The Bitcoin Bargaining Condition and Secondary Markets
The “smart” proposal in technology has become largely confined to a comparatively prosaic idea of disintermediation, provoked by the cypherpunk distrust of banks, influenced by Szabo’s work in calculating mental transaction costs when dealing with unknown commercial peers:
A point of view setting bitcoin independent from the traditional system, rather than in mutual dynamic:
And divorces [bitcoin] from a game theoretical macroeconomic advent, a discipline rejected by the cypherpunks as a cargo cult:
This game theoretical understanding [of trustless technology] conjectured to have evolved through an inchoate equilibria with trusted sovereign fiat issuance and “a cash system”, itself further evolved through Wittgenstein’s language game in respect of central bank forward guidance:
Where the diachrony found in Nietzsche’s Genealogy shows good and bad transitional in respect of mediations material in justice and money, and which aren’t bivalent to each other — rather they interact: the lessor quality maybe more rakish, louche and direct in appeal; but that also a money can’t be so good as to be perfect:
And where it’s thought bitcoin is without residual social benefit beyond its price action:
The price action becomes latent in something less considered:
And what makes the price?
Indeed, what’s a bitcoin?
An observation:
And another:
That if a reality can’t exist apart from a language, the differences between public and private speculation become the function of the bitcoin secondary markets (exchanges).
For what’s the bargain in bitcoin?
It would be difficult to establish exactly what an “Ideal Money” is, for the exact reason currency wars are wagered, and for the same reason Wittgenstein couldn’t define what a language game was.
And it may not be completely possible to understand what Satoshi meant by a small casual transaction, other than to speculate it could be so casual as to be supra-monetary, similar to a verbal arrangement.
That an “ideal money” would allow a natural convergence to, and divergence from, a trust standard, finding an ideal equilibria, that the actual utility becomes as formal or informal as it needs to be at any point in time and alleviating of the memory forming bargaining habit Nietzsche described in Genealogy:
The understanding of disintermediation rendered prosaic by a cash system creating trustworthiness, unaffecting of the general sovereign price level, forever at arms length allure in a boutique style lasting through our lives.
