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{{iomage|BTC price chart|png|A way of defeating the capricious price swings of fiat currencies, compared with those fiat currencies,yesterday.}}}}Silly ones like [[Bitcoin]], [[onecoin]], and sensible ones like the [[unitary settlement coin]] — [[crypto asset]]s are digital “assets” — it is a loaded term — having no [[Res extensa|physical extension]], and creating all kinds of metaphysical issues which dusty old lawyers are having to get their arms around. | |||
}}Silly ones like [[Bitcoin]], [[onecoin]], and sensible ones like the [[unitary settlement coin]] — [[crypto asset]]s are digital “assets” — it is a loaded term — having no [[Res extensa|physical extension]], and creating all kinds of metaphysical issues which dusty old lawyers are having to get their arms around. | |||
I mean, are they a [[chose in possession]] or a [[chose in action]]? Or just another delusion of the mad crowd, evidence that we are properly untethered from the flat plate of the world, and deep in the turtles. | I mean, are they a [[chose in possession]] or a [[chose in action]]? Or just another delusion of the mad crowd, evidence that we are properly untethered from the flat plate of the world, and deep in the turtles. | ||
More here soon. | More here soon. | ||
===Crypto as a technocratic solution to a human problem=== | |||
It’s hard not to enjoy the hubris in the [[FTX]]/Alameda memeplex collapse. Wider implications as we see them. | |||
Crypto maximalists are staying strong: see [https://youtu.be/Ytaa_5liwMA this discussion] between the babbling, gibbering wreck that we now know as [[Chance the Gardener]] and the more articulate crypto libertarian Erik Vorhees. | |||
The crypto-libertarian take: crypto promises to fix the technocratic problem of regulation by substituting it with code. Code is law. | |||
But the problem of regulation is not technocratic but ''human''. Libertarians, of all people, should understand regulations not as abstract technical artefacts that create bad incentives — though, sure, they do this — but as a by-product of hard-wired human, self-interested behaviour. Regulations make ''and get made'' by inevitable, self-interested human behaviour: acquiring social influence (and therefore political power); establishing market dominance and then extracting rent. The behaviour is reflexive, and there are feedback loops here. The regulatory ecosystem is as organic a market and complex a system as the market itself. It is part of the market. | |||
Crypto does not — ''cannot'' — stop or fix hard-wired human behaviour. | |||
===Crypto as an asset class=== | ===Crypto as an asset class=== |