The Sovereign Individual

LEGERAGE

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Why are you recommending a book that you haven't read yet?

I'm glad someone listened me from the thread of the other day and will be reading it soon too.

I'm re-reading it for the 4th time and I can say there is still lots of tiny details to perceive from this litlle gem.
James Dale Davidson is one of the most woke people in the world.

I put it on my to-read list as well.
Will go through it asap when I finish another book I'm currently in.
ty daddy for that book rec xoxo

>finds 1 thing to cherry pick
>the whole book is wrong
Keep using 0.1% of your brains

I know this is Jow Forums and you people love your cyber-libertarian Hayekian fever fantasies, but this shit is bonkers.
Like what the fuck, no more inflation? No more leverage? Leverage is what makes modern economies work. Monetary instability is an inescapable fact of capitalism. A widespread adoption of crypto would simply replace a turbulent monetary system with broadly inflationary tendencies with a (potentially much more) turbulent monetary system with broadly deflationary tendencies. The latter would be an active retardant on economic growth. There is a reason the gold standard was abandoned.
Of course that last point is irrelevant because there is also the fact that NEVER EVER will anyone adopt these crappy ponzi schemes as actual currency. They're too volatile, too cumbersome, too easily manipulated.

washingtonpost.com/business/2018/08/10/bitcoin-is-still-total-disaster/?utm_term=.cb8d16a9d2a3

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bad goy

Usually with this sort of book, that "1 thing" is actually one out of 10,000 different little handwaves, inaccuracies, half-lies and outright fabrications.

OK cool. Can you recommend some reading with 0 inconsistencies?

Das Kapital

First intelligent post of the day

tfw I unironically read the first edition back in the 90s, recognised bitcoin back in 2011 but still didn’t buy in until 2014

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I actually looked this up. The nearest I could find was a proposal for a law requiring faxes to be routed via USPO, not an actual law.

Seeing as I know for a fact that some states ban oral sex, I gave the authors a pass

>T. hedonistic materialist pedophile desperate to maintain the status quo of creating lives of suffering to fund his desires

top kek

What you're describing is most idiots who actually push for cybercurrencies and other lolbritarian crazy haywire schemes.
(esp. the "pedophile" part. Love all the anime girls on this board!)

>They're too volatile, too cumbersome, too easily manipulated.
You mean like the currencies of Ukraine, Venezuela and Turkey? If it's issued by the government, it's immune to volatility and manipulation right? Or should the whole world start using USD or something?
Your generation is so brainwashed by nation states that you're a lost cause, but you will die off eventually.

>mega.nz/#!29JW0RAA!Vpjtrudj_YI_cQ5aroH51QMfRiD2pHXBqE1N0LeMLrA

Bruh I got this shit on libgen

justifying inflation with economic growth is like a slave asking for less food so his master makes more money
the goal of any decent human is to live a good life in equilibrium with his existence.
since the agricultural revolution currency debasement has been used to parasitically siphon the production of human beings so a few can live in endless materialistic hedonism
currency debasement is responsible for all wars and societal degeneration
bitcoin makes currency debasement impossible

If it's issued by the government it is not "immune" to volatility, but there is a potential stabilizing force that can keep things in check (with the added benefit of allowing anti-cyclical monetary policy to stabilize the real economy too!). A world of bitcoin would look like the 19th century - frequent, deep and absolutely devastating recession and depressions, and absolute financial mayhem.

I am as distrustful of national governments as anyone else. The difference is that I don't think that the sort of "solution" crypto nuts are offering is a solution at all. The generation that remembered what the world of gold-pegged money and no CBs actually was like died off, and now, almost a century later, a bunch of retarded ideologues and assclowns are attempting to revive it.

also consider zygmunt baumans liquid modernity!

bump

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John? That you?

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INVESTOR CONTROL OVER CAPITAL

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kys

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>hundreds of billions
Crypto mcap is over 200 billion now.

We've made it, lads!

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THE CYBERECONOMY

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No one is "justifying inflation". Inflation doesn't need to be "justified". It's an economical fact - prices rise. A purposeful increase in the monetary base (what you'd call "currency debasement") may accelerate this process if the economy is close to full capacity... which is exactly why governments and CBs generally try to AVOID doing just that!
There isn't some secret conspiracy to "keep you down" by "printing money" when it's not needed. On the contrary, the Powers That Be are trying to keep inflation at a minimum 2% value at all times. The only reason why QE is still in full swing in places like Europe a decade after the 2008 crash is because recovery is still slow, and our currencies have been more deflationary than inflationary for the past 10 years.
If anything, this perpetual panic over inflation is actively damaging real human lives. Instead of targeting things that may actually improve the welfare of regular folk (e.g. full employment), the single-minded obsession over inflation which dominates our economical culture prevents us from thinking more clearly about the sort of society we want to live in. Idiots like you would rather see millions of people stuck in underemployment and destitute than the price of steel increase even one cent.

Thanks, but I'm almost done with the book already on my kindle. Have to reread it probably at least once because it's just a bit much to comprehend.
I really don't see any other alternatives but trying out cryptos. If we keep doing more of what we're doing now, we'll run out of resources in the world.
And what people don't get is that the deflationary aspect of cryptos is code - if people conclude that it really can't work, you could just code to have inflation.
The main point is to Kickstart trying out different cryptos and see what works and what doesn't. It just makes sense to have a predictable liquid currency, right now it's a fucking chaos and people don't understand what money really is.

What the don't tell you is that when governments "waste" resources, they actually create the conditions for future and present prosperity.
Also what they don't tell you, is that for every one "mega-investor" above the petty qualms of sovereign nations, there'd be a multitude of hundreds of millions of poor and desperate serfs, without even the theoretical power to improve their lives.
This sort of egregious fantasies really betray libertarians' disdain for democracy. These "super-investors" would be unaccountable dictators, free of even the most formalist restraints over their economical power.

Except remember that time when the US government printed like a trillion dollars to hand out to banks? That was cool.

Or that time, the day before 9/11, when they announced that they lost like a trillion dollars (as in it went missing), then never talked about it again?

Inflation isn't a natural phenomenon, but something that governments choose to do. It is as much an economic "fact" as any other price control, tax, or act of the state. So your argument is a blown out prostate from the get-go.

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central banks maintain inflation at 3% relative to the price of consumer goods
only in the dystopia we live in would anyone accept consumer goods as the definition of purchasing power.
cpi inflation is the maximum rate central banks can reduce the wealth of people so that they do not notice but are never able to stop working

central banks conduct monetary policy to maintain full employment i.e make sure you can never stop working

gold is the measure of value over time

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I'm not saying the current system is perfect. Far from it! It's too top-down, too undemocratic, too coddling towards the wealthy. It's mired in supply-side dogma. "Just give money to the successful (=rich) people and the invisible hand will sort everything out!"

>It's an economical fact - prices rise
Only in the presence of fiat currencies.

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Undemocratic... Because we need more mob rule... right. Democracy is a broken game.

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Inflation is everywhere and everytime. Think back to 18th century GBP, or the shitshow which was the USD in the 19th century. It's not even "government choice", because the government only has control over the monetary base and interest rates, both of which have a pretty nebulous relation with inflation.

, >This sort of egregious fantasies really betray libertarians' disdain for democracy
Thank you for proving my point.

>We need inflation to target full employment
Switzerland had full employment without significant inflation until 1992 - when it left the gold standard.

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technology makes things cheaper user
they debase the currency at 3% quicker than consumer goods get cheaper so the production increases are passed onto the whole not the individual
it is communism

if I told you to measure a football field and gave you a yardstick that got shorter each year would you tell me the field is getting longer?
gold is the measure of value over time

If you want a world with less work, go full socialist. Maintaining full employment is good not because it keeps people slaving away in the saltmines for the benefit of a wealthy elite, but because without this slaving people would go homeless and starving.

I'm getting almost finished with the book and the main thing that I've concluded they predict is this:
>Most of the world's wealth will be created on the internet using tax- and inflation free cyber money because there's no need to put up with these.
>Governments will start competing to get a glimpse of that wealth to survive and they will offer lower and lower taxes because it's very easy to move to another country with your computer (not like if you ran an industrial plant and government could extort you)
I'm just a bit confused - what new wealth does he mean? AI applications that replace human labor?
Overall it's a great book to understand crypto better even though it was written before cryptos.

currency debasement is socialism
it takes wealth from the individual and gives it to the whole

you are completely brainwashed

>they debase the currency at 3% quicker than consumer goods get cheaper so the production increases are passed onto the whole not the individual
>it is communism
This is retarded. I can see where you're going with that line of thought, but then you take a sharp right turn right before the end. The production increases are passed onto not "the whole", but rather a small rent-extracting elite.
It is not communism, it's capitalism.

Switzerland is a bad example for many reasons. You people always wheel it out whenever you wish to make any point, but the Swiss economy isn't comparable with most others in the world.

>you are completely brainwashed
As are you.

"The wealth" is essentially the measure of value: if the world measures value in Bitcoin, and the Bitcoin cannot be accessed except through whomever owns the private keys, then a Government that wishes to have resources must bargain with whomever owns those private keys. The actual form of the wealth doesn't actually matter too much as the government overly taxing an existing economy will quickly find it only has welfare spongers with whom to obtain those funds.

Link?

>many reasons, not a single one I dare suggest
No matter. Unemployment and Inflation were similarly low for every country on the gold standard.

you believe the loss of purchasing of the usd is defined by cpi, this belief will enslave you

gold is the measure of value over time

Gold is a commodity like all others.

gold is the value datum

But the wealth pretty much has to be in the form of information. Government can still force taxes and fiat money on real estate, big industry or whatever has big inertia in the physical world.
So what kind of wealth is created on the internet -websites, applications, eningeer know-how, AI applications? Can these really become bigger than producing electricity and manufacturing goods?

Why do you suppose China and Russia are buying as much as they can?

I guess what I'm trying to say is that in order for the world start measuring value using BTC, a significant amount of new wealth has to be created in that ecosystem

...as are all other commodities.
A loaf of bread is equal in value as X litres of milk, Y bushels of wheat, Z tons of iron ore. W kilos of gold.
Your choice of gold as the value datum is just as arbitrary as the CPI.

(inb4 homogeneous quality - yes yes I understand that, but assuming you buy good bread and good milk. Still doesn't make your choice of gold and less arbitrary than any other metal or chemical element)

DIGITAL CURRENCY PART 2

MULTITRILLION-DOLLAR MARKET

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I hear those chinks are also buying lots of basedbeans. Can't wait for you geniuses to start shilling for the Onions Standard.

I feel you're overthinking it. Say you have $10k in bank notes right now, you're asking me what form is that? A car? A factory machine? Pairs of shoes? It doesn't make a difference - you can put that $10k of bank notes in any form you wish. Ditto with Bitcoin: you can buy anything, from anywhere: anyone wanting to buy will use btc, and any government wanting to force use of a shitcoin will just scare the owners of the btc away. See Detroit for what happens when local government compels people to pay back taxes on houses.

And it has: over $200bn at the moment.

EFFICIENCY

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dude why dont you mark the whole fucking book

That's not a secret though... Libertarians shout it from the rooftops. Democracy is communism of the state.

>gold is arbitrary
Nope. It's the economic good that can best
1. Hold value over distance
2. Hold value over time
3. Scale from small to large
4. Keep a low stock to flow ratio.

Bitcoin exceeds #4 in 2021 I believe, plus bitcoin is immune to people like you fucking with it.

INFLATION PART 2

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to measure something (value) against something else (time) you need to use something thats value is independent of time.
all things value degrade relative to golds value with respect to time. because of its distribution in the universe, its chemical inertness. This makes gold the value datum, nothing measures value better than gold because of that it is the definition of value

the usds value is designed to degrade at 3% cheaper than consumer goods get cheaper so that people can never stop working
if you choose to use fiat currency as your definition of value, you choose enslavement

Well maybe if you've been spending too much time on Libertarian internet cesspits. When time comes to present their ideals to the general public, libertarians tend to emphasize the whole "liberty" and "self-reliance" thing.

Damn I am a poorfag and some books are really expensive when buying them new $20-$40. And used books probably are fully of jizz residue shit and piss from people that do no wash their hands

Why gold and not platinum?
Why platinum and not moonrocks?

What I'm saying is that using crypto to buy groceries, cars and other physical could possibly not be viable because the government can force taxation on it.
As long as governments have power to extort physical properties, the actual usecase for cryptos can only be in the form of information. Right now the wealth created in cryptos is mostly selling drugs. Most of the current market cap in speculation. Everyone holding it are waiting for something to happen in that ecosystem - what is it that's going to happen?

Platinum corrodes. Moonrocks are on the moon.

If they're going to get something like this so obviously and horribly wrong then I can't trust the book.

This isn't a minor inaccuracy, a typo, or one way of looking at things. It's an outright big time fabrication.

I'm just gonna leave this here.
gen.lib.rus.ec

Your savings and investments are in the form of information. If they're in USD you're going to lose half of them every 15 years. If they're in BTC you are not. Even if nothing happens, people are going to notice people who don't need to work as hard, get to enjoy life, get to move elsewhere, and are going to want to do that too.

I actually looked this up. The nearest I could find was a proposal for a law requiring faxes to be routed via USPO, not an actual law.

Seeing as I know for a fact that some states ban oral sex, I gave the authors a pass

EFFICNEY PART 2

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platinum's supply increases are not steady with time, impacted by economic growth much more than gold.
moonrocks degrade chemically relative to gold with time

>If they're in BTC you are not.
This is presuming anyone will actually accept it. If I can't buy real estate or cars with it, what makes it have any value at all?

The possibility that in the future people will accept it. And after 10 years flawless operation and with an mcap greater than many small countries, that possibility is certainly there.

>I actually looked this up. The nearest I could find was a proposal for a law requiring faxes to be routed via USPO, not an actual law.

A proposed law is so different from an actual law that it's just outright fraudulent for the author to make such an outrageous claim.

Thanks but I cant concentrate for shit reading on a screen. And always found it very pleblike pirating books and than reading them on shitty screen. Might aswell just bite the bullet and buy them new....

Put your mother on - I want to ask her something

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Government can and will force you to use fiat with tax to buy cars because they have that power in the physical world. You can't hide a car from the government.
If the commodity is in the form of information, government can't enforce it.

>will force you to use fiat
Then you just don't move to that country.

>If the commodity is in the form of information, government can't enforce it.
Now you're getting it. Bitcoin is a commodity.

>Then you just don't move to that country.
Moving a car dealership is much more difficult than an IT company
Bitcoins value should be derived from stuff you can do with it that you can't do with fiat.

>Moving a car dealership is much more difficult than an IT company
I agree. Do you think a country can survive on a car dealership level economy?

>Bitcoins value should be derived from stuff you can do with it that you can't do with fiat.
Which it does: "Avoid losing half my shit every 15 years". Others may or may not come in time, but the above is enough even on its own.

But democracy has nothing to do with that shit. How does private ownership square with collective sovereignty? It doesn't.

Do you guys have books by PT books by Grandpa and peter Sullivan
Al the PT and flag theory stuff? Especially the new ones and want to share ? It would help lots of people here and these books (the new ones)are expensive and not easy to find.

Cool story Marx. Explain how he resolves the pricing problem commie. Cos, you know, since there's no free market deciding prices (basically an evolutionary optimisation algorithm) a committee needs to decide exactly how many chickens a torpedo is worth (essentially), and in a completely centralised fashion (cos I'm sure pencil pushers that've never seen anything being produced are the best qualified to decide in value, amirite commies?) Obviously taking into account quality of the components, aesthetics and the like aren't feasible (hence the notoriously safe and attractive Communist engineering), but just working with raw materials & energy inputs, extrapolate how many food rations your factory workers will need to get up every day and work shittily for 12 hours serving the Party - k go!

Or they just demand your keys and break your bits until you give them up. Ya know, like they'll do now if you really fail to "cooperate". Government derives it's power via the monopoly on the use of force remember? And that's the one thing that can overrule economic reality to some extent - you can always just enslave a bunch of people and make them work for nothing but the bare minimum. Ya know, communism.

Nobody knows which accounts you have unless you're a retard. You can even keep like a 5% wallet just for extortion purposes.