OK you Bitcoiners need to get your story straight, is it a meme or not!?!
https://twitter.com/bitstein/status/1037771987400179712 …
Cryptocurrency Analyst. Bitcoin, not Blockchain. Angel Investor. Previously @Princeton.
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Ben DiFrancesco Retweeted Michael Goldstein
OK you Bitcoiners need to get your story straight, is it a meme or not!?!
https://twitter.com/bitstein/status/1037771987400179712 …
Ben DiFrancesco added,
On a more serious note, to deny the memetic quality of money seems obviously wrong. Money is a shared illusion. A bubble that "never" pops. Some properties, like inflation rate, make it better/worse. But using an otherwise *worthless* asset as a store of value is not "pure math"
But that’s where you are wrong. It’s obviously not “worthless”. All value is subjective.
Swap "useless" for "worthless". Regretted the word choice as soon as I sent it. Bitcoin (like fiat) has no intrinsic use. I can't eat it, or use it as a tool, it won't keep me warm, etc... Yes, it's value is subjective. That is THE POINT. It's not "math"
Foods value is as subjective as Bitcoin’s. There is no such thing as “intrinsic” value. That theory has been proven wrong time and time again. https://en.m.wikipedia.org/wiki/Subjective_theory_of_value … If Gold has monetary premium value then BTC has to have even greater value - Market is still mispriced.
Dismissing market choice of media of exchange as a “meme” implies that it’s value is arbitrary when it’s not.
If it was merely a meme, then we would use sand as money but we don’t. Money is a technology.
First, it’s not dismissive to call something a meme. Memes are a cornerstone of civilization Second, I’m very happy to hear you finally agree money is a technology Third, of course money isn’t just a technology, otherwise a BTC fork w improved tech would easy surpass BTC
I never denied that Money was a technology. That is a well known fact. But think of the term “technology” in a broader sense, incorporating human consensus and social contracts, which themselves are also a technology. Thus far there are no coins with significantly improved tech.
> human consensus and social contracts I would call this a meme. We might just be arguing semantics.
Sure, I just want to underline that there are very specific reasons why people are likely to game-theoretically converge on this very specific money-form rather than others. I think it has to do with its stock-to-flow ratio most of all.
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