Bitcoin has no “price”. It’s money.
It has an exchange rate
No one asks for the “price” of Yen
Discussion
Money is the most sellable good. It definitely has a price. The price of money is its purchasing power.
Money is a medium of exchange, not a good.
Andreas explains this well. We say price because it’s just what we do
Study Austrian economics my friend.
Odd thing to say to someone on Nostr
Do you know who Andreas is?
I know who he is and instead of trusting him for everything that he says, you should verify it by actually picking a book or two on the matter. You’ll find out that money is used as a MoE precisely because it’s the most saleable good. And the most saleable it is, the better it is as serving as a medium of exchange.
*the more
Has nothing to do with trust. It’s just an eloquent explanation.
Money is essentially worthless without its network. This goes for Bitcoin too.
Sov->moe->uoa, in that order.
Leave your assumptions off nostr though, please. I’ve read a dozen books on Bitcoin and Austrian economics and have been holding Bitcoin for multiple cycles. I don’t know you, so I don’t care to judge you.
Bitcoin was used as MoE before it had displayed any SoV properties. How do you explain that. Also I don’t believe you to have read any books on Austrian economics that haven’t been written by Bitcoin influencers, and they often are clueless.
You cannot have a MOE without it having value
Store of value always comes first for any money in history or else no one would even use it as a MOE.
Frankly I don’t care about your judgment.
GN
I don’t care about your opinion too (which is repeating known talking points) but it denies the reality that the very first monetary transaction in Bitcoin’s history happened when Bitcoin didn’t even had an exchange rate. Then all the trading that happened on Silk Road when Bitcoin was so volatile, the last thing on anyone’s mind that it was something that had a lasting value to be preserved for decades. It simply was the only exchange tool to obtain illegal stuff online. Saying this I’m not denying a good money has to have great SoV properties too. That’s why cigarettes in prison are good MoE but not money. Anyway, I have no time to try and explain this to someone that appeals to authority and doesn’t do any independent thinking or research himself. 👋