The Last Supper

Probably the most famous example of symmetry in art is The Last Supper, by Leonardo Da Vinci: the painting is balanced and composed to draw the eye into the central figure of Jesus, and a medium capable of representing symmetry inevitably presents possibilities to symmetrical relationships between money, media, and art.

In this context, the incorrigible rise of NFT’s (non-fungible tokens) as the collectible of choice for expression of exclusivity and wealth through the desire to hold otherwise “useless art” becomes less irrational and incomprehensible.

This is because decentralization creates symmetry, creates art. Or perhaps art creates decentralization, creates symmetry…

John von Neumann and an early computer, Princeton, 1945.

In its introductory paper, bitcoin subtitles itself an electronic peer-to-peer cash system, which is not a conventional representation of cash in traditional or physical form, and so causes much discussion and debate around the transactional properties of bitcoin as measured by factors such as settlement time, fee efficiency, security, energy consumption, and privacy — all synonymous with bitcoin “scaling” in context to payments and to the nature of money as media.

Beyond this however, lays a different understanding or consideration which might permit insight into the origins of bitcoin: that the bitcoin design is axiomatically deterministic from four fundamental bargaining…

John F Nash Jr.

Recent writings have surmised on the proposition bitcoin is a logical extension and implementation of John F Nash Jr.’s game theory and his “Ideal Money” and Agencies method for modeling cooperative games through coalition formation.

Nash’s early work in game theory resolved the problem of determination in economic interaction. …

“Sound money?”

It has previously been observed (here and here) how both John Forbes Nash Jr. and Satoshi Nakamoto present as acolytes to the Italian savant Vilfredo Pareto, that an assumption can be made [Nash and Satoshi] were one in the same.

The paradox of this relates to the supply side of the bitcoin design: according to Pareto efficiency, bitcoin issuance has become “unimportant”.

Pareto “characteristic functions”

The probability distribution functions of Pareto are representative of bitcoin inflation, as seen here:

Ladder in a mirror

The penultimate proposition made by Ludwig Wittgenstein in Tractatus Logico-Philosophicus (6.54 — subsequently known as “Wittgenstein’s ladder”) might discourage the reader from attempting the whole work, if read back to front, because understanding the relationship between language and representation (of reality) arrives to a point of nonsense — the propositions contained (in Tractatus) hold no purpose other than being “surmounted”, climbed, and discarded; and all this for seeing the world “rightly”, but where it’s not necessarily given how the world is right or wrong without wrought examination of the environmental “rules” surrounding it.

Wittgenstein’s final proposition (7) is to then…

Long tail

Commercially, “long tail” is a generalised description for content or product in low demand, sales, and volume, which collectively constitutes a market share exceeding the combined top segment. This means a larger proportion of population rests within a long tail of probability distribution, rather than the concentrated segment which might be considered more representative of that market.

This can be related to bitcoin — the totality of the proposition (the coin), is derived from its constituent parts (the bits). In his description of combining and splitting value, Satoshi Nakamoto phrases this as avoiding the problem of “fan-out”:

“It should be…

John F Nash Jr.

If an assumption is made that John F Nash Jr. was Satoshi Nakamoto, with bitcoin an implementation of Nash’s work in bargaining, “agencies” and (asymptotically) “ideal money”, there arise possibilities to understand how governments and nation sovereigns might adjust to bitcoin, in conjunction to Nash’s referencing technical coordination on new forms of regional currencies — and also a new form of money evolving before “an official establishment occurs”resulting in a one world empire money becoming realistically foreseeable.

There is an analogy to draw in this from Ludwig Wittgenstein’s penultimate proposition in Tractatus Logico-Philosophicus, which has become known as…

The Sound of Music — set in Austria

A well known Ludwig Wittgenstein saying addresses the pointlessness of immortality in that immortality — should it exist — is said not to solve any problem. An economist and writer such as Frances Coppola would no doubt say the same about bitcoin, in that she believes it solves no problem beyond “hoarding wealth” for its own sake.

John F Nash Jr.

“Just leave the old one alone! Older is better.” Satoshi Nakamoto, 15 August, 2010

It’s not clear how John F Nash Jr. would have taken to being called a social scientist, but his first work in game theory — The Bargaining Problem (1950) — is acknowledged as being the first in the social sciences to use an axiomatic approach:

“Nash’s paper is one of the first to apply the axiomatic method to a problem in the social sciences.” Sylvia Nasar, A Beautiful Mind p. 90 (1998)

Nasar remarks how Nash would arrive at proofs in his head, sometimes without calculation…

Nic Carter

A recent writing by a preeminent bitcoin commentator presents the proposition that bitcoin, unlike gold, is standardized, and is therefore money because it is “elemental” in its form (unlike gold, which is “elementally disorganised”, before being “rendered into coinage”).

This is a curious understanding of bitcoin, not least because there are many similarities between gold and bitcoin, suggesting bitcoin was influenced by gold being available as a medium of exchange, and by (bitcoin) mimicking the process of “mining” in bringing its supply out into the open, among other things.

The lessor consideration of game theory in scaling bitcoin

The idea of a bitcoin standard is well publicized among bitcoin…

Jon Gulson

Ideas in games, language, and trust.

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