context is extremely difficult because outside bitcoin the world is full of noise and obscurity and opacity. I don't think I'm saying anything novel, people use this framework in all of their value judgments innately, it's just complex.
But bitcoin is certain because it's pristine.
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Through your own rational judgment. I don't have to look at the current market price to value BTC. I can observe the mechanics of how BTC works in relation to the macro economy and decide for myself what a reasonable price should be, then buy or sell based on whether the market price is above or below my price. Reality tends to reward people that do the work of determining value, while punishing the people who wait for others to do the valuation for them.
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Bitcoiners value bitcoin, but they refused to see the connection between it and historical systems that progressively emerged based upon the same properties, whether stone henge or mythological representations.
They don't see bitcoin within it's proper historical context because that conflicts with their other priors, other modern ideas that they have heavily invested in.