Laws and Effects - Independence Reimagined Chapter 13 | Bitcoin Infinity Academy #28

Given that minted coins aren't necessarily available (see:Satoshi's) I've got to side with Knut here. Perhaps what Bitcoin makes hard is its liquidity, with it being quite simple to go from inert and locked away at the bottom of the ocean to suddenly being sold in an instant on an exchange, so MEASURING what is stock and what is flow becomes a bit like counting the number of photons in a room. But simply being mined by a hodler doesn't make those coins have any more of an impact as part of the flow, or marketable supply, than they had before they were mined (when we just counted them as part of the potential 21 million). I think this is why we get so fascinated when James Check or @npub1a2cww4kn9… trot out things like the MVRV Z-score, and other metrics that examine the frequency of coins moving. It's backward looking, but as flow only really exists as long as one is asking for a buyer, this seems almost impossible to avoid. It's not like eggs, brought to the market, when you can count the eggs at a market booth -- Bitcoin simply doesn't have that friction (nor that shelf life). There are other angles that could be looked at as well, such as the number of steps one would need to sign a transaction,but only the people involved in those multisig wallets usually know about what those inbuilt frictions are. Anyway, interesting debate, and I'm gladyou disagreed so I could hear it.