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Still waiting but it looks like we just had mis-communication.
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No i cant say that mankind value art... I can only say that some of mankind values art.
If you really believe that bitcoin is a good store of value you have not been paying attention.
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+1 it is obvious at this point that it is not currency, but a asset like art or baseball cards.. that is to say a shit asset with no objective measure of value.
Objective measure of value? What do you mean by this and is there any at all (with no concern for Bitcoin)? I mean that the unit of measure is objectively valuable. Like gold, or joules of work. Or art, or baseball cards, or bitcoins? None of those things have objective value. Water and food have objective value to life. Things with objective value can be phased as a fact. For example I can say that mankind values water, I can not say that mankind values baseball cards or bitcoins. |
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"One of the most subtle aspects of modern economic theory is the relation between subjective value and objective money prices."
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I mean that the unit of measure is objectively valuable. Like gold, or joules of work.
There is no place for objective value in modern economics in the sense you mean here. The theories claiming otherwise (for example, labor theory of value or intrinsic theory of value) have been abandoned by most economists for not being able to correctly describe real life economic phenomena... There is an objective theory of value and it has not been abandoned also there is a reason it is called a theory and not a law. http://mises.org/daily/4907/"The actual process through which subjective valuations lead to objective market prices is complicated. The average person doesn't need to understand it. However, everyone should be aware of the basic principles of modern value theory, as sketched in this article. Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and they allow firms to calculate whether they are using resources efficiently or not." The theory you are referring to here is correctly called subjective theory of value. And it is accepted by most mainstream schools of economics. Actually, I meant exactly this theory when I wrote that there is no objective value in modern economics... You obviously didnt read the article. Value is subjective to the individual... but objective to the market. |
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I mean that the unit of measure is objectively valuable. Like gold, or joules of work.
There is no place for objective value in modern economics in the sense you mean here. The theories claiming otherwise (for example, labor theory of value or intrinsic theory of value) have been abandoned by most economists for not being able to correctly describe real life economic phenomena... There is an objective theory of value and it has not been abandoned also there is a reason it is called a theory and not a law. http://mises.org/daily/4907/"The actual process through which subjective valuations lead to objective market prices is complicated. The average person doesn't need to understand it. However, everyone should be aware of the basic principles of modern value theory, as sketched in this article. Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and they allow firms to calculate whether they are using resources efficiently or not." |
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+1 it is obvious at this point that it is not currency, but a asset like art or baseball cards.. that is to say a shit asset with no objective measure of value.
Objective measure of value? What do you mean by this and is there any at all (with no concern for Bitcoin)? I mean that the unit of measure is objectively valuable. Like gold, or joules of work. |
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How about
"Cause I didn't wanna"
Why didn't you sell your gold, silver, or your car?
Because my car didnt crash in a ditch  |
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NEVER do a trade with Paypal unless the person has some feedback. Even then, take extreme care.
Paypal does not allow chargebacks on digital goods, just saying. These are excluded from under their buyer protection. Check if you don't believe me. I once had a problem with a digital service, and they refused on these grounds. FUD... lots of ways to do charge backs with paypal. |
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Who says it is not a currency?!
Watch the video about senate
the people , by using it as a commodity or a store of wealth or investment rather than a currency. +1 it is obvious at this point that it is not currency, but a asset like art or baseball cards.. that is to say a shit asset with no objective measure of value. |
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Thanks  |
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There is no such thing as intrinsic value. The theory of intrinsic value states that the value is derived from the item, and there is no such thing as labor value.. Value never comes from the item no matter what it is. Value is always a product of our consciousness. Value comes from our minds it is just a concept.
We could have the best item ever and if we don't choose to value it then it has no value, we could work our entire lives and never create one bit of value if other people don't chose to value our work.
There is only the subjective value of an individual and the objective value of the market place.
I can say I don't value water, but the market can never say mankind doesn't value water. When you say intrinsic value you really mean objective market value.
Bitcoin does not have objective value. I can say i dont value it and mankind can say it doesn't value it.
The good news is currency is not supposed to be valuable. Currency doesn't have value any more and an inch has length. An inch represents length, currency represents value. It isnt value itself. When you hold currency you are not a saver of value you are the saver of a promise of value. The person holding value, he is the saver the person holding currency is the debt holder. Currency is and has always been an IOU. The currency supply is really a promise supply.
People think that debt based currency is bad, but all currency is debt based and always has been. If all debts public and private where to be paid off then currency would no longer exist. The fundamental problem is that with a dollar system those promises can be anything, we cant quantify those promises. If we want to measure those promises we have to do it in terms of an objective unit of value.
1 bitcoin is = to x number of joules of WORK (not labor)
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People are waking up to the realization it is not currency. When they realize that then they will say what is bitcoin? and the answer will be a digital collectible.
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There is no such thing as intrinsic value. The theory of intrinsic value says that value comes from the properties of the item. It is never the item that gives things value it is a construct of someone or somethings mind.
When people talk about intrinsic value they are talking about objective market value. They are talking about things that are factually valuable. The is only the subjective value of the individual and the objective value of the market. There is no such thing as intrinsic value.
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Gold is a unit. It is definable in objective terms and is a constant.
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So out of all this rant:
Common slang for currency - money. End of story.
Money is the units of the measure of value that not only represent value but also have value. Examples would be gold,silver,oil, salt Like the units of the measure of length that not only represent length but also have length. Examples would be inch worn, barleycorn, ruler, cubit Currency is the units of the measure of value that has no value but represents value. Examples would be a promise, bitcoin, digits in a computer, bonds Like the units of the measure of length that have no length themselves but represents length. Examples would be inch, meter, mile. When we are talking about money we are talking about inch worms when we are talking about currency we are talking about inches. |
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Usually this is a double dip situation but it seems this is the exception, not the rule.
Called it. |
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