Quote from: buwaytress on September 26, 2019, 04:11:47 PM

Not trolling or picking arguments, and I'm hardly an economist, but someone putting a value to Bitcoin doesn't make it a store of value, not automatically, does it?

From what I understand or remember, the very first exchange that sold Bitcoin (or bought it) assigned a dollar value to it based on the estimated cost to produce 1 unit (in terms of electricity consumed to mine it).

So while pizza day was the recognised exchange of goods for bitcoin, it was still a rather vague assignment of value.

yes you are correct. just having a PRICE does not mean it has a store of VALUE. but again no one would exchange something that had no value, EG would you exchange your house for a jelly baby... no. because you dont value the jellybaby as much as the house.

i have a bag of dogs mess. just becaus i put a $10 price tag on it, doesnt mean the dogs mess is valued at $10

as for price vs value. they are not the same thing.
this is the most biggest thing people do not realise.
bitcoins price of $8000 at the moment is not its value

some that are used to gold investing know the spot PRICE is not the gold value

the pizza thing was 2 pizzas for like 20k coins. so like $30 for 20k btc = 1btc=$0.0015 that was the price not the value.
value is the amount once you take away all the wishy washy stuff and get to the bare bones bottomline of it.. not th high, profitable price someone can charge
over simplified, its like the minimum the price has been in the last month would be the value, as no one wants to sell below it, so everyones agreeing they value it at such in that period.. where as the top/ATH price for the last month is not its value

in retail, the recommended retail price is not the value. the price is not the value, but the value is a discount or last low price it has been recently..
too many people foolishly think a price chart is a value, which is where they get confused and see last week bitcoin was $10k and is now $8k and think it lost alot of value. when infact the value could have always been this low and now the price is at value making it a very good price to buy at.

i personally have not treated the PRICE as value. i have done maths on mining costs and also the long term MINIMUM the coin sold for in a period and treated that as the value line

for instance in summer 2018 the PRICE went way above $6k. but i treated the value as being $5.8k before the autumn dip due to cheaper mining. so yea during summer when people were stupidly saying its gaining and losing value when it was above $6k i was still settled with valuing it at $5.8k and when the prices got close to $5.8k i said it was a good value price, and when it was way higher i said it was an inflated not so good valued price