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hodlers don’t contribute to price discovery so market price is always biased towards what non-hodlers think it is
in cases where the bulk of the “stuff” is held vs actively moving around, the hodl is likely lower than market price. however it isn’t sold because everyone is waiting for an even HIGHER price this forms bubbles bc the hodl consensus refrains from the public discourse
it’s like if all employees keep silent when bullshit is thrown about letting it grow bc they’re all looking for other jobs. runaway delusions occurs because of INCREASING sobriety and pragmatism, not because of less.
as long as there is diversity of delusion, it all mostly cancels each other out giving room for signal to carve a path through the noise. if however the delusion is organized, the signal stands out like a sore thumb and attacked. so it keeps silent.
but having an expectation of it going higher (and voting with your dollars kept there) IS a form of incorporating individual information and expectation into collective price discovery no?
yea, refraining from voting kicks off the brakes. “i guess i’ll ride the stupid train as far as it will go” contributes to increasing price but it isn’t the discovery of the “real” price as it exists in the collective mind
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