Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

This whole concept of "production cost must equal/below product value" is fishy, failed labor theory thinking, marxist bs, totally debunked and failing basic logic since 100+ years.

And you were doing so well up to here Sad

The cost of production does need to below retail price, otherwise you're losing money. "Value" is a different variable altogether, so having price (cost) on one side and "value" on the other is comparing apples to oranges.
Nothing Marxist about any of this.

That is labor theory of value thinking what you are saying, if you think that as a macroeconomic phenomenon: "The cost of production does need to below retail price, otherwise you're losing money"

A whole industry can only be "unprofitable" if they produce mud pies. If i am losing money, that means i made a bad speculation about future demand, and i oversupplied the market,

With you thus far...

Quote

AND my production costs are greater than the guy next to me.

That's where you loose me. If you're making hula hoops & you need to sell 10k hulas/day @$5 to make ends meet, and your buddy, the other hula manufacturer needs to do the same, you're both up shit's creek. Him going out of business won't help you much either -- you both grossly overestimated hula demand Sad

Quote

Not that the market does not appreciate my precious product and too evil to buy it from me for the "fair price". I either go bankrupt hence reducing the supply on the market totallity or make demand for my product.

How could the definition of value be different on the production side, and on the consumer side? Price (cost) is just the numerical expression in some unit of account of the value of anything that can act as an economic good.

I denominate cost in $, how do you denominate value? Or are you using "value" as just another word for cost?