My original point is that market value cannot be driven entirely by cost of production. This is born out by items that are sold well above production cost, and things that cannot be sold because their high production cost is above what the market will bare. The implication being that saying “bitcoin is worth $X because we spent $X to mine it” is a nonsense statement.

What’s interesting is that you reinforced my point at the very end. Baseball cards are a fantastic example of a product that’s sold in a way that’s completely disassociated from the cost of production.