Replying to Avatar Lysander Spooner

Why are you arbitrarily selecting the price of buying all goods only once?

Why are you arbitrarily selecting the value of spending all the money only once?

Couldn't there be too many goods to ever be bought with all the money in one go? Yes. Money circulates, the same $1 bill has bought maybe $600 worth of goods.

Goods also circulate, so I don't understand how you settled on 1 sale once for each thing.

There is no invisible hand pushing 'the value' of a money to match the price of buying precisely all of the goods in an economy precisely once.

You and I value everything very differently, and that valuation is not in terms of a nominal amount (25420 of another good) but an ordinal ranking (1st, 2nd, 3rd). This also applies to BTC. I don't value it at the index price. Never have.

If you valued things in terms of nominal amounts you would sit there clicking Buy until you are broke. Whenever you buy anything. And that's what a lot of people do with Bitcoin, because it gets them in the mindset of nominal objective value. The Bitcoin mindset says value is an objective, nominal thing that is wide open to manipulation through central planning (like the artificially fixed rate of supply and periodic halving). Not the subjective, ordinal ranking clearly articulated by the Austrian school.

Guess how much I value 1 BTC at? I wouldn't give up my salad. If you say that's a lie, I would resell it, all you're pointing out is that I value what I could sell it for -- not the BTC. That in itself is less than worthless, because it comes with and leaves a surveillance snail trail. That something is scarce doesn't "make it valuable" in an objective sense. But you cannot understand why until you understand there's no such thing as objective value.

yes

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