Russet Pilled on Nostr: So, the difference between bag 3 (worms) and bag 2 (chickens) is a large margin? ...

So, the difference between bag 3 (worms) and bag 2 (chickens) is a large margin? Probably true, we're still very much in price discovery for Bitcoin (and not all B has been mined, and therefore isn't in some (acting) person's wallet).

I *think* I get your point (price is volatile and unrepresentative), but I don't think it's the small amount of Satoshis that are actively traded. Even in a mature market, only a fraction of supply is ever actively traded. It seem more likely that it's because it's a young market and manipulators (e.g., Greyscale) have undue influence.

Hmmmm, maybe we're saying the same thing. My economics 101 spidey senses just really don't like the way you're saying it.