Bitcoin Another Conventional Currency

By Marc Gauvin

Copyright Sept. 9 2013 (updated 27/01/2015)

The Bitcoin fallacy is that energy spent is energy stored or value spent is value stored

The PSYOP of conventional money,  is to provide a false value that permits the systematic transfer of all and any wealth to an elite class on irrational and essentially arbitrary terms, to the detriment of the objects of the PSYOP (public at large) but with their unwitting consent.  Bitcoin continues this and creates a news worthy contender to all other options that could at any moment arise and either replace or alter the composition of the current elite class and/or diminish its prerogative in this and other dependent domains.

Ostensibly,  the purpose of Bitcoin is to create precedence that serves to define, delimit, and legislate any currencies that may arise "spontaneously" in the digital age.   In this regard,  It is crucial to differentiate between proposing a technical standard versus proposing an alternative implementation of a de facto standard.   Most don't distinguish between the two,  Bitcoin is an implementation of the conventional irrational standard composite definition of money (Store, Medium and Measure of value), while Passive BIBO Currency for example,  is a rational standard for the stable representation of the measure of value pursuant the ASTA3 requirements. Note also, that the fact that the Bitcoin implementation code is open source,  is of no practical significance or impact on the exclusive nature of ownership of the majority of Bitcoin units. That is to say,  the problem with Bitcoin is not in the nature of the implementation but rather in the underlying conceptual standard and corresponding requirements that it supports. 

The thesis that scarcity via proof of wasted energy is required to 'have' value, may be true but then disvirtues the value measure function (see this proof), this is the same error committed by current conventional money. What is worse, is that the proposition is not even that the work be useful,  that is all that is required in the Bitcoin model, is that energy be expended not that that expenditure be of any use (value) to anyone.  Thus, such a requirement is artificial and is based on the erroneous corner stone assumption built into conventional economic theory, that you can only annotate value with value, but in the Bitcoin example  value spent on bitcoin,  does not mean that any value is 'stored' in a Bitcoin,  as illustrated by the hammering a piece of steel,  where hammered steel does not increase the value of the steel before hammering.

More on Bitcoin here BITCOIN Issues and here BITCOIN in Light of Passive BIBO Currency.

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