Category Archives: Economics & Finance
Bitcoin sis certainly not dead. This latest price hike is apparently based on Chinese businessmen seeing the real estate market tank and tired of capital flight (and other) laws are moving into Bitcoin. Of course many use Bitcoin as a way of avoiding taxes and regulations, avoiding regulations (and making a deal) is somewhat of a Chinese tradition. You only have to see a Chinese Buddhist monk in the middle of a group ceremonial dance stop dead to answer his mobile phone to know that making an arrangement is a very serious matter. People ate already talking about $10,000USD Bitcoins. Of course there are about 12M bitcoins in circulation and there is a limit of 21M (by 2140), and fiat currencies (like the US Dollar) keeps spewing out more worthless paper and plastic. I doesn’t take a genius to work out scarcity is a fundamental driver of economics.
In trying to get a local take on the bitcoin market I stumbled into this local Bitcoin trader, who ran out of Bitcoins today. I’m sure s/he will try to get more.
Art wank beret is now on!
This movie might otherwise be a typical forgettable Hollywood blockbuster, Guy gets rich, moves to the big city, gets the girl, creates a Bonnie and Clyde style crime spree in order to change the world.
However, in this movie they stole a premise that had been in many previous works, the idea that time was money and without stored time credits you simply timed out and died.
So in terms of illustrating concepts of the way fiat currency (and who controls it) intersects with and manipulates society, this film is quite a refreshing surprise.
I was wondering why i hadn’t seen this film or been told about it, then i discovered, it was released just a few weeks after occupy went world wide and so many of us were distracted with that.
As mentioned the multiple prior competing claims to the film concept “time is money, personal life clocks, timekeepers (time police)…” all fell on deaf ears ultimately. The cognitive dissonance of making a movie about central control of livelihood and the corruption and unfairness of it all, and still refusing to offer credit or homage to people who had the idea first and would otherwise be entitled to intellectual property rights from this profit making, though averagely received film. And they will scream blue murder if some abuses their intellectual property right to the film.
Having been provocative enough, I have only linked the trailer to the film, I’m sure if you are interested you will find one of many ways to enjoy it’s in its entirely.
Perhaps even look into one of the many prior works, left unacknowledged.
Since the movie is about alternative measures of value, I will introduce a new rating system for movie, smokes.
Surprised? You shouldn’t be cigarettes are currency in many places.
Rating: 2 smokes.
Art wank beret is now off.
Predictions are risky, especially those relating to the future,
He makes predictions, but his reasoning is sound, consider yourself informed.
A NZ farmer and former aircraft engineer, Richard Osmaston, is running for mayor of Nelson, with a view to implement a resorece-based economy. To put his non-money where his mouth is, he will reject the 160 000 salary,if elected.
“We are heading over a cliff – socially, financially, every way you can think of. So far, all anyone has done is address the symptoms, and there are so many now that everyone’s exhausted fighting them.”
On October 2nd 2013 Silk road (the notorious and biggest ‘no question asked’ online bit coin market place) went offline, most likely forever.
It’s founder arrested on a number of charges.
Silk road and other market places like it (which are now competing for silk roads formerly commanding market share) are the places that created the perception that bit coin was only for shady deals.
Any currency can be used for shady deals, Australian dollars, US dollars or Euros it really makes little difference. Following the shut down of Silk road bit coin prices took a large initial hit in price dropping 10% in a day but recovering most of the losses in the following 3 days. This means either the competitors to silk road a really stepping up to the plate ( and hoping they are better at staying out of jail) or the shady deals are only a small part of the bitcoin market that it can survive without. Most likely both reasons are somewhat true.
I’d like to see a fiat currency retain 97% of its value after a bank run.
Another great find from the mikiverse.
The really interesting parts of this experiment are:
Despite the fact the game is clearly rigged in favor of the ‘rich’ player, the ‘rich’ somehow feels their own skill allowed them to win the game.
When a rich player in the real world plays the ‘poor’ player in the game, their world view changes, they see that initial (and continual) privilege is not fair.