In previous item
I used the word 'fungible' sort of incidentally.
Mass funding with fungible money is GLOBALIST. Crowdfunding is LOCALIST and MODULAR by definition.
Fungibility is worth closer attention.
This morning I heard one of the stock-booster types saying:
"My whole career is based on being long vol."
First, if your career is based on betting, you're a parasite. You're not making anything or performing services or adding value in any way. You're destroying value, DIVERTING money from its proper job as a carrier of real value.
Second, 'being long vol' implies a multi-layered pile of fungibility and abstraction. You're not even betting on physical events like horse races or dice throws. You're betting on a STATISTIC calculated by others, a statistic that mooshes together all the real events of commerce into a single abstraction.
Honest business depends on specific money that moves in two-way transactions. You grow a tomato, I pay you for the tomato. I make courseware, you pay me for the courseware. You fix my plumbing, I pay you for the improvement.
Rackets and scams depend on fungible money. Every racket has streams of money sloshing and splashing around, moving so fast that you can't see what's happening. The scammer (eg stock-booster) persuades you that you can grab some of the money by paying him for 'secret knowledge'. The only SPECIFIC transaction is the money you pay to the scammer. There is no compensation, no counterflow.
Labels: Blinded by Stats, Real World Math