To my mind, the price to Metcalfe Value (P/MV) of a coin functions in a way that is like the more familiar price to book value of a firm (P/BV). If that is correct, then it ought to identify when Bitcoin is at a bargain price and when it is richly priced.Even if one disagrees with the premise that the Metcalfe Value of a network should be applicable to Bitcoin protective marble iphone 6 case, the P/MV at least expresses the price movement of the coin relative to the number of users on the network. If the price moves up quickly while the number of users does not, at the very least, the P/MV might be identifying market manipulation by a few agents, and so might be independently valuable as a ratio even if the Metcalfe value of Bitcoin is not.There is a difficulty in establishing just what a “cheap” or “rich” price for Bitcoin is white marble iphone 7 case, which is unlike the more familiar P/BV.
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