prices are a ratio you assume that they are based on some divinely imposed standard like the tablets of Moses bitcoin is like physical gold, you can't just make it appear from nowhere the value of bitcoin is what you can trade it for, just as the price of something is what you can charge for it setting that "value" is done by all of us in relation to our needs for different things and the resources we have to trtade for them

Replies (1)

Prices aren't a ratio. They're a reflection of what the seller will let an item go for and what a buyer will pay to purchase the item. They have very little to do with the cost of production (while those costs must be taken into account, it's only a small part of the price).