hodlers don’t contribute to price discovery so market price is always biased towards what non-hodlers think it is
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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
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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.
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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.
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