But I promise you this:
It will be the whole next week, a fast and furious series on the very fundamentals of what money really is…and why it’s not only just a “medium of exchange,” which is only what they want you to think. That’ll be the first couple of days; because, I also have to talk about how credit and fractional reserve banking is the essential modern, fast-paced, wondrous, and ingenious creation of “money” beyond just primitive gold mining. Then, I’ll explore with you what it might be or could be; or even perhaps what it already is, embodied by Bitcoin—or something fundamentally similar that may arise in the future.
Agnosticism on that score.
I don’t care if all $12 billion already invested in Bitcoin were to vanish. In fact, I would laf uproariously because all the players are Olympians, if you know what I mean. They took one for the team in sorting it out, if you know what I mean. I’ll very much expound on that last couple of sentences, when the time comes.
I’ll also entwine and enspice with some personal experience. Ever made a million bucks?Ever made several million bucks? Ever lost a million bucks? Ever lost $250,000 in a day, 1/4 of it Other People’s Money? I’ve done them all, and so forgive me if I often tend to dismiss Internet Monetary Theorists in mom’s basement, who love to admonish me ’bout what money is and how it works. Show me you can make some fer reelz, and if you can keep it, we’ll talk. Otherwise, I have a very expensive education and I’m going with that.
By the end, you’ll see how and why I think Bitcoin expands the boundary of what we classically regard as the essential elements of “money,” beyond what the State wants you to think—and what ignorant mommy and daddy taught you it was based on…beyond the fact it doesn’t grow on trees, you can’t just write a check or, in the modern equivalent, just swipe your card indefinitely.
What are the classic elements of money?
- medium of exchange (get a hotrod for your flock of sheep)
- unit of account (dollars and cents; francs et centimes, et cetera)
- store of value (never mind; why we haven’t had classically defined money in a long time; and gold “backed” hasn’t really meet the definition in a long time, either)
…As an aside, I parted with yet another anarchist friend, yesterday, that went back to 1995ish. I cannot get along well with other anarchists that I don’t have regular personal contact with. Herding cats comes to mind, so I embrace the idea that’s it’s good, not bad. Thing is, we all think a fuck of a lot independent-like, and we think about fundamentals—like money, for instance—and it ultimately gets us into conflict because we’re none of us omniscient, nor tolerant of competition for omniscience. Or, at least me, with them. I bear no grudges, never or ever, but I tend to burn bridges, forever and ever. Meh. Roll on. Not important. The cool thing about communion—for as long as it lasts—with other anarchists, is that they ultimately care just as little as I do.
A facial expression is worth a million words.
I don’t worry about it. All I really care about are my own ideas, how they are received, or not, amongst my virtual audience; and how well I get along with my real life, in-your-face friends and family, which is most important by gobs and gobs—as well as people who actually pay me for services I’d be delighted to perform and arrange for them. For just one example: got this review on my vacation rental in Arnold, CA, yesterday. It’s the 52nd 5-Star review from my guests, of 54 total reviews: the other 2 being 4-star reviews.
We came with 4 momma’s and our kiddos ages 4-12 and had a total blast. House is open, cozy, super accessible (flat driveway), fire road to walk on, great deck, tons of movies and fun games for the kids. Beds were plentiful and cozy and the kitchen was well stocked and laid out. Perfect. And Richard is amazingly responsive and professional and easy going all at the same time! [emphasis added]
That was precipitated by this email exchange, beginning shortly after they checked in.
“Your cabin is amazing!!!”
“Ha! So you like our little slice of heaven, eh?” I replied.
“Enjoy,” I added.
Got a final email shortly after they’d left,
“Kids counted 163 bears in ur cabin including bed spreads!!”
I’ll never forget that number. Belly lafs. This is the essential difference in how I am with people who feel entitled because I write stuff for public view, and those who actually pay me to do something or provide something for them. World of difference. I’m an anarchist and I value money, what it represents, and I deeply respect when people hand it to me trusting I’ll do what I say in recompense. Medium of exchange.
Hard to trade a flock of sheep for a hotrod.
…Blog admin wise, I’m delaying Duckie’s Part 2 about how Zero Carbers—with their Inuit and Masia fantasy—are just jerking off in front of everyone, without the decency to cover themselves. It’ll be up tomorrow while Part 1 continues to get the play it deserves.