[Corkboard of Randomness] 📌Flagship Article📌 Your "Two Cents" Are Needed! 🍿
I run into articles online, everyday, that spark a thought, a question, or the drive to bounce it off someone's poor head to see how crazy I am. These are now going to be the randomly scheduled postings of random article discussion, which I invite everyone to participate! I will usually post something eluding to the article or the article title in the post, just like pinning it to the office corkboard📌. As you pass by my little corner of the world, find yourself curious, drop in, please! Thumb thru the article quickly, catch up on a few of the comments or just read the insane things that come to my mind. Then,
Jump in the conversation!
📎Leave a note.📝
I'll come back by, read your comments, respond where I can, perpetuate the banter, and go on about my Steemin' business! Hopefully, so will others. Sound entertaining? Obviously, it will be for me, I love good conversation! So without further ado, our first article of many:
They are not backed by anything with intrinsic value.
First, let's start with the definition of intrinsic, "-belonging naturally, essential." I would protest that human knowledge is very natural and essential to humans and our survival. That's one thing that makes us special. Us being "Hodlers" of #STEEM, 😄. Second, I thought #fiat #currency was earmarked by creation out of debit, not credit. "Google," only mentions governments defining a tender as it's currency that is not backed by anything. Thoughts? Clarity for my understanding?
I have said that cryptocurrencies have limited long term viability. But, I want to amend that statement to include that those with unlimited supply are the most vulnerable.
I would argue that since everything is going digital, we needed a better solution. This is that better, safer, faster, solution. For whatever reason, I kind of see tokens like stocks. We've just eliminated the "currency" roll, for a lack of a better terminology. Limit drives value up, and stability in the long run. I guess that is another thing that separates Steem, our company is the coolest 😎. We have an innately driven economy behind the scenes.
Bitcoin, probably the most trusted #cryptocurrency, has experienced several hacks.
Wait a minute. I was pretty sure that one of the best features of the #blockchain is the inability to alter the community ledger and always growing back-chain of blocks? Wouldn't it be simple to "freeze" the specific #crypto #coin addresses or wallets? Or, doesn't its natural anti-fraudulent spending, identifiable via the community ledger, system make this impossible?
Now, we would add dead coins on the market (until we could reacquire them), and, as a community, build an initiative to insure everyone's funds in some way? A piggy bank? Promised community fundraising? We can't let insuring our own community stand in our way here. Remember, time is money. Human energy is the commodity. We are actionable as a group. Be proud of that!
Are cryptocurrencies fiat money? The answer is yes and no. Yes, they are not backed by anything with value.
Do we want to make the argument for "Proof of Work," or "Proof of Brain," for these other guys, or just step back and go, "except for us."
Give us your "Two Cents."
Don't be shy, we are here to churn up conversation! You are welcome to leave your comic relief, too. I, we, learn so much more when we group think, and hopefully this regular posting project will allow just that. Thank you, Larry Harris, for your article with #huffpost, and your conversation sparking view points.
I would love to see this be a searchable tag or feed per se. So I would also like to get anyone's input on the title tag?! I wanted it to be kind of nerdy, office water cooler like, while eluding to what to expect. I kind of like the idea of, "putting a pin in it." Leave for the next person to interact with and then leave for the next... growing its interest, and knowledge, therefor value as time passes. I respect all of my supporters, not followers, for what you all are, intelligent human beings that can respond unlike any other living organism, that we know of, atm... So, post recommendations, thought flows, really anything! Maybe it will be enough to create a whole new note on the,
📌Corkboard of Randomness📌
*subject to change
Some more #random title ideas (awful as they may be, just food for thought)
- Chatter Box?
- Conversation Corkboard
- Put a 📌 In It
- Random Research
- Mental Exchange
I digress... but you see what we are working towards here, yeah? Thank you, thank you, thank you for all your participation, and entertaining my weird inquiries. I hope this series sparks thought, imagination, and maybe a global solution from time to time. One of my favorite quotes,
"Inquiring minds would like to know!"
I like your idea @mental-extract. It will stimulate very needed brainstorming from people here and will have great value of our overall understanding of each subject discussed. I'm totally in.
And here's my two cents on the article you referred to: Do cryptocurrencies have intrinsic value? I have actually read the full article, and the author didn't actually give a definite answer to the question by saying yes and no. But when I see why he says "yes", his only reason is that because there's a limited quantity of supply, that's why he sees it intrinsic in comparison with the fiat money that is being printed with no back up and no limitation. I personally don't see this a good enough reason to say yes. I've been trying to find an intrinsic value for cryptos for a full month now, but I couldn't. Limited supply doesn't make it possess an intrinsic value, but it makes it has a "perceived value". The minute this "perceived" value ceases to exist because of a number of reasons, among which is loss of confidence in cryptos among the masses, the value will drop down immediately and people who already own cryptos won't see any intrinsic value in it due to the lack of its acceptance by others. I'm still open to see if others who are cypto enthusiasts can provide a more convincing argument about the intrinsic value issue, and I'm open to listen. Maybe I'll be convinced. I'd totally upvote this post but I'm out of voting power :) I'll recharge and come back to it again in 2 days.
Can I just ride off of what @nuridin and say, " what he said?"^^^
LOL!!
lol...Yes, you certainly can eagle spirit :)
Yay!! 😛🦅
Of course! Just that you are here helping me out with the conversation is all that matter my @eaglespirit
Awww sweet man @mental-extract.
Thank you :)
Anytime. :)
Oh this is perfect! Thank you for wanting to upvote so genuinely! Just the responses I was looking for. I totally agree with what you are saying, so do you think STEEM is different or it still falls in the same category. Proof of Brain is not intrinsic?
Good point @mental-extract... I haven't thought of the Proof of Brain aspect of it providing an intrinsic value. Very open for the idea and I want to be so... Just need to ask few more experts on the matter to validate the value proposition.
Well it's people like us that have to poke holes in it now, beta test it essentially. I think the new concepts should hold just fine. I've always wondered about something. If it was all backed by something, the only reason we'd all go trading in is if something really bad was happening, yeah? If it is bad enough for us to bail out of commerce, is trading in our dollars really at the top of the list? Looking at it that way, we should just back it bullets, :/... not promoting violence here, but I think you will understand what I am getting at here. So, with that said, what really is the point of backing it with anything other than the market in which you may participate? I'm just speaking conceptually here, and maybe trying to figure out if the "money backing" concept is merely something to help us sleep at night. I get wanting to be able to trade in a post bank note currency world, if something happened, is something people, conceptually, want to have the confidence they can do, but what even would be considered valuable? Why would "the government" just choke up a stash if a real situation was happening? Maybe people should back their own money. Meaning, don't store value in the dollar. Use it strictly as a universal trade note. Store all your value in whatever you see had intrinsic value. If the markets are still open, you can always liquidate to trade. Thoughts?
Yes, I get your point and it has a logic into it. If we put aside the fiat dollar, which doesn't have any intrinsic value in and of itself, and we don't compare it to the cryptos, then what happens if the market demand of the cryptos fall down 100% tomorrow. That is if there become abosolutely no demand in the market for cryptos, so people can't trade them any more. If you have, lets say, 10 Bitcoins in your BTC wallet, and you know for sure, and it is a hypothetical fact, that nobody will buy them, then what are you going to do with them? That's a question worth thinking about. Because, if I propose the very same question but with gold or realestate, the answer is people will always trade gold for goods and would make jewelry out of it, which shows its intrinsic value. And people can always live in the houses which nobody wants to buy, which also shows the intrinsic value of real-estate. But with those 10 bitcoins that nobody wants to buy, what intrinsic value will they have?
The only thing I can squeeze is the hard drive space. If and only if, we hit a ceiling with big data, which we will! And, if tech doesn't become obsolete. Real estate is honestly the best example. There are people that don't see the intrinsic value of gold. What if we up and didn't lust for gold as humans anymore, for what ever reason. Now, communications on the other hand, even cosmically, depends on the transmission purity of gold...but what if that became unimportant for some reason. We evolved from the need, or posses ESP, or create/discover something strong to serve that purpose. With all that said, what are your thoughts on "tokenizing" property. Call it Real Coin! Bahahahahaha So now, it lowers the walls for investment and decentralizes the act of financing! I think maybe eliminating the issues of the recent burst...
That's an intreguing thought... Never thought about tokenizing the real estate investment. I don't even know how it can be done, except for buying real estate with cryptocrunnecy as one of the payment options... Other than that, I have no clue how it can be done :) But hey, I'm always open for possibilities.
I think the owners of the property would do it, but what if someone wanted to claim their piece, not take some currency value? There would have to be some rules to help keep things organized, and not have chaos in homes because of some stubborn person. Was just thinking of something tangible to back a currency, that will forever have value to humans.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Mental Extract from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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I love your writing @mental-extract and always posting things I can understand and try to absorb. More than others. Crypto can be so complicated. Also, thank you for always supporting my blog! xx
Oh of course dear! That's what I'm hear to do. I like sharing, chatting, and helping people understand. Was always told I had a knack for that, but you have to understand it fully to teach well, and I'm aware of my knowledge short comings. So, I try to tread lightly and humbly when speaking concisely on a subject matter. I doon't want to misinform. Most of the time I come with a warning that pretty much anything is possible, I'm only speaking from my experiences and perspectives. Thank you so much for the compliment and for joining my new game of chatter :).
You are a great person, I just know this and I’m happy we are becoming friends. You are a gem. xx 🦅
😏😏😏 Well right back at you, too sweat! I like this eagle signature thing...🍀
yeah the eagle is great, but i'm on my computer right now so i cant send it. on my puter it shows an empty box lol
Well that stinks...
It's putrid! :)
Haha!
@mental-extract, when I tell people about cryptocurrency, most everyone replies "that there is nothing year."
I feel that the same argument applies to fiat currency. There no longer is any is anything that backs fiat money except for reputation of governments.
We are at a point in history where we need to properly understand what brings real value.
I believe blockchain and the future technologies and systems that will be built on it will prove to be even more valuable than Bitcoin.
I agree! The one thing the governments I have, I suppose, are the markets that spend their currency (i.e. movie theaters, suppliers, restaurants, etc.). This way people know they can go spend it on things they need. Other than that, when will a government official ever come in person to legitimately vouch cor anyone's dollar...hahaha. Bright side, we are building that economy for STEEM as we speak :). Thank you soooooo much for jumping in the conversation!!
U.S. Dollar
@mental-extract, Technically, USD is back by the "full faith and credit" of the U.S. government. Today's dollar is no longer redeemable in lawful money instead it's consider legal tender. There doesn't seem to be any real intrinsic value behind the U.S. dollar, so why is valuable?Petrodollar & Interest Rates
While the U.S. dollar isn't back by precious metals; it is back essentially by barrels of crude oil. It has kept the U.S. dollar as the world's reserve currency. The Fed managed interest rates to make U.S. treasuries the equivalent value of gold for the oil producing countries. Since the Fed hasn't raised the interest in years, the U.S. treasuries have not been able to keep the price of crude stable.I still think it's speculation, but there's significant chance, if the Fed doesn't raise rates, countries will look to another currency.
Crypto & Blockchain Value
I only have a cursory understanding of blockchain technology. Blockchain technology definitely has a value, but do their tokens hold an intrinsic value? If the token has utility, I would argue yes; it has value.Being decentralized, does that add value? It's a two-sided sword in my view. If there's a glitch or hack, who do we seek help from? Maybe, as blockchain matures, we can have answers to these questions. On the other hand, the government and central banks do not control currency. To many, this is the intrinsic value of cryptocurrencies.
The value of crypto is decentralization and being able to build utility into tokens and platforms. That's my uneducated opinion anyways!
Very good response, take a bow! Well said. So if a principle, like governments controlling the flow or not, could be considered intrinsic value because it depends on the holder's or receiver's perception, could we argue the necessity of a redistribution of wealth also creates intrinsic value?
Redistribution of wealth as an intrinsic value? Well, this is only valuable if decentralized crypto is widely adopted as an exchanged currency. Decentralization, by it's very nature, would remove third parties thus would be a fair distribution of wealth which most likely would grow the middle class! Also, Early adopters may become the new wealth; I'm sure the rich are already hedged against this. Redistribution of wealth is tied closely to decentralization, so I believe; it's an intrinsic value of decentralization.
Okay, cool! There are a good chunk of "wealthy" that got there thru hard work and smarts. These people can be successful in any market they put their mind to. They will be insulated and properly distributed to due to their genuine success. It's the cheats and manipulators that need to be weeded out or poorly compensated in the redistribution. The wealthy are honestly in a position of launching their own tokens and creating their own exchange market they could always live off of if they really wanted to tackle the concept. They have the ability to keep their position, they are just going to be more responsibly tied to the purchasing power of their customers. Which they should be. Too big to fail shouldn't be a thing. You voluntarily sign up to provide a supply in which there is a demand, and you cheat your customer or take advantage of your market somehow, you should feel the cold chills of reality. You shouldn't be able to just throw a ridiculous amount of money at a problem and fix it. Now, some of that is a result of the victims' human greed accepting pay offs, but that's not always the case I don't think. I think all and all, the only intrinsic value anyone needs is the idea they can buy something from their neighbor with it. If ending trade is the result of a disaster to the point we want to trade our money in for whatever it's backed by, I think our problems are way worse... Gold wouldn't matter... Unless it really is what the aliens are after, bahahahahahahaha! I'm launching a bullets backed security, wanna join!? lol
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