tag:blogger.com,1999:blog-2595455932654799850.post2746219692920663287..comments2023-11-02T10:55:07.208+01:00Comments on The Monetary Future: Bitcoin Obliterates "The State Theory Of Money"Jon Matonishttp://www.blogger.com/profile/04111660030028727950noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2595455932654799850.post-58888288005088123802013-04-10T11:46:04.285+02:002013-04-10T11:46:04.285+02:00> the thesis advanced by German economist Knap...> the thesis advanced by German economist Knapp .. money must have no intrinsic value and strictly be used as tokens issued by the government, or fiat money.<br /><br /><br />As a producer of lithium batteries, you may insist that electricity can only be produced by lithium battery. But nature and behavior will belie this delusion.<br /><br />Behavior will determine what is money.<br /><br />Money is a purely psychological effect .. a token of influence. And that is something that will emerge from society, whether or not that is convenient for psychopathic authoritarian types. <br /><br />+ Something that has intrinsic value may evolve into being used as money - and retain some intrinsic value. (Ie. the influence needed to acquire the money is much greater than would be needed purely for the intrinsic value of the object.)<br /><br />Eg .. artwork .. what *intrinsic* value does a Rembrandt (or a cow sawn in half) have versus a pile of comics? For most people, the pile of comics has much greater *intrinsic* value, but no one will be shocked that the price of the Rembrandt is much higher. Therefore, "overpriced" artwork such as this works as a kind of money.<br /><br />Economists create half-assed definitions of "money" in order to manipulate and control rather than create understanding. Determining what is money should be behavior based (money is a type of social communication). It doesn't matter one iota where electricity comes from if it behaves like electricity. Similarly, it doesn't matter one iota what was the origin of any particular kine of money - it's money by the behavior of people who use it, not by the approval by some pompous authoritarian psychopath.<br /><br />/rantmijjnoreply@blogger.com