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Hmm that's an interesting alternate way. I don't think nostalgia discounts the present though. It discounts the dark side of the past, thereby losing itself in "hedonism" within the part of the present that's a persistence of the past. The present is not disjoint from past.
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The "present" should actually be constructed in terms of 3 strands: persistence of memory, foreshadowing of anticipated futures, and truly forgettable transience. Nostalgia selectively distorts the past, ignores the future, hedonism ignores the past, selectively distorts future.