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Ah, so not because of demand, but because of the amount of work that went into them? This is the labor theory of value, originally espoused by Marx. I'm under
by DennisP 4y ago
Ah, so not because of demand, but because of the amount of work that went into them?
This is the labor theory of value, originally espoused by Marx. I'm under the impression that most bitcoin fans consider themselves libertarians. It's interesting to see that combined with Marxist economics.
- randomhodler84 4y agoNot quite :-) I believe it is part of the equation. I don’t think it is the nature that work occurred applies value — rather the demand for something that someone has sacrificed something for exists — in art, generally a work that has sacrificed time to create something aesthetic has a demand that provides its value. It’s value is subjective to the buyer, however the astute buyer is more likely to buy the 1000 hour work over the mass produced out of nothing thing.
- giaour 4y agoSo, you're saying PoW coins have no inherent value, only the value we bestow on them? Your reasoning is circular
- randomhodler84 4y agoI don’t know if we have a way or model of calculating it accurately yet. It exists.
- lamontcg 4y agoThe actual LTV argues that any increase in value comes from the labor, not that the labor inherently has value.