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Re-defining Our Lust For Gold – Juice – Medium

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Re-visiting this paper has had me reviewing my thoughts on Satoshi’s comments in regard to Mises Regression theorem. Satoshi jumped straight past the implication that bitcoin contends with the theorem and instead commented on how an otherwise dull and useless gold, with unsurpassable transport properties, might likely be picked up as a money if there were no other alternatives available-regardless if it had an alternative (non money) use case or established price.

This is interesting to consider if we know that bitcoin’s early codebase had poker software “baked” into it as if Satoshi was trying to establish an initial use case but eventually abandoned the pursuit when realizing such a pursuit is not really necessary.

(Satoshi’s sentiments however don’t perfectly refute the Misean implication that money must either arise as an extension of an already established medium or exchange OR by having an already established exchange price for the medium that is to become money. He talks about how there could be many small initial petty use cases that eventually cause a spark where bitcoin could catch on has having value and implicate value (that speculation would arise and also fuel the movement).)

I sometimes then see bitcoin as properly treated academic experiment where the authors were able to stay removed from the perception of the results by other observers and to actually craft an implementation of the idea that was eventually launched.

Ultimately if Bitcoin becomes money it’s not that Mises theorem is wrong but rather that the implication that money must have first necessarily arose from a commodity that gained the most saleability on a market needs to be questioned and inquired into. (That Mises gives a plausible and rational possibility but also that Occam’s Razor might not necessarily apply)

I think at that time we will then inquire into the nature of our valuation of gold and that we will eventually see that as much as we valued gold for its initially observable properties (ie shiny but we probably didn’t know it was a superconductor when it was first discovered) we learned to value its properties when we brought it to the forefront of our attention because of its monetary usefulness (ie rather than its aesthetic applications).

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