What if the BTC price we see everywhere isn't the price of Bitcoin at all?
1. Bitcoin is only real on-chain. What's traded on CEXs is a Bitcoin-IOU, a derivative. Calling it "Bitcoin" is arguably fraud.
2. The "price" is just an average of signals from the biggest custodians.
During crashes, P2P platforms show huge premiums for real BTC. High demand, falling price? Think about it.
3. How do we even know CEX order books are real? Are they audited? Or just numbers on a screen?
4. The real price signal should come from P2P, but even they use the CEX price as a crutch.
The biggest elephant in the room is that everyone, from noobs to maxis, pretends this pricing mechanism is real. It's a massive blind spot.
