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. …
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”.
The probability distribution functions of Pareto are representative of bitcoin inflation, as seen here:
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…
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”:
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…
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.
“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…
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 idea of a bitcoin standard is well publicized among bitcoin…
To take things “in your stride” is to remain composed while dealing with irregularity, and has relevance to how committed a strategy becomes when faced with unexpected outcomes — there is a saying among market traders on solvency and rationality, where the latter outpaces the former, so that game theory assumes utility in understanding equilibrium or vantage points to a situation, where one feels they’re unable to play to any greater unilateral gain, benefit, or welfare, as defined by the payment episode in doing so.
Retrospection and hindsight are readily available in such plays, but in real time, the principle…
A seemingly light hearted remark about aliens being accounted for (when designing bitcoin) by Satoshi Nakamoto, alludes to considered subject matter of cooperative games in the determinative context of how to measure the outcome or rationality of engagement when playing any kind of game, whether non-cooperative or cooperative.
This is because the idea of cooperation is based not only on the understanding of rules or context of a game, but also on how such rules are enforceable to be taken seriously, and is why the idea of prisoner dilemma games evolved from John F Nash Jr.’s …
Ideas in games, language, and trust.