I believe though can't be bothered to check that this is the video where the term "hashtag algorithm" is used.
Such a fundamental error should not be rewarded with my continued attention!
It is indeed that video.
I find this video very interesting though.
For once, we're on the other side of the 'conspiracy'.
I imagine everyone here at some point in their life has believed in a conspiracy. If you have, the mindset is, "something isn't quite right but I can only back it up with circumstantial evidence". This feeling is what makes us look for the conspiracy. Sometimes there just isn't one but it's hard to explain the nuances that cause these 'circumstantial' aspects to appear.
This video lacks understanding in so many areas but I feel that if I were to try and explain things to him in more detail, his own ignorance would actually prevent him from accepting anything I say.
So I'm just wondering if I'm like that on the things that I believe are conspiracies.
Cavemen always attack what they fear. The idiot argues that a
BTCitcoin
Over the Counter (OTC) Derivative - "Medium of Credit Swap" (fCDS) - is a "nothing" for a "something', which is demonstrably false and untrue.
It's just a "Funded Credit Swap", you fund the "loss" of it's last owner, then in the "future", it's next owner funds yours.
The "conspiracy nut" guy has a point, but he doesn't understand squat about the fundamental and crucial difference between "wealth" and "money", or the nature of the process of "price discovery" for a New Epoch Defining devastatingly simple, colossally utilitarian, and infinitely egalitarian "New Economic World"
BTCitcoin Medium of Labour-Credit Swap "currency".
Consider these "Ponzi Schemes": In fact salt, necessary to preserve meat before refrigeration, was the first "money", and all new markets for a new commodity are trade and distribution "ponzi pyramids".
The first cave guy who stumbled upon shiny yellow stones he couldn't eat or kill anything with in a pile of rocks at the bottom of some stream was exactly like Sitoshi. He picked them all up and went "kool" to himself, went back to the campground. probably pounded them into ear rings and pawned some of them off on some pals. Immediately these guys noticed that their shorties were fascinated by and thrilled with them. Soon other guys also came across chicks with them and also noticed they could also make rings and bangles out of them that really drove the chicks crazy and they all went back to Sitoshi to get some more.
Soon Sitoshi was fat, buried in other valuables and out of places to find more gold just laying around, so still having a bunch of gold that cost him nearly nothing, he decided he had to get guys to pan or mine for him around where he'd got the first batches. Also some dudes named litecoin also got hired by mistake and also figured out exactly what was going on with these ugly dudes getting action with all the hot chicks with this junk. Once Sitoshi's mine was sold out he was fixed for life, still selling it now for many hundreds of times more than he first did and out off the top of his 1st sales pyramid with a fortune. (and probably all the hottest babes in the region)
Meanwhile everybody else was left to either holding on to them as long a they could, and flipping bits for more stuff to new horny dudes or selling their hoards for similar fortunes of value to other tribal warlords etc. using bits of it for barter, whacking one another or "getting their sins forgiven" for some.
This of course prompted other gold mining and gold panning "pyramids" to be started as get rich schemes for their bankrollers. The story of oil is little different.
When the first entrepreneur discovered salt, oil or gold for instance, they likely had no idea of the intrinsic-value, utility-value or exchange-values of them. In most all of these cases, the lucky dudes named Sitoshi brought some of their new "intrinsic curiosity" back to the encampment, and noticed their pals also had a curiosity about it, so he promptly gave them some in exchange for a few extra cups of their grog and went back a day or two later to the place he found that for more, to continue his enterprise. He did this because he was made drunkenly aware that this new "common curiosity" of his seemed to have both an intrinsic(curiosity) and what remarkably seemed to be an exchange value!
Meanwhile his pals noticed that you could salt meat to keep it from spoiling and even use it to make other crud taste better or use oil to make wagon wheels move more smoothly or was easier to light for light or heat, others noticed the hottest chicks loved earrings and bangles made out of the yellow shiny stuff. This second echelon "second floor-down" of low price meddlers had developed or discovered that Sitoshi's kool new "commodity" resources had utility value, separate from their common intrinsic value that increased their (greatest and most desirable of all) "exchange value".
Owing to these new discoveries Sitoshi's small second floor-echelon of Sitoshi-Resource Pharoahs began to market their new wares as bagged salt, bottled torch fuel and bullion to make chick-magnet jewellery. Buzz and newly discovered utility values allowed third and fourth floor-down echelons to "Price Inflate" (discover) the same Sitoshi-Resources their wholesalers got for grog into hard assets they could sell for boats, tents and fancier rides for their shorties. Finally fifth and lower floor-down operators in the marketing pyramid's echelon really started to exploit even newer and better utility values leading the price discovery of their new commodity resources into becoming something closer to reaching for the most treasured and coveted crown of either being a utilitarian commodity resource of serious hard-asset exchange value, or just a too-rare "wealth itself". (eg: gold)
Of course all these things didn't happen at once because, in the pre-refrigerated ancient world, salt (in high demand) was the first well known and widely traded form of a widely accepted Medium of Labour Exchange Currency (aka "money"). Indeed the further it had to be conveyed to deliver it, the more it's intrinsic value was "Price Inflated".
Salt worked as a "money" only so long as it retained it's aura as a rarity of constantly assured value. Salt's price-demise (Price Deflation) as a currency no doubt came about with the invention of the Sauna bath where people suddenly became aware it was as common as sea water.
Gold worked as a "money" (Medium of Labour Exchange) until rich wealthy Pharaohs hoarded it all and we all ran out of enough of it to make it useful and/or had to end-up settling for counterfeit receipts for some that was rented out, lost and all sold-out 40 years ago.
We'll never run out of
BTCitcoins or room to iValue them upwards to a more appropriate value when the monetary supplies and demands of growth necessitates it....
