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https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value >The subjective theory of value is an economi

https://en.wikipedia.org/wiki/Subjective_theory_of_value https://en.wikipedia.org/wiki/Subjective_theory_of_value >The subjective theory of value is an economic theory which advances the idea that the value of a good is not determined by any inherent property, nor by the amount of labor necessary to produce it, but instead is determined by the importance an acting individual places on a good for the achievement of his desired ends.

McLaren_Ferrari 5y ago
> The subjective theory of value is an economic theory which advances the idea that the value of a good is not determined by any inherent property, nor by the amount of labor necessary to produce it, but instead is determined by the importance an acting individual places on a good for the achievement of his desired ends. In short: "Stonk_price_bruh!" Elvis-mania, Bealte-mania, Backstreet boys-mania...they all end at some point. Positive strong emotions are strong but they burn fast, or can even turn into negative strong emotions. Unlike Elvis nobody became hysterical or collapsed to the ground when they saw a young Warren Buffett, people to this day think he's old, boring, doesn't get it. Then they look at the scoreboard. 40 years in the Forbes 400, and not only that, in the top 5. Let's see where Satoshi, Buterin , Brian Armstrong, Binance guy are in 40 years. The one who is best positioned financially to be still there is Elon but he's inherently unstable mentally.
- aww_dang 5y ago
  Which if I am reading your comment correctly, would be better described as a criticism of bubbles. A bubble is distinct from a scam or ponzi. It is also unrelated to the quote I posted. Individuals who wish to transact in cryptocurrency or any other asset you do not value are not involved in a scam, simply because you do not value that asset. They have their own ends which we may not appreciate.
  - McLaren_Ferrari 5y ago
    Bubbles and scams both thrive on delusion and irrational exhuberance. They are very similar. The only difference is that with bubbles everybody buys into the delusion, whereas with scams at least those at the top are sane enough not to believe their own hype. > Individuals who wish to transact in cryptocurrency Excepts nobody transacts, everybody trades for capital appreciation purposes
jqpabc123 5y ago
The subjective theory of value --- where worth is only determined by what someone will pay. A theory fully embraced by every con artist --- and crypto fan. In other words, the title you bought to the Golden Gate Bridge is worth whatever you can con some other like-minded fool into paying you for it. The obvious problem here being that worth and value is based on foolishness more so than reality. Which may be fine --- until reality intrudes --- which it always does --- eventually.
- aww_dang 5y ago
  >A theory fully embraced by every con artist --- and crypto fan. There are some BTC maximalists who demand that the energy consumption of BTC and the sunk costs give it value. This is the input cost theory of value which is distinctly different. Similar to the labor theory of value. I'm sure the title to a the Golden Gate Bridge is at least worth the paper it is printed on. Perhaps if there is significant novelty value, someone may buy it for those benefits alone. It is impossible to say how individuals would value it, but again false and fraudulent claims are a distinct and separate matter. Attempting to conflate the issue is somewhat dishonest in itself.
  - jqpabc123 5y ago
    but again false and fraudulent claims are a distinct and separate matter. Kinda like the claim that electrons are money as long as some other fools accept it? No "conflation" required.
  - McLaren_Ferrari 5y ago
    By the same token it's impossible to say what goes on in the mind of an individual who goes through a sudden change in their personal evaluation of the asset they just bought. If they buy the title to the Golden Gate Bridge from you and then try to cash in and suddenly realize they have been had....well it's only fair game if they come looking for you with the intention of making themselves whole (and then some) Or if they are civilized they'd go to the police and they'd be the ones coming for you. As you see the subjective theory of value can be extended to everything and anything. It doesn't stop working once the transaction is settled. Per the subjective theory of value the transaction can always be reversed: judicially, politically or violently. That's the reason why scammers who are smart try to put as much geographical and jurisdictional distance between themselves and those who were scammed
nathias 5y ago
It doesn't matter what theory of value we believe in, none of them would support op.

McLaren_Ferrari 5y ago

> The subjective theory of value is an economic theory which advances the idea that the value of a good is not determined by any inherent property, nor by the amount of labor necessary to produce it, but instead is determined by the importance an acting individual places on a good for the achievement of his desired ends. In short: "Stonk_price_bruh!" Elvis-mania, Bealte-mania, Backstreet boys-mania...they all end at some point. Positive strong emotions are strong but they burn fast, or can even turn into negative strong emotions. Unlike Elvis nobody became hysterical or collapsed to the ground when they saw a young Warren Buffett, people to this day think he's old, boring, doesn't get it. Then they look at the scoreboard. 40 years in the Forbes 400, and not only that, in the top 5. Let's see where Satoshi, Buterin , Brian Armstrong, Binance guy are in 40 years. The one who is best positioned financially to be still there is Elon but he's inherently unstable mentally.

aww_dang 5y ago
Which if I am reading your comment correctly, would be better described as a criticism of bubbles. A bubble is distinct from a scam or ponzi. It is also unrelated to the quote I posted. Individuals who wish to transact in cryptocurrency or any other asset you do not value are not involved in a scam, simply because you do not value that asset. They have their own ends which we may not appreciate.
- McLaren_Ferrari 5y ago
  Bubbles and scams both thrive on delusion and irrational exhuberance. They are very similar. The only difference is that with bubbles everybody buys into the delusion, whereas with scams at least those at the top are sane enough not to believe their own hype. > Individuals who wish to transact in cryptocurrency Excepts nobody transacts, everybody trades for capital appreciation purposes

jqpabc123 5y ago

The subjective theory of value --- where worth is only determined by what someone will pay. A theory fully embraced by every con artist --- and crypto fan. In other words, the title you bought to the Golden Gate Bridge is worth whatever you can con some other like-minded fool into paying you for it. The obvious problem here being that worth and value is based on foolishness more so than reality. Which may be fine --- until reality intrudes --- which it always does --- eventually.

aww_dang 5y ago
>A theory fully embraced by every con artist --- and crypto fan. There are some BTC maximalists who demand that the energy consumption of BTC and the sunk costs give it value. This is the input cost theory of value which is distinctly different. Similar to the labor theory of value. I'm sure the title to a the Golden Gate Bridge is at least worth the paper it is printed on. Perhaps if there is significant novelty value, someone may buy it for those benefits alone. It is impossible to say how individuals would value it, but again false and fraudulent claims are a distinct and separate matter. Attempting to conflate the issue is somewhat dishonest in itself.
- jqpabc123 5y ago
  but again false and fraudulent claims are a distinct and separate matter. Kinda like the claim that electrons are money as long as some other fools accept it? No "conflation" required.
- McLaren_Ferrari 5y ago
  By the same token it's impossible to say what goes on in the mind of an individual who goes through a sudden change in their personal evaluation of the asset they just bought. If they buy the title to the Golden Gate Bridge from you and then try to cash in and suddenly realize they have been had....well it's only fair game if they come looking for you with the intention of making themselves whole (and then some) Or if they are civilized they'd go to the police and they'd be the ones coming for you. As you see the subjective theory of value can be extended to everything and anything. It doesn't stop working once the transaction is settled. Per the subjective theory of value the transaction can always be reversed: judicially, politically or violently. That's the reason why scammers who are smart try to put as much geographical and jurisdictional distance between themselves and those who were scammed

nathias 5y ago

It doesn't matter what theory of value we believe in, none of them would support op.