Objectivism & the illusion of currency?
cryptocurrency is literally NOTHING, a promise based on the integrity of a mathematical algorithm.
By definition Crypto means"
noun, plural cryp·tos.
a person who secretly supports or adheres to a group, party, or belief.
adjective
secret or hidden; not publicly admitted:
Objectivism is the idea that human knowledge and values are objective: they exist and are determined by the nature of reality, to be discovered by one's mind, and are not created by the thoughts one has.
Peikoff, Leonard (1991). Objectivism: The Philosophy of Ayn Rand.
A=A
Value for Value
So how is it a philosophy based on the tangible and observable can embrace such a vacuous idea for currency? Money being the physical representation of a persons labor, his/her sole property to do with what he or she wish's for his/her sole benefit. How does one give his "value" away for nothing or at best potential from nothing?
Granted the dollar isn't worth much if anything these days. Even so, if worse comes to worst you can wipe your ass with a dollar bill, you can smelt and reshape coins for whatever purpose you have. You can compost paper money to help grow food? Knock $10 worth of smelted quarters into some weak nails or a spoon?
What do can you do with cryptocurrency when it is 'considered' pass'e by the masses? When governments feel too threatened by another competing illusion of wealth (value) and filters out all the supporting protocols for the "currency" 1's & 0's from routers and servers around the globe of those "artists" they don't prefer (or who care not to share)?
What happens when you alone no longer are permitted access to your digital funds or your fund's algorithm gets rendered obsolete by the next version of super computer and your $10k cypto stockpile is worth absolutely nothing?
I get being frustrated with things are they are.But a recent conversation has me wondering if the whole **cking world has gone insane.
By definition Crypto means"
noun, plural cryp·tos.
a person who secretly supports or adheres to a group, party, or belief.
adjective
secret or hidden; not publicly admitted:
Objectivism is the idea that human knowledge and values are objective: they exist and are determined by the nature of reality, to be discovered by one's mind, and are not created by the thoughts one has.
Peikoff, Leonard (1991). Objectivism: The Philosophy of Ayn Rand.
A=A
Value for Value
So how is it a philosophy based on the tangible and observable can embrace such a vacuous idea for currency? Money being the physical representation of a persons labor, his/her sole property to do with what he or she wish's for his/her sole benefit. How does one give his "value" away for nothing or at best potential from nothing?
Granted the dollar isn't worth much if anything these days. Even so, if worse comes to worst you can wipe your ass with a dollar bill, you can smelt and reshape coins for whatever purpose you have. You can compost paper money to help grow food? Knock $10 worth of smelted quarters into some weak nails or a spoon?
What do can you do with cryptocurrency when it is 'considered' pass'e by the masses? When governments feel too threatened by another competing illusion of wealth (value) and filters out all the supporting protocols for the "currency" 1's & 0's from routers and servers around the globe of those "artists" they don't prefer (or who care not to share)?
What happens when you alone no longer are permitted access to your digital funds or your fund's algorithm gets rendered obsolete by the next version of super computer and your $10k cypto stockpile is worth absolutely nothing?
I get being frustrated with things are they are.But a recent conversation has me wondering if the whole **cking world has gone insane.
Previous comments... You are currently on page 2.
Not following. Central bank = bad. Bitcoin undermines central bank. Therefore Bitcoin = good.
BTW hacking Bitcoin is not easy with supercomputers, but will be super easy with quantum computers.
The utter hypocrisy and lies make me want to scream...
What about government filtering out crypto protocols, preventing you from even seeing, let alone getting what you put into it?
With decades in IT I can assure you that nothing online is entirely secure, nor will it ever be. For every guy like me there are 100k people on the planet who have nothing better to do than smoke cigarettes, drink coffee, eat pizza, and hack other people's system on monitor 1 while watching porn on monitor 2.
Oddly enough this quote by Franklin is also applicable in this context as well.
"Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety."
ment (military, for instance) maybe the government should print some scrip, redeemable in local coin/currency.
Perhaps it would be good, in that case, to have some kind of exchange, where the different currencies would be weighed and measured on scales,
Actually, I generally prefer to deal in cash, even when checks are obtainable. Even when I have to send money through the mail, I generally buy a money order. I am getting sick of the garbage which is being invented in the modern world. But I don't want to die before I get my debts paid off.
Gold and silver by different degrees, however, have always been coveted by people and always will be.
Ultimately, I'm afraid the devotees of cryptocurrency will become a joke, like the folks who used to say "Hang onto them Confederate dollars, boys, 'cause the South's gonna rise again!" The difference is that the Confederate dollar is now worth far more as a collectible physical item than it ever was as currency, while the cryptocoin will be worth exactly nothing.
I'm glad to see I'm not the only objectivist to recognize immense fraud when I see it. It's a sad sign of how far our society has gone down the magic "something for nothing" rabbit hole. One encouraging thing is that unlike the Albanian Ponzi real estate bomb, or Iceland diving into the subprime mortgage fiasco, it appears no nation has bought into the cryptocurrency fantasy, which could have a huge impact on international finance when the whole illusion vanishes.
Preppers seem to be the only people remaining sane, recognizing what an asylum the world is becoming. Goods of real value, as in foodstuffs, ammunition, precious metals, stockpiles of expendable goods (the toilet paper hoarders aren't the crazy ones), crafting skills to barter with are the treasury of last resort if SHTF.
Cryptocurrency or coins made from mined metals are based on a fixed amount of labor put in to mine either digital or actual coinage It is not based on taxes but rather a fixed value and amount of the underlying metal or digital coins. No worse than trading someone else's IOU that you have to pay from taxes. . .
The coins value rises and falls according to usage, interest and the value of the services it represents.
Example: Etherium is a block chain network called the Ether and it's not just for the currencys, it's for all services rendered by each of these companies that create ways to make the Ethernet faster, more secure, autonomous and the future of all communication out of the eyes of the government and Deep States...just like the way the Internet was supposed to be.
There are companies that create more than internet stuff but choose to spur investment in crypto coins instead of stocks on a corrupt exchange.
These technologies will change forever the nature of the internet and vanquish the corrupt tech industry and social medias we are dealing with now.
However, I am not in favor of a crypto dollar. We still need a physical currency because of the vulnerabilities of our electrical grid and communications grid in the coming years...there is nothing that can be done to stop what's coming as of yet...and I think the Fed and UN knows this.
https://conversableeconomist.blogspot...
Belief it has value similar to fiat ……
Many things have been used as "real money" in the past, the most recent ones precious metals. They last a long time, but are difficult to carry around in a modern economy.
The idea of paper receipts issued by banks backed by gold was used for a long time, and worked pretty well actually. BUT, when the government took over the issuane of these receipts, they printed more receipts than there was gold to back them up. Then they took away the gold backing altogether. That is where we are today. We have a convenient way to trade using the "dollars", but we lose value continually if we keep them. They arent a store of value at all.
Crypto is a joke based on nothing at all but people;s. Its even worse than the dollars we now use. I think we have better odds here in vegas than crypto gives us. It can go up or down by large amounts based on who knows what.
Do you really want Joe Biden et al. monitoring all transactions over $600? They already monitor transactions over $10000.
Load more comments...