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Tether (USDT) Passes EOS & Binance Coin: Bitcoin Dumps to $10,000 This article was originally posted on Ethereum World News - an independent news provider covereing Ethereum, Bitcoin, Ripple, Litecoin dApps, start-off ICO’s and the whole Blockchain [...]

This article was originally posted on Ethereum World News - an independent news provider covereing Ethereum, Bitcoin, Ripple, Litecoin dApps, start-off ICO’s and the whole Blockchain [...]

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I am not a fan of crypto memes

submitted by /u/traviscrypjv
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source https://www.reddit.com/r/btc/comments/cdb4nn/i_am_not_a_fan_of_crypto_memes/

There is blood in the streets.

You know what to do.

submitted by /u/qEAQNC3
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source https://www.reddit.com/r/btc/comments/cdbfrk/there_is_blood_in_the_streets/

For six years, I have tried in vain to explain this simple concept

All value is subjective all right, it was expressed by Eugen von Böhm-Bawerk, and refined by Mises and others. The value can not be measured directly, but it can be derived from peoples choices. This is not a problem.

But what is the reason for peoples choices? Why do they offer to exchange something for something else. Is the reason that something is directly useful, like water, food, clothes and shelter, or do some individual offer to exchange something for something that is not useful, but can be exchanged down the line for something useful?

Consider this imaginary story. We have a society where money does not exist, possibly because the state has hyperinflated the currency that was.

Fred: I am hungry, and I have this bicycle, would you give me one of those sacks of rice for it?

Peter: Sorry, I don't need a bicycle, can you get me some cigarettes instead?

Not giving up hope of stilling his hunger, Fred wanders down the emporium and meets his old friend John. I need some cigarettes, can you give me some for this bicycle?

John: Sure, that bicycle is perfect for my son, and I have in fact some cigarettes. but I did not know that you were a smoker

Fred: I am not, I need them for the exchange

The italiziced parts are the essence of the story. Fred did not want the cigarettes for the service that they could give him, he was not a smoker. He wanted the cigarettes to pay Peter for the rice.

This is the essence: For Fred, the cigarettes have no intrinsic value, he did not aquire them for the purpose of smoking (or consuming) them, he aquired them for the purpose of exchanging them for the rice. To him, it has only exchange value, or money value.

Peter on the other hand, might want to smoke them, in which case it has intrinsic value for him. He could also just need them for the exchange value, who knew.

The cigarettes in this case socially developed into being money.

Friends on r btc, you know I love you (, except the trolls lol) did you get it ?

Do you get it?

submitted by /u/ErdoganTalk
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source https://www.reddit.com/r/btc/comments/cdbxl5/for_six_years_i_have_tried_in_vain_to_explain/