I'm trying to understand... This is accounting. I don't see how this says anything about how the behavior of money on the market is not mimetic. How a bank manages the money internally doesn't have anything to do with money as a medium of exchange.
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Replying to @MimeticValue
Sorry to drop this convo earlier, travelling. A financial asset's value is not solely determined by network consensus/mimesis, it also depends on fundamentals. Money is just another fin asset in practice and is subject to same constraint.
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Replying to @_Vimothy_
What are these constraints and how do you define money?
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Replying to @MimeticValue
the constraint is that the value of a financial asset is tethered to the underlying cash-flows, indefinite divergence is not sustainable
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Replying to @_Vimothy_ @MimeticValue
money I'm defining as whatever instruments circulate as money in practice. this is context dependent, eg bank deposits in a retail context, repo in wholesale
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Replying to @_Vimothy_
Sure, but that doesn't say anything about mimetic desire. The motivation for the underlying cash flows are still mimetic desire other than the most basic instinctual needs.
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Replying to @MimeticValue
earlier you said "the underlying logic of money markets is mimetic". I took this to be a specific claim about money markets, not about ultimate human ends
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Replying to @_Vimothy_
Yes, and you haven't provided anything that says money markets aren't mimetic in behavior.
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Replying to @MimeticValue @_Vimothy_
Mimetic behavior doesn't mean that there is no represented underlying value or that bubbles don't pop. It's basically a tautology. Another way to phrase that money is the medium of exchange.
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the question is whether money is "purely mimetic", not whether mimetic desire is a motivational factor in relevant markets (I agree that it is)
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