Honorable Bitcoin

Hey, amigo! Come on, please don't make a false analogy with great inventions !!!
Crypto domain doesn't deserve such an honor!

Please, you can't just extrapolate the illusion of the "Edison invention" to whatever you dream of !!!
You disqualify yourself way tooooo easy, come on, man !
Is not that simple, sorry if this is disappointing somehow...

Your seem a good person, so I'm gonna offer you an example.

Here, I'm a graphic artist. No bullshit on that, I am.
Here is my "opera" !
The portrait of Mr. Robert DeNiro. By Tudor Ioan. It's a real piece of art, isn't it !
Ok everybody, this is my hand entirely in this pic. Yes, I can draw, you know !
So...
So I send to magic my economic experts ...but only my economic wizards can make a great currency tool for me.
They have special talents, you know
So they make a quantifable unit of measure out of my opera.
Now, consider The Portrait Of Mr. Robert DeNiro - by Tudor Ioan worth 100 dollars.
(I do have that artwork in original, on paper ...it's not like some Holy Satoshi Ghost stuff)

Ok, my economic wizards manage somehow to set some global unit of measure out of my The Portrait of Mr. Robert DeNiro By Tudor Ioan.
My bank and I, claim from now on that The Portrait of Mr. Robert DeNiro By Tudor Ioan is a currency !!!!!!!!

I mean if 1 RDN = 100 dollars, then a pack of cigaretts will worth 0.07 RDN (The Portrait of Mr. Robert DeNiro basic unit of measure - currency) |!!!
A coffee will worth 0.02 RDN (RDN = The Portrait of Mr. Robert DeNiro basic currency)
A barell of Oil will worth 0.57 RDN
Gold troy will worth 14.35 RDN
SP500 piece = 30 RDN
1 euro = 0.011 RDN
...and so on.

The Portrait Of Mr. Robert DeNiro By Tudor Ioan (RDN) doesn't need to be durable, portable, divisible, uniform for itself!
(It's just a fantastic artwork, but you can't divide it )
Just use your NFC (Near Field Communication) feature on your smartphone !

1. The RDN is just unique ! Ta-daaa (extremely scarce!!!)
2. and lovable ...they love it just like they love gold. (general acceptance!!!)

It can be just like the universal metre, or kilogram, or second, or joule...!
The perfect unit of measure!

Conclusion: many things are unique, scarce and valuable ...but general acceptance is crucial to make a currency out of ...anything!
Bitcoin is just one of any other .................................."many fantastic things"

Do we measure gold in oil, or oil in gold ?
Do we measure JPY in platinum, or platinum in JPY ?
Do we measure dollars in gold, or gold in dollars ?
Do we measure euro in dollars, or dollars in euro ?
They just keep shifting around each other.
Interesting thing, if the economy moves only one of them, then the others are changing in value one to each other with some particular ratio !...

Although experts "defines" it in stocks, the intrinsic value is an illusion.

But how does that belief insinuates itself in the economic thinking?
It's the natural inner need for stability, of course.

But if we go outside the Golum's Bulgarian-Turkish bazaar, in the modern economy we can see something interesting.
Anything is worth "constantly" the market's price !
The shop sells the coffee for the market's price, and the customer has to accept it at the current market's price as quantified fair market current value of that particular product.
Simply put, you don't bargain for a coffee... and other million things, even your income is lowering.
You just take it or leave it.
From the shop's perspective is the same. The shop stick to the market price, although its coffee supply is shrinking.
So, the coffee price stays apparently solid no matter what.
If we ignore TIME, price seem to possess some sort of "intrinsic" value, no matter the coffee supply or consumer's income fluctuations! Woah!
The price is apparently rock solid! ...at least for a while.

For some "experts", and much for the anarchist and ambitious frustrated Gollums, the quantified value creates the illusion of stability, the illusion of some possible constance, illusion of solid ground, ...and suddenly the Gollum guy has a revelation, like the intrinsic value can be real (!!!)
...if not in coffee, but maybe in the moon soil or some computer files (?!?)

1. Stability means limited money supply, my ass !
2. And how is gold useful ? You can't eat it, you can't build things from it.
3. It's all about general acceptance. General acceptance is the key. Then even paper can be medium of exchange for everything.

Satoshi-Holy-Ghost is mysteriously whispering to him now! Bu-hu-huuu!

Now he only need to add a false analogy with great inventions and he can extrapolate this intrisicity illusion to whatever he dreams of, mostly to the crypto shit.

Nations are not bazaar stands or households in all kinds of ways, and sometimes one need to think contrary to its simpler, more basic instincts to understand the effective aggregate demand and supply dynamics.
At the global scale you can't just apply instantly the bazaar principle "something is only ever worth what value someone else is willing to exchange for it".
You have to add TIME in the equation (velocity)
At macro scale, one can only choose if its gonna pay the market's price or not, but that temporary stable price is not the consequence of some sort of intrinsic stuff coming from heavens down to earth.
You can bargain in the bazaar. But not at the mall.

If the classic economics applied globally, it takes too long to achieve an equilibrium in supply and demand, ... "we're all dead on long term" - Keynes.

In the modern economy you don't really negociate the White Chocolate Mocha. You just take it or leave it.
The market it's a huge social inertial phenomenon.
Enter the business cycles! Time and different classes of consumers' and economic behaviour are important for the price dynamics, not quite in the classical (bazaar) way. Some people spends almost all income, some people saves important parts of their income. Hoarding and velocity are crucial! Time and aggergate behaviours lead to natural business cycles.
That's why the Keynesian economics works and laissez-faire capitalism utopia sucks !
And the Keynesian machine will always work ...ok, as long as they get the data and the timing right.
But without TIME the monetray policy would not exist.

But let's get back to the fundamental intrinsic value discussion.
Only the "MARKET INERTIA" creates the impression that the intrisc value can be real.
(relative-intrensicity licence is not acceptable not even for stocks, gold or US dollar)

Binggg! There's no such thing as intrinsec value in the material Universe ...and the half-witts Gollums steps confident into the air!
NKPGollum thinks he set foot on continent, but he is crazy dancing on the relative stability of the Titanic.
He doesn't actually need more, as long as he is bullshitting people about the great future of bitcoin.
He is happy just making profit on stupid believers. Common mediocre clown.

Shells, skins, beans, coins, commodities - even the scarce and precious gold, stocks, bonds, bills, digital currencies, cryptocurrencies, plastic cards, checks, contracts, invoices... they're all financial items, but none of them has real intrinsic value in the fundamental way. They're all subject to change in value.
Like any other merchandise, apples, eggs, smartphones, cars, oil...
They are all mediums of exchange of the real value.
And the REAL VALUE is QUANTIFIED LABOUR and creativity.
It's not the matter. It can't be the matter!

I'm not necessary a fan of A. Smith, D. Ricardo or K. Marx, but the rest except the labour are just mediums of exchange for the ...labour. (sure, pun intended)

Gold is covered by labour, credit is covered by labour, money is covered by labour, the US government is covered by labour, all the economy, business is covered by labour, everyhting must be covered by labour ultimately... otherwise they go ugly bubble and burst at some point. And experts' amazed like children!

That's why those boom-and-bust giddy-go-round circuses in the economic activity don't exhibit uniform or predictable periodicity.
Without necessary being a fan of William Stanley Jevons, Léon Walras or Carl Menger, the equilibrium spot between the mediums of exchanges is shifting all the time... within some range, but never stop shifting. There's no perfect equation to anchorage these shifting elements...
There's no "scientific" constant.

Just say it like this: never look for real intrinsic value in any material stuff!
There is none to be found.
The levels of scarcity or encryption are irrelevant!!! ))))))))
Drive straight and don't get drunk, otherwise you'll end up in Marxism or Libertarian Crypto-Lalaland!
Or you better wisely leave it to the New Keynesian Economics.

There's no intrinsic value in the material things in this Universe! Sorry for that, Shit-Oshi!
Ok now, there's no need to feel embarrassed, Shit-Oshi!
Not even the top economists or the central bankers aren't toatlly aware of the non-intrinsicity of the material Universe.
They are aware only of their bonuses and bribe.
There was always a rotten Wall-Street-government.
They are stupid, greedy and corrupted enough to accept crypto if they get paid enough!
Like they accepted triple A CDOs with no remorse ever!
Not even after the 2009 credit crash, no remorse, just business!

Even if they know about non-material-intrinsicity, they will ignore it. They can't come up with it because their greed and the mass stupidity pressure in society...
Gollums hazard everywhere!
But even worms need solid intrinsic dirt.
And if they will need it to bullshit people, they will invent it

Remember Keynes' Bancor joke, and he loved the gold standard!
Hayek and Friedman opposite extreme lamentation.
Much less "intrensicity" the schizophrenic JFNash's equillibrium, they took him as the games guru, but on the contrary, cooperational patterns sounds more like pure speculation... pathetic try to prove that there's possible basic constant stuff in negociation.

There are experts more stupid than you
That may cheer you up a little, Shit-Oshi, yaaah!

I'm not against RDN if only you will manage RDN to be used by the whole world. But you remember that in the past gold was used as a global unit of measure. Later governments decided to replace gold by the papers that they can print. As long as US dollar was covered by gold, it was OK. But now it isn't so. You remember, Trump said about bitcoin that it is made out of thin air, so from what US dollar is made today? I'm sure from the same - out of thin air. I think people and even already institutional players starts to understand that bitcoin has a printing limitation and due it's electronic form may become better global unit measure than US dollar, gold, etc. Who knows.. bitcoin may pass through volatility phase and became replacement for current global unit of measure.

Ok, ar007, is just that is very hard to prove why bitcoin can really become the replacement for current global unit of measure.
Bitcoin is just a computer file.
That was my point explaining relativity of value...
The level of encryption or something called the "proof of work" are totally irrelevant for the REAL value of money
Is not crucial for the main characteristic of money !

Okay keep Shorting BTC; hope for the Best!

“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation,” said Crapo.
That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”

And gold is just a shiny rock.

The market and mining of metals is regulated process.

I would hope so, it has been around for billions of years (which coincidentally is about how long it takes the government to introduce regulation)

Are you sure about that? Maybe in the US or other developed nations. There are illegal mines, deaths, corruption, etc. involved in mining metals all over the world!

Interesting argument. We can't ban it because is a global invention.
This sort of argument is like: "we can't ban cocaine, because is a global extremely loved substance"

Here's a great fantastic invention:
The investment banker buys a mortgage from the lender (bank)
The investment banker puts the mortgage into a nice little box.
This means that every month he gets the payment from the home owner of the mortgage in the box, and then he fixes his banker wizards on it to work their financial magic which is basically cutting it into three slices: “Safe, Ok and Risky”
They pack the slices back up in the box and call it the collateralized debt obligation or CDO.
They’re so pleased that they want more CDO slices so the investment banker calls up the lender wanting more mortgages, the lender calls up the broker for more home owners but the broker can’t find anyone.
But everyone that qualifies for a mortgage already has one!!!
But here's the idea:
- when home owners default on their mortgage, the lender gets the house and houses are always increasing in value.
- since they’re covered in the home owners default, lenders can start adding risk to new mortgages not requiring down payments, no proof of income, no documents at all.
- so instead of lending to responsible home owners called prime mortgages, they start to get, well, less responsible.
.....................These are sub-prime mortgages....................
- they just have to put it in the CDO's "Risky" tray at the bottom, bam!

Ta-daaaaaaaaa, and the business is rolling again making billions for the bankers and the home owners are haaappy forever!

Do you like my invention?
Oh, you can't ban this!
Because is a great invention! I am sure the American people and the Wall Street will embrace my invention with all their hearts!
How can you be against this ...as a "Carpo politician"????
How can you be against this ...as a banker????
How can you be against this ...as a home owner????
This is the future guys!

@TudorIoan, I'll say once again - try to open your mind... you may find different colors. And stop comparing bitcoin with drugs, it's nonsense. Actually Crapo said exactly the same what I told you before this hearing - it's an invention, Crapo called it global innovation. Don't you think that what is happening right now in the US government is a first attempt to get control under bitcoin in order to dominate in the world, just in the same way how they are dominating with US dollar. They just realized that US dollar may be killed by this innovation, so want to be sure they will jump in with bitcoin to be first in the world.

Nice scenario, Ary! Sure, why not, is very possible!
US want to stay on top of everything, I've already said it here ...the US politicians and the Wall-Street-government might wanna try that using crypto...as they fucked up the whole world causing the 2007-9 credit crisis!

...except that some politicians might become aware that cryptocurrency new era can possible rule out any government in this world!

This might become a dangerous experiment, ...that's basically ruling out the state concept!
Think only what if crypto paralell financial world will cripple all governments !
So, NO taxes, NO tariffs, NO income taxes, NO business taxes...
That basically means NO-STATE, no institutions, no public transport, no national security, no social minimal educational system, no police, no military, no social security, no social health care, no state infrastucture...

So I guess there will be a war between crazy greedy politicians and responsable politicians ultimately

Yes, like in any industries.
Further, the question in the course of this logical chain.

Do you think bitcoin supports or resists corruption?

It is.
Sure, gold is just a shiny rock.
The difference between gold and sand is that the gold is "beautiful" and rare than sand.
Otherwise they're just minerals.

But the concept of gold as suport for storing value has the unicity feature !
I mean not the gold itself as a market instrument, gold as concept. Like the concept of dollar, not the endless paper dollars flying around.

Concepts have unicity.
(in fact everything material is relative, but if you are obssessed of stability you need unicity concept, ...like heliocentrism )
Stability is linked on unicity.
Like the concept of kilogram as a solid unit of measure.
The Universe and all the things may fluctuate in weight, but the kilo concept is never changing!

The only technical problem for the gold is that it is not limited.
Bitcoin is. Also the gold as concept, but only with the help of general acceptance.
Only unique (limited) things can serve best for a mark of stability!
But only by general acceptance (global convention).
That's the bitcoin's crucial quest. General acceptance. US dollar concept already has it.

And don't be fooled, unique material things don't need to be extremely valuable to serve as a unit of measure for value.
The kilogram is not something huge after all
Concepts only need to be unique.

Possible Unique things, to make unit of measure for value:
- The Kooh-i-Noor Diamond - 3B dollars
- Gioconda by LDV - 1B dollars
- John Lennon's Gretsch 6120 guitar - 600K
- Some particular kilo artwork made of rhodium - 115K
- Angelina Jolie's precious knife - 10K
- Robert De Niro by TI (special unique artwork )-- 100 dollars (uh, better than coffee futures )
- 1 euro - 1.12 dollars ...edit, 1.10 today, after Powell
- 1 BTC - 10,000 dollars (woah, splendid bubble ! )

They're all unique things !!! Anything durable in certain LIMITED quantity is technically quantifyable as UNIQUE species !
It doesn't matter how many parts of it because the concept as a whole is unchangeable.
And anything durable and unique can build a base for a concept.

Then digitalization is useful for durability, portability, divisibility... of any concept.
Digitalization is beyond important!
Digitalization in your digital wallet can make Giconda-concept-money durable, portable, divisible, uniform, in extreme limited supply (unique),
...and win general acceptance because Gioconda is so "beautiful"

A pack of fags would cost 7 bili-Giconda (If, 1G = 1B dollars / Gioconda submultiple 1bG = $1) people already call them BeeGees!
...hey, can I have a pack of cigarettes... Sure, 7 Bee Gees, please!...ta-daaa, deal done, people sooo, so happy!

They can't print multiple Giocondas, can they?!
But tobaco, coffee, corn and wheat crops can rise and fall... but Giconda will still be there unchanged forever similing behind that infrangible glass
Like the trivial, dull kilogram ...

Why the bitcoin is still alive?
Because a retard like piggy Niff-Naff-Nix-KPMGollum is born every minute!

SO TRUE, bitcoin never die!

Hey Nix-KPMGollum retards, welcome to AJK coin launch!

Set your digital wallets to get filled with grace, passion, and holy spirit of our Goddess, AJ! Ready?!
It's a special launch only for illiterate crypto anarchists and imbecils! Like the bitcoin enthusiasts!
Extremelly limited edition now ..."unique edition"!
Come on! Show me your real money, show me the cold hard green cash from yo'mamaz, you teen retardzzz!
Yo'mama, Angie is offering her's most unique knife as the most scarce item on earth to serve as magic equilibrium spot for universal value!
Come on now, don't think you can use that knife to torture yourselves, you naughty sado-maso imbecils! Heaheahea, gotcha!
That's fabulous thing she offers to your little brainzzz, a post to anchor your scattered delusional lives!
For you, and only you, from now on, this is the intrinsic value of universe!
We can build a blockchain for AJK right away! Green energy, no problem!
Here's the financial magic, Hollywood buddies rised the capitalization because she's way much more cuuute than Sato-Shit!
And they all hate income taxes and uncle Charlie!
So now AJK is 10K, ta-daaa!

There, ...I see you're all smokers, a pack of cigarettes is now 7 mili-Angie! (mAJK = $1 as 1 AJK = 10K) ...deal?
AJK is the future! Trust me!
Goddess blexx you all! ...and you Niff-KPMGollumz go back to yo'mamaz basement and have your regular hand job, hugs all! Bye!