Quote from: BlackHatCoiner on Today at 04:40:42 PM

Quote from: goldkingcoiner on Today at 04:21:45 PM

But the minimum value is not raised by demand. Its raised in the minimum effort put into it.

Sure, cost does affect the market value. All I'm saying is that the value of a product comes from the fact that it satisfies one's needs. The production of it does have a cost which is added in the price, but that's true until there's one who's willing to buy it. If nobody wants gold, no matter how expensive it is to mine it, the valuation won't be greater or equal with the cost.

Take oil barrels as an example. In 20th of April 2020, crude oil prices went negative. The cost was much greater than the market valuation, because the demand suddenly dropped.

Again, you are factoring in human failure as true value instead of admitting that speculative value can create short term price fluctuations.
Instances of negative pricing were always very temporary, and the markets quickly corrected.

If I, for example, trick you into buying fake magic beans, I am pretty sure I could get thousands, if not millions from you, depending on how desperately you believe you need the beans. Once you realize they are normal beans, their value would change very quickly, in your eyes. But thats all subjective from your perspective.

Now, if I were to sell you something you cannot live without, like water, the base value constants become the supply and demand and the work I need to do in order to get to that water, get it out of the well, bottle it up and deliver it. This becomes a minimum in price.

There is a work limit at which that all the work I have to do to get the water to my customer is not worth it anymore since I would not be making a profit. And if you boil it down to money is worthless compared to water, then water becomes the only thing of worth. What is the price then? 1 glass of water becomes 1 glass of water?