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FellowTraveler, I love your work throughout the years, btw. Yeah, as I noted, bitcoin is no less rational or irrational than gold for what it is (or rather for
by aric 13y ago
FellowTraveler, I love your work throughout the years, btw.
Yeah, as I noted, bitcoin is no less rational or irrational than gold for what it is (or rather for what it's becoming). The whole "intrinsic value" debate is a moot, endless point because both sides are equally arguable. Anything clearly valued by others holds intrinsic value, I could argue. I could also conversely say that its value is not derived intrinsically. However, in an argument where gold is given the status of having intrinsic value, I'll gladly argue that so too should bitcoin be given that status.
- simonebrunozzi 13y agoCurious: what the work is about?
- aric 13y agoOpen Transactions, among other things.
- simonebrunozzi 13y agoNice. Can you add some links?
- aric 13y agoSure. I doubt he'd mind the praise. :) https://github.com/FellowTraveler https://github.com/FellowTraveler
- FellowTraveler 13y agoIf you are interested in Open-Transactions then I suggest you check out the wiki: http://opentransactions.org/ http://opentransactions.org/ Quote: The Open-Transactions project is a collaborative effort to develop a robust, commercial-grade, fully-featured, free-software toolkit implementing the OTX protocol as well as a full-strength financial cryptography library, API, CLI, and prototype server. Open-Transactions democratizes financial and monetary actions. You can use it for issuing currencies/stock, paying dividends, creating asset accounts, sending/receiving digital cash, writing/depositing cheques, cashier's cheques, creating basket currencies, trading on markets, scripting custom agreements, recurring payments, escrow, etc. Open-Transactions uses strong crypto. The balances are unchangeable (even by a malicious server.) The receipts are destructible and redundant. The transactions are unforgeable. The cash is unlinkable. The cheques are non-repudiable. Etc.
- FellowTraveler 13y agoAgreed on this point. Many statists get caught up in the argument about whether or not gold has "intrinsic" value, which is why I like to redirect their focus to the concept of substances with unique properties. Because, whether or not value is "intrinsic", no one can disagree that specific substances have specific properties, and that some substances have properties more likely to be selected as currency by the Invisible Hand, than others. And thus it becomes undeniable that gold and Bitcoin have quite a bit in common.
- aric 13y agoCertainly. It's always exhausting to explain basic logic to people who grow up believing that gold and the basic legal frameworks they're forced into at birth are some how "divinely" deserving of high demand or of continuation (through circular reasoning). Everything outside the scope of traditional understanding becomes a joke to them.