| I am not an NFT advocate.[1] But I do own Bitcoin, and I subscribe to the subjective theory of value.[2] > It ends up being circular though - yes, human judgement is ultimately part of the equation Well, I am glad you admit humans are who ultimately set prices on markets. > but that judgment end up being based on a prediction of future value, and often we can use understanding of markets or the intrinsic value of commodities to industrial processes to assess this. I interpret this as a more informed subjective value, but this discussion did not quite convince me there exists an intrinsic value. The fact that you need X kg of flour to create Y kg of bread might be useful in knowing when the market prices for flour and bread are "consistent" - you call this "intrinsic value of commodities to industrial processes" - but I am of the opinion that demand prevails: the relative demand for bread and flour is what sets their relative price, and it can vary for reasons completely different from the industrial processes considered for an "intrinsic value". Nevertheless, I thank you for going in circles with me, I feel like I have learned something, and I hope I expressed my own ideas clearly enough. I will not follow this discussion for long; but if you feel like continuing, my e-mail is on my website which is on my profile. [3] [1] - https://news.ycombinator.com/item?id=29663787 [2] - https://en.wikipedia.org/wiki/Subjective_theory_of_value [3] - https://news.ycombinator.com/user?id=danuker |
Nobody disputes that bubbles and sentiment exist.
What is in dispute is the idea that they are the only things that determines value.
It’s ok that you are not convinced. Once you go down the postmodern rabbithole of believing that everthing is subjective, there is no way out through dialog.