Value & Self-Deception

To begin a conversation about value, it's important to begin with a conversation about the unknown. The first principle I'd like to present is this: Value is measured against something, always. So, when it comes to measuring value, you cannot measure value of something when you may not know what else is out there. Measure a value of a dollar in 2012 versus that $1 invested in Bitcoin. Respectively, in March 2021, that $1 could be worth $30,000. But if you didn't know about bitcoin in 2012, it's not even an option. Which leads us to our second principle: the value of something can change in an instant with new information (for example, learning about bitcoin). And as soon as we realize this princiiple, there is another principle that presents itself: that is, value comparision is a never ending game. Even Bill Gates could have invested all his money in 2012 into Bitcoin and made a lot more money than his holdings in Microsoft. Is that necessarily the best move? Not particularly. Which leads us to another principle: Value is always contextual to the measurer. For instance, someone's age changs the context of value measurement (perhaps at an older age, less risk adverse... while at a younger age, more risk adverse). In the end, these pricniples start and end with the first pricniple - the title of this article: value is always measured against something and if you don't know what else is out there, well, your choice is directly proportional to your level of awareness.