Wednesday, June 21, 2017
Thanks, Ralph 465
ZH mentions yet another total crash in the "value" of some bitcoin thing.
It's fun to watch the bitcoiners stoutly maintaining that their meaningless number, which they CAN'T OWN AND CONTROL, is a currency.
The first qualification of a currency is that you can receive it in payment for labor or material, and then you can STORE the currency in your OWN place. Wallet, purse, safe, hole in the ground, doesn't matter. It's YOURS.
After you have received and stored a coin, its value is INDEPENDENT of shit like this:
So it's great fun to watch bubblers getting bubbled.
Oddly enough, Emerson didn't mention this form of justice in his essay, though bubbles and manias were newsworthy and famous at the time when he was writing. In fact he seems to get it backwards here:
Proverbs, like the sacred books of each nation, are the sanctuary of the intuitions. That which the droning world, chained to appearances, will not allow the realist to say in his own words, it will suffer him to say in proverbs without contradiction. And this law of laws which the pulpit, the senate, and the college deny, is hourly preached in all markets and all languages by flights of proverbs, whose teaching is as true and as omnipresent as that of birds and flies.
He seems to be trusting the Natural Law wisdom of markets. Presumably he was thinking of real agoras and souks, not abstract tulips and shares; but he should have been aware of the latter. Swift got it right.
Furthermore, evidence is accumulating that f2pool was actively manipulating transactions bound for the Status ICO, which they participated in themselves, exacerbating the problem. Experts explained weeks ago that bad ICO designs are vulnerable to such attacks, but this appears to be the first time it was actually executed in the wild. So now, even though the Status ICO is over, there are still a huge number of transactions clogging up the network and the only way to get transactions in is to pay huge fees (which most of the exchanges probably don't want to do). Until it clears out, people are going to be missing ENS auctions, unable to withdraw from many wallets and exchanges, etc. etc. etc.None of that can affect a green rectangle or a metal circle. It's true that LARGE events like wars and incompetent governments can affect the value of real currency, but the actions of individual traders, or the malfunction of a computer in an exchange, won't bother you at all.
So it's great fun to watch bubblers getting bubbled.
Oddly enough, Emerson didn't mention this form of justice in his essay, though bubbles and manias were newsworthy and famous at the time when he was writing. In fact he seems to get it backwards here:
Proverbs, like the sacred books of each nation, are the sanctuary of the intuitions. That which the droning world, chained to appearances, will not allow the realist to say in his own words, it will suffer him to say in proverbs without contradiction. And this law of laws which the pulpit, the senate, and the college deny, is hourly preached in all markets and all languages by flights of proverbs, whose teaching is as true and as omnipresent as that of birds and flies.
He seems to be trusting the Natural Law wisdom of markets. Presumably he was thinking of real agoras and souks, not abstract tulips and shares; but he should have been aware of the latter. Swift got it right.Labels: Emersonian justice, Patient things
¶ 2:56 PM
