Douglas Rushkoff on Wed, 7 Feb 2018 10:49:51 +0100 (CET)

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Re: <nettime> The Face Value of Bitcoin: Proof of Work and the Labour

This is a fine analysis, Dymitri.

Of course, where the blockchain could work would be to authenticate value
exchange against some other unit of measurement. The whole thing becomes a
ledger for Time dollars or some other metric.

Without that, cryptocurrency is just retrieving the scarce currency
dynamics of the gold florin, rather than the high velocity dynamics of the
market moneys of the late Middle Ages. The latter led to the emergence of a
middle class and great prosperity - as well as subsequent repression
through both monopoly central currency and chartered monopolies. It's right
to want to retrieve a currency system from before fiat central currencies,
but this one is solving for the wrong thing.

On Sat, Feb 3, 2018 at 8:10 AM, Dmytri Kleiner <>

> -labour-theory-value/2018/02/01
> # The Face Value of Bitcoin: Proof of Work and the Labour Theory of Value
> Dmytri Kleiner

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