4min chapter

The Café Bitcoin Podcast cover image

Price-Models Revisited, Price vs Relative Value with Steven Lubka, John Haar and Greg Foss - July 21st, 2023

The Café Bitcoin Podcast

CHAPTER

The Limits of Modeling

The only thing that drives price is human psychology. Psychology is the driver. Markets are psychological. The thing you need to predict to predict price is not price. It's human minds in the collective. You have to predict what all people are going to think about this asset. That is why it's a fool's game. And Austrians sometimes rip on Keynesians or MMTers that they have physics envy because they act as if economics is like a hard science that can be modeled. But we're not going to tell it's this model won't predict what the price point will be. That's insane. That's absolute insanity.

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