No, they have decent moneyable properties as good as gold K fair since historically that's how we see them continually failing, but in reality, their value becomes marginalized by competition & they are forced to print or lose monetary power But if we ignore that it still fails
-
-
It fails because there are no economic calculations without utility outside of a MoE. Man can rationalize more efficiently; marginalize its value against all other goods with every different utility the good has. What should the objective purchasing power of $1 dollar be?
2 replies 0 retweets 0 likes -
Who the hell knows. Its value is made up. You can't marginalize a fiat against anything. 1 Bitcoin? is that a months rent? A lambo? A tropical island? What's an ounce of gold? It's a necklace, it's 20 gold teeth, it's 10 yards of wiring, it's the plating for a sink, etc.
2 replies 0 retweets 0 likes -
Replying to @7heAbolitionist @NickSzabo4
Yeah but what’s a necklace? Purely social value, no utility. And most high value uses of gold are of this kind. Pretty trinkets
2 replies 0 retweets 0 likes -
I think gold was well established as money before it was used for anything really utilitarian, like wiring or plating. It was mostly for adornments which are just abstracted social value put in an object for public display
2 replies 0 retweets 3 likes -
Replying to @Ruminorang @NickSzabo4
Not relevant. What matters is they are forced to choose. Money or secondary uses. There is no choice bitcoin, therefore Bitcoin's price will be more volatile than gold's. It will not be demanded as money in the long run without it. It's price will decline to its 2nd use cases
3 replies 0 retweets 1 like -
Mises Regression theorem has been debunked. It was too narrowly defined to imagine digital age instrumentshttps://medium.com/@manuelpolavieja/bitcoins-and-mises-s-regression-theorem-16a10db24bd5 …
1 reply 0 retweets 4 likes -
lol. I had a long debate with him actually. I like it. Though, I think I can debunk it. We are currently taking a break from discussion until I have time to read Carlos Bondone. Personally, I think it sounds like Carlos made more concise extension of the RT.
1 reply 0 retweets 0 likes -
Replying to @7heAbolitionist @MustStopMurad and
I could debunk assuming it would categorize bitcoin as not being fiat, which I believe it does. I need to read the book though.
1 reply 0 retweets 0 likes -
Mises Regression theorem wasn't broad enough (1) Didn't consider psycho-social utility (2) Didn't imagine digital-native form of money (3) In fact he himself once said that "Gold isn't theoretically ideal. An ideal money would be one with no use-value at all to cause distortions"
6 replies 4 retweets 18 likes
It didn't account for foresight: that one can look at a tech or institution, study, and find it good for something, e.g. for using as money, just as e.g. one can study an insurance company and find it useful for insurance, even though it didn't start doing something else first.
-
-
So anything can be money if we were all just more enlightened. Oh, if only men were angels.
1 reply 0 retweets 0 likes -
Replying to @7heAbolitionist @NickSzabo4 and
Your argument: Reality doesn't match my theory, therefore reality must adjust.
1 reply 0 retweets 1 like -
Replying to @Grinnersaok @NickSzabo4 and
Perhaps you should pick up an economics textbook & figure out what it's all about. Lol. If you knew, you'd be laughing with me right now.
0 replies 0 retweets 1 like
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.