When people say hash follows price, they mean hash follows the Ten Minute Difficulty target, right?
Because Satoshi started mining #Bitcoin before there was purchasing power, right?
So maybe purchasing power follows some derivative of Proof of Work with respect to time + users?
New #Bitcoin Valuation Model
Purchasing Power of #Bitcoin is some function of the derivative of Total Accumulated Proof of Work with respect to Time plus or multiplied by Metcalfe’s Law. 🤷🏻♂️
PP of #BTC = (dW / dT) +/* N^2
So basically #Bitcoin = the definition of Power in Physics + Metcalfe’s Law + flawless and immutable chain of accounting memory that is created by user power and user nodes.
What is meltcafe's law
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https://en.m.wikipedia.org/wiki/Metcalfe's_law
Would you need to know how many users are on the network to know the price then?
Yes… for the purposes of this #Bitcoin valuation Model yes
But also remember… it’s only a model
Yeah