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53 sats \ 4 replies \ @fourrules OP 17h \ parent \ on: What bitcoin taught me: Value is not subjective econ
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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