We plan to add at least 30 new upgradable miners before the New Year. With the introduction of long-awaited electricity feature, all the miners will have different power, consumption, architecture, and additional bonuses. You can buy upgrades to improve specific attributes and gain more profit from the device. Guess what! You will need RollerToken to make it happen. bonuses
Custom random boosts and upgrades!
Yes, we will implement “loot boxes,” as a reward for certain in-game activities where you can find rare items, boosts, miners, and upgrades that you can not buy anywhere else. You will have a chance to craft and mix items to get something completely unique. Some top tier “loot boxes” will require RollerToken to be opened. marketplace
And what do you do with all this stuff, including something you may no longer need? You can either use it or sell it on the real in-game MARKETPLACE! We want to expand your opportunities and create real market economy within RollerCoin. You will have a chance to buy, sell, or trade any in-game items at any price you want. You can set a market price or create an auction for other miners to ‘fight’ for a very special rare item - total flexibility and discretion. exchange
How about a fully functional in-game cryptocurrency exchange? You heard it right! RollerToken will not be something you can walk in and buy in-store - you will have to trade your Bitcoins for it. And not only Bitcoins, as we plan to integrate other cryptocurrency, mostly gaming utility tokens, to make it a true decentralized exchange. This means that RollerToken will have real demand, supply, and usage. Buy low, sell high, they say! ;) pool
We will slightly reorganize the block reward distribution algorithm to make it more realistic, thus more efficient to mine jointly in groups or teams. Mining pools will have their own internal policy as to entrance fees, commissions, and reward distribution. We will also implement special rewards and boosts for the pools that will not be available to solo miners. It is a unique opportunity for you to create your own community in the evolving RollerCoin universe. coins Who do you want to be? So whether you want to be a rich market merchant, a successful trader, a profitable miner, or even all at once - RollerCoin will provide you with every single opportunity with the help of RollerToken. Do you want to be a part of the new crypto world order? Get in now to get special bonuses, status, discounts, and better starting point when it all begins!
*per Request, My late night (12am) opinions on why we should have a bright outlook on Doge. *Warning* Wall of Text. Let the massacre begin =/
Our community is incredible. This is the #1 reason that every site and every person that discusses Dogecoin, gives for our success and potential. The #1 path to success for a currency is widespread adoption. We now have tipping apps in Reddit, Twitter, Facebook, and Steam and Mohland has set it up so that any site can add tipbot. The more people who have Doge in their "hands" the more people that will use/tip/desire more. We have businesses all over that accept Doge. Here are some sites: 1 Buy Doge easily http://weselldoges.com 2 Auction site http://www.suchlist.com/ 3 Auction Site http://www.stuffcoins.com/doge/ Moolah is making(made?) it possible to pay for anything with cryptocurrencies . Moolah also has an escrow to protect buyer and seller. They are also working toward making it easier to purchase Dogecoins. We have a great reputation as philanthropists and we sponsored a professional personality (Josh Wise) who has been great to our community and got us incredible exposure (a first). Our price has proven incredibly stable overall. Think about it, we were pumped, but the "dump" took over 3 months. That means we have a community that while not rich, truly supports the coin. Part of what has caused the decline in price is the large number of fundraisers we have done in a short time, too many coins on the market instead of in wallets (I'm talking coins being dumped, not casually spent) leads to a decrease due to supply/demand. which leads us to... The next halvening is a few weeks away, BUT... it will drop us to 62500 Doge, under 100k per block, will make a huge drop in dumping. Also there are sites that now mine other coins and pay in Doge like http://multi.pandapool.info/ . They mine X11 or scrypt(no doge dumping) and do the exchange for Doge/panda delivered to your wallet address. This gets Dogecoins off of exchanges dumped by other multipools. Speaking of less coins available, at the halvening we will have around 85% coins mined, which leaves about 6 months to mine the last 15% before inflationary starts. Some say the deflationary blocks are against the spirit of Crypto/digital as Satoshi and libertarians who make up a large part of our community, desired non-inflationary vs. the fiat structure. The best part of inflationary blocks is the lessened effect of lost wallets/coins. Our coin will have a more stable price even if someone declares they lost their 100,000,000Ð wallet. We also won't face the shortages other coins may face if most are saved instead of spent. Look at the coin mintage numbers around 1930 at the start of the Depression, it certainly didn't help us come out with less money to circulate. The hashrate has increased 45% or so, in the last week, partly due to ASICS, the halvening, and the fact that people have faith in Doge vs other Scrypt coins. Gaw miners is giving credit because Scrypt profits went down overall faster than they thought. Again, more faith in Doge. The simplicity of our coin also makes it a great "entry level" coin, but also long term- we all know what we're getting/got. The coin community always looks to new coins for "features," "what does it bring?" But many of these neato coins do well for a while and then kinda drop off. Fluttercoin for example had a lot of different neat things, it spiked before a halving, then the price tanked. PoS coins follow the same pattern, release, cheap, mine mine, OMG PoW going away! Price Spike, pump N dump, then the coins drop drastically. Blackcoin hasn been somewhat of an exception, but I'm watching Cryptcoin. It just sucks when coins are only mineable for a week and by the time you even HEAR about them, the pools are shut down. Things like digi shield, or Fractal Coin has Slingshield which is supposed to move from 51% a 71% hashrate attack necessary. That may be good, but I haven't looked much into it. Gimmicky stuff is just that though, gimmicks. Bitcoin blocks take about 10 minutes, difficulty adjusts for this, that means that a transaction will most likely take 7+ minutes to get 1 confirm. Dogecoin blocks take about 1 minute which means we are much faster. I did a few BTC transactions and had to wait the full 10 minutes, I bought some Doge from Weselldoges and I had my doge in about a minute. We win for speed. For volumes of cheaper items Doge wins. We haven't seen much FUD since the big run a month ago, I guess they gave up at least for a while lol. It appears we may have finally broken the tie to BTC price. I know I'm forgetting something, but this should help =) *I know I made some spelling mistakes. Also forgot a lot of stuff, it was 12am. From here
As you are all aware, there are a lot of coins popping up on a daily basis saying we have Masternodes, our network is stable, etc etc. But most of it all, the coin developers pre-sells or auctions the Masternode collaterals. A lot are happy that they can be the first people to setup Masternodes and take advantage of the fast reward pay outs. But there are some troubling facts about this. This would be as follows: Coin Developers sells or auctions Masternode Collaterals for the following reasons:
a. Exchange Listings b. Coin Development Funds c. Online Marketing
With the said listed items, we are in the verge of thinking that it is really "necessary" for them to setup the said scheme. Unknowingly to some, there are a lot of other coins that are scams just by reading out of their ANN. I got to a point that ALL new coins offering Masternodes are just after the initial BTC offerings and would no longer invest into the project. They get the funds and runs away. Its really that simple. To top it all off, they do use the BTC to get listed on the exchanges and dumps their pre-mined coins. Smart right? So with a couple of BTCs and a handful of FIAT, these developers will be gone like smoke and will never be heard of again. Next thing you know, they will make a new BitcoinTalk username, a new Discord account and then repeat the process. Its as if, this is the end. The buyers of the Masternodes are also in on the scheme. With a couple of BTCs, they buy the collateral and once the coin hits the exchanges, sell them off doubling the price. Why? Because they can and there are people buying it hoping they can get in with the promise of a passive-income for Masternodes. So who's at fault? the Developers? the Buyers? or the Sellers? One thing is for sure, even without selling or auctioning one, the coin can go north or south, depending on its market, the people behind it and the community. Yes! the community. Nowadays, people are into joining BitcoinTalk or Discord Communities since in there, you interact directly to the people involved with the project. But how can this be fruitful and beneficial for a coin? A Coin project that doesnt look into getting real earnings but mainly focuses on improving what the product really is, is by far (for me) one of the best projects you could hope for. In my case, I found Dinero. Dinero is a project that started off with one (1) person and it grew to a handful of hobbyist, designers, developers and miners alike. The project never took advantage of the pre-sell. Nor an ICO was developed. Not even a white paper. The dev made an ANN page in BitcoinTalk, and the rest was history. People came in and go. The coin just launched Jan 26th. And by far, the support team, the community, the core team members. All of them are pretty engaged in propelling this coin. But what the coin is lacking is marketing and a much further support or advertisements. Right now, their main target is to get listed on exchanges, mining pools and advertise via Twitter, Reddit, Steemit and Discord. So whats with Dinero? MasterNodes!!!! Governance System!!! Information!!! WIIFM? Truth. Honesty. Loyalty. Camaraderie. And best of all, you wont get left behind. Yes! You wont be left behind. They have a DineroBot on their Dinero Discord Channel which they use to give out free DINERO. Now, what are you waiting for? Join me and help this project to prosper. And soon, we can be telling ourselves, it was really a wise move to believe in a project where people regards people with respect and honesty. P.S: I wont be asking for Donations. Keep it, you'll need it.
by: UsedHope As you are all aware, there are a lot of coins popping up on a daily basis saying we have Masternodes, our network is stable, etc etc. But most of it all, the coin developers pre-sells or auctions the Masternode collaterals. A lot are happy that they can be the first people to setup Masternodes and take advantage of the fast reward pay outs. But there are some troubling facts about this. This would be as follows: Coin Developers sells or auctions Masternode Collaterals for the following reasons: a. Exchange Listings b. Coin Development Funds c. Online Marketing With the said listed items, we are in the verge of thinking that it is really "necessary" for them to setup the said scheme. Unknowingly to some, there are a lot of other coins that are scams just by reading out of their ANN. I got to a point that ALL new coins offering Masternodes are just after the initial BTC offerings and would no longer invest into the project. They get the funds and runs away. Its really that simple. To top it all off, they do use the BTC to get listed on the exchanges and dumps their pre-mined coins. Smart right? So with a couple of BTCs and a handful of FIAT, these developers will be gone like smoke and will never be heard of again. Next thing you know, they will make a new BitcoinTalk username, a new Discord account and then repeat the process. Its as if, this is the end. The buyers of the Masternodes are also in on the scheme. With a couple of BTCs, they buy the collateral and once the coin hits the exchanges, sell them off doubling the price. Why? Because they can and there are people buying it hoping they can get in with the promise of a passive-income for Masternodes. So who's at fault? the Developers? the Buyers? or the Sellers? One thing is for sure, even without selling or auctioning one, the coin can go north or south, depending on its market, the people behind it and the community. Yes! the community. Nowadays, people are into joining BitcoinTalk or Discord Communities since in there, you interact directly to the people involved with the project. But how can this be fruitful and beneficial for a coin? A Coin project that doesnt look into getting real earnings but mainly focuses on improving what the product really is, is by far (for me) one of the best projects you could hope for. In my case, I found Dinero. Dinero is a project that started off with one (1) person and it grew to a handful of hobbyist, designers, developers and miners alike. The project never took advantage of the pre-sell. Nor an ICO was developed. Not even a white paper. The dev made an ANN page in BitcoinTalk, and the rest was history. People came in and go. The coin just launched Jan 26th. And by far, the support team, the community, the core team members. All of them are pretty engaged in propelling this coin. But what the coin is lacking is marketing and a much further support or advertisements. Right now, their main target is to get listed on exchanges, mining pools and advertise via Twitter, Reddit, Steemit and Discord. So whats with Dinero? MasterNodes!!!! Governance System!!! Information!!! WIIFM? Truth. Honesty. Loyalty. Camaraderie. And best of all, you wont get left behind. Yes! You wont be left behind. They have a DineroBot on their Dinero Discord Channel which they use to give out free DINERO. Now, what are you waiting for? Join me and help this project to prosper. And soon, we can be telling ourselves, it was really a wise move to believe in a project where people regards people with respect and honesty.
My guide to get free games with Bonuscon and TremorGames.
Hi guys, I'll share with you a couple of methods I use to get free games. First of all I use Bonuscon, I've already posted about the site but a lot of time has passed and the site evolved. It's a site where you can earn coins to spend in steam games, steam gift cards or other games in general. Proof of payment. I like this site a lot because it's global and passive, and usually you don't see those two words together. There are many ways to earn coins:
Best and fastest way to earn coins is to watch youtube videos. Now the points are credited if you claim them (solving a captcha) after only 3 minutes of watching a video. This method is semi-passive since you need to solve the captcha, but it's just a click or two anyways. By far the fastest way to earn coins.
You can also earn point watching Twitch stream, every 15 minutes - the page will refresh by itself. This method is 100% passive, just open the stream and forget about it, you can also let it run 24/7. Keep in mind that to keep it totally passive, the site will borrow only 10% of your CPU to mine. Not a lot, just 10%, but if you aren't cool with that just stick to the youtube videos, since they are miner-free and will get you more money in less time.
If you feel confident, you can "gamble" your money with a Star Wars themed minigame. Personally I wouldn't bet too much money there, since it's still a gamble.
The admin will sometimes give away some codes in the chat or on social media, that you can redeem for a bunch of coins. The admin is pretty active in the chat and will immediately respond to your questions, whenever possible.
You can buy coins with BTC or even via SMS.
You can earn coins with referrals - 10% of their earning forever + 100 coins per referral, as long as they earn at least 200 coins themselves. So if you want to do me a solid, sign up using my referral and earn my eternal gratitude - you won't lose anything because of it, and I will earn something.
You can spend those coins to get games like CS:GO for 9999 coins, Overwatch for 40k, GTA V, PUBG for 35k, Rocket League for 29k, o a random steam key for 999 coins/a premium steam key for 3500 coins. $5 steam credit goes for 7500, but according to the admin more games will be available in the future and a few games will be discounted mid-December, so start earning coins as soon as possible!
Daily login bonus is of 20 coins. Simple as that.
Finally there is an auction system - right now the prize is a Rocket League key + 2 random steam keys and the highest bid is 7100 coins. The guy could get a 29k coins game + 2 random keys for a fraction of the price... but there is still time! The highest bid wins, bids are public and the auction lasts a couple of days. You have to pay only if you win, but there is a 10% fee that is taken immediately, so people won't bet mindlessly and just 1 up the previous bid. You have to think carefully about the amount of money you want to invest.
TL;DR of Bonuscon: global, passive or semipassive, watch videos or streams to earn coins and turn them into free games. Plus an auction, a Star Wars minigame, and a lot of other stuff. Feel free to ask me anything about the site. The second method is a bit more complicated, but nothing too hard: basically it involves using TremorGames to farm Tremorcoins, getting steam games with cards, farming said cards to get Steam credit or even trading them back to TremorGames for even more coins. I'm sure you probably heard about TremorGames, it's a site that lets you earn "tremorcoins" for playing games, completing offers, surveys or tasks. You can spend said tremorcoins in a lot of different ways: buying gift cards, steam games, in-game currency or in-game rewards, TF2/Dota 2/CS:GO items or even bitcoins; you can also place custom orders. Lots of stuff really, and it's perfect to get indie games since they are usually very cheap. Fastest way to earn said coins is to play flash games with achievement, directly from the site - some games are actually fun and worth playing, and the most played are pretty easy to complete. You can also search for tutorials and tips on youtube, or in the comment section. Completing the achievement will give you some tremorcoins. You can also earn said coins completing offers, surveys, tasks, watching videos etc, just like in a GPT site. There's also a daily login bonus and a whole lot of other things to do: giveaways, a forum you can post in for coins, a referral system, you can trade in some in-game items or even Steam trading cards for coins; and probably some other things I'm missing. But here's where it gets interesting: the smartest way to invest your tremorcoins is to buy very cheap Steam games with trading cards. Just filter the rewards on TremorGames to only see games with cards, filter from the lowest price and buy them. Then you can just idle them with IdleMaster, you don't even need to install them and after a while, the cards will appear in your inventory. Now you have two choices: either sell them on the Community Market for some Steam credit (you can get lucky and get a foil card, that sells for quite a lot), or just trade them back to TremorGames using their bot to get even more coins and repeat the process or get the game you like/Steam credit/whatever you feel like. *TL;DR: TremorGames, do tasks and offer or just play games to get coins. Use those coins to get Steam games, idle them and farm the trading cards; sell the trading cards for Steam credit or trade them to TremorGames for more coins to spend on rewards. * Using both methods will net you a lot of Steam games in the long run; they are both slow earning methods but they are both passive, or almost passive, and work globally. Bonuscon is probably the fastest earner, while TremorGames requires more attention and a proper setup, but both sites have a great earning potential. Feel free to ask me anything via PM or just posting here, and if you want to help a brother out consider using my referrals.
[WTS] Many affordable watches - Orient, Seagull, Maratac, Victorinox, Seiko, Casio - US Buyers Only (for now)
Hello, watchit and watchexchange folks, I’m cleaning out my collection of affordable watches and figured I’d put them up here before I try a place like eBay or Craigslist. Some history on the watches: I am the original owner of all these watches. They were all purchased in the spring/summer of 2012. With the exception of the Victorinox Infantry Vintage, all of them had very little wrist time (less than 10 days in most cases). They were stored in a watch box when not in use. Prices are in USD, but I’ll accept bitcoin at current market rate. Paypal for USD payments, please. Add $10 for shipping and insurance per order (one watch or multiple watches). Ships to US buyers only for now. UPDATE: Remaining watches have been put on eBay. Please visit those auctions if you're interested. Thanks for looking! Victorinox Swiss Army Infantry Vintage Day-Date (Ref. 241396) Gently worn. Day-Date complication. ETA 2834-2. Sapphire crystal. Display case back. Original leather strap. Comes with original box and paperwork. eBay Auction Orient Esteem “Rose gold” tone with white dial. Open heart design. Rarely worn. Mint condition. Comes with original box, paperwork and tag eBay Auction Casio G-Shock, Model 5229 Rarely worn. Mint condition. Comes with original box and paperwork. eBay Auction Orient Blue Mako (Ref. CEM65002D)[SOLD! Thanks!] Rarely worn. Mint condition. Comes with original box, paperwork and tag US$ SOLD Seagull 1963 Reissue Chinese Air Force Chronograph[SOLD! Thanks!] I wanted something more akin to the original so this version has a domed mineral glass crystal, and non-display case back. It does not have the see through case back. Rarely worn. Mint condition. Comes with original tin. US$ SOLD Maratac Pilot (Large) 2012 Model on C&B Flieger Strap[SOLD! Thanks!] Rarely worn. Mint condition Comes with C&B 22mm flieger strap installed and original watch taco. US$ SOLD Seiko 5 (Model SNK809) on Padded Leather Strap[SOLD! Thanks!] Rarely worn. Mint condition. Comes with original box and paperwork. US$ SOLD
Markets and Price-Setting: Thoughts on information, created goods and services, fixed-supply commodities, financial instruments, and other market values behave
I've been reflecting on Paul Mason's Postcapitalism, particularly as concerns what he identifies as a hum-dinger of information goods: Information goods destroy the price formation mechanism based on scarcity. That's one of a few cases in which markets as price-setting mechanisms fail, or are subject to very high degrees of ambiguity. Four particular instances come to mind:
Information goods, as identified by Mason.
Existing products -- effectively the resale market.
Financial assets: goods whose price is predicated on scarcity and some ascribed basis for value.
Extractive goods: resources which are used faster than their replacement rates.
Each poses specific failures to usefully set a market price that corresponds to the true costs of production. What I'm posing here is more an exploration of aspects I've found, and still find, contradictory. I'm not claiming to have final answers, though I'm starting to land a few good leads.
On "natural prices"
While much lay discussion of economics holds that the market price is the fair price for a good or service, the question of what a "natural" or "fair" price has occupied a great deal of economic thought and discussion since the time of the Greeks. Adam Smith in Wealth of Nations proposed a definition which remains close to what's commonly accepted today -- a total cost of inputs, plus normal profits:
When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.
The cases I'm considering here all violate this in one way or another. This is troubling as they're increasingly key to economic activity.
Information wants to be free.
-- John Perry Barlow In an efficient market, quality information is consistently undervalued. In this case: fixed costs of production are high, but marginal costs of production are low. It takes a lot of time and research to create a quality book, a piece of music, software, news reporting, pharmaceutical, chemical process, etc., but once developed the costs of manufacture are far, far less, effectively zero in many cases. That's one fundamental contradiction of the "knowledge economy". There's the further problem of Gresham's law as applied to information: cheap, low-quality information tends to drive out high-value, but expensive-to-produce information. Ask anyone in the news, broadcast, or publishing industries.
There are good cars and bad cars (which in America are known as "lemons").
-- George Akerloff, "The Market for Lemons" This is the second-hand market -- goods which are re-sold by an initial buyer, after initial purchase. Flea markets, swaps, Craigslist, consignment stores. And antique shops and auctions. The fundamental characteristic of each of these is that the good already exists. There is no production function. Price, instead, is effectively a motivator -- what does it take to convince the holder of a good to part with it? There's a Spanish folk saying I've only recently learned, its English translation "Buy from desperate people, and sell to newlyweds." In both cases, the supply and demand curves are shifted to the advantage of the middleman buying in the first instance and selling in the second. In some cases, there's an alternative to buying used: you can buy a new item or make one yourself. For many utilitarian goods (clothing, furniture, children's toys, used books or records), the second-hand market offers considerable savings over new or self-made. Keepsakes and mementos have highly asymmetric valuations: the holder usually ascribes a high sentimental value, while others may view the item as little more than clutter or "old junk". In this case it's typically unlikely for the piece to be sold -- the holder's valuation is higher than any potential buyer's, unless the former is desperate. Antiquities or fine arts, as opposed to personal mementos and keepsakes with high sentimental value pose a different situation: if it is the specific item in question and not a functionally equivalent replacement that is sought, then there is no ascribable production cost. You cannot make a "new" original Rembrandt, or Picasso, or Ming Dynasty vase, or piece of ancient Egyptian art. Price of such goods is entirely dependent on the demand for such products. It calls into question the entire concept of what a "natural price" of such a good is. This case is actually the genesis for this essay -- the example I had in mind was of a Stradivarius violin -- there are about 650 left in the world, largely manufactured between 1680 and 1700, and present market values range from hundreds of thousands to millions of dollars. This despite notable failures for blind listening tests to distinguish or prefer Strads over other instruments. While modern mass-produced violins can be had for as little as £80 new, more expensive hand-crafted instruments comparable in tonal quality to a Strad fetch about £15,000. That's still a considerable discount on the Strad -- by a factor of 200. The embodied labor?
It takes around 120 hours to make a violin, 150 hours for a viola and 300 hours for a cello.
That's an all-in £125/hr cost of labor, assuming labor is the principle input. Similarly, nearly indistinguishable art forgeries are fairly common, there's the case of "Jefferson's Bottles", literally an instance of new wine in old bottles. Or forgeries of antiques, antiquities, and the like. In all cases, the immediate quality of the forgeries is quite difficult to tell, though dating of materials by radioisotopic means usually manages to distinguish them. What's changed is the perception. What marketers call "selling the story". Or, quite bluntly: changing the demand curve for a product. Extant products fall into two general categories:
Those for which there is an imbued additional value -- above and beyond the intrinsic use-value of the product. These are products which tend to be either asset classes (if the ascribed value is widely shared) or keepsakes (where the ascribed value is personal -- "sentimental"). Goods with high sentimental value rarely sell -- the owner ascribes more worth than the market. Works serving as an asset class (specie or fiat currencies, precious metals, stocks, bonds, other financial instruments) have effectively no sentimental value.
Those for which the intrinsic value is the primary consideration. This is the class for which the economizing purchaser can save a great deal over buying new.
And finally, extant goods have the "lemon" problem, and in fact, in the form of the used-car market, are the basis for George Akerloff's "The Market for Lemons" paper noted in the epigraph for this section. In the case of established goods (e.g., antiquities and fine arts), the asymmetry detailed by Akerloff tends to be minimized. In the case of certain complex goods: automobiles and electronics certainly come to mind, concerns on the part of the buyer over the serviceability of the good in question tends to 1) keep prices depressed and 2) limit the number of quality items actually offered to market -- the seller knows that it will be unlikely to recapture the true value of a quality item.
Because that's where the money is.
-- Willie Sutton, on why he robbed banks. Here, you've almost the inverse situation of information goods: marginal cost of production is exceptionally high - - there's either a workfactor cost, or simply a finite supply (for numerous reasons, to be explored more). Will Rogers on land: they're not making it anymore. The asset value of precious metals is that their supply is (theoretically) constrained by the high costs of mining. Bitcoin is similar. But the intrinsic utility of the good is close to nil. A dollar bill has little intrinsic value, or, if you prefer, a $100 dollar bill. It's a piece of paper, ink, and anti-copyright features. The production cost is a factor of regulatory limits on production. Gold and silver have some utility, but this is generally less than is reflected in its exchange value. Diamonds are a case of induced scarcity, though with a few other twists which tends to inflate the retail value while affording virtually no resale value. The added value by virtue of being money is referred to as seigniorage:
the difference between the value of money and the cost to produce and distribute it.
What's key is the "story": not all rare things are valuable, but all valuable things are rare. The key to creating a market for a given asset class is to convince people that other people are convinced of the value. It's a bit of a circular definition. Some assets have value ascribed to them. I've previously discussed what gives money value, in particular the United States Dollar. There are five key aspects:
It is legal tender: debts incurred must be considered legally discharged when paid in dollars, at least within the United States.
It is the required form of payment of taxes. That is, some 40% of total US economic financial turnover is in the form of tax obligations.
It is the global reserve currency. International debt settlements are generally paid in U.S. dollars.
It is the global payment standard for petroleum. That's about $3.1 trillion in global payments again, creating a use for dollars by every oil-importing nation.
It is the basis of paying off debts denominated in dollars, including consumer, mortgage, educational, and other loans.
Buy land. They ain't making any more of the stuff.
-- Will Rogers Other asset classes are real, in the sense that they're tangible, with real estate being a classic example. In Smith's time, the value of land was largely based on the produce one could derive from it: crops, lumber, cattle, fish. Perhaps wind or water power. In urban economics one learns that the value of housing (whether rented or sold) is based on the earning potential and travel time associated with it -- generally housing costs fall as one moves further from an urban center. But a secondary factor of housing is as an investment, though as many critics has pointed out, the long-term performance isn't particularly good, the carrying costs are high, the asset can be highly illiquid (especially when it's carrying a mortgage valued more highly than the property itself). In some areas title may be difficult to establish -- Hernando de Soto and Niall Ferguson discuss this in their respective books The Mystery of Capital and The Ascent of Money in the context of South America, and the resulting difficulties and alternative conventions. One interesting conclusion is that surplus profits of labor (or of business) tend to be subsumed by increasing housing (or office / store-space) costs.
These are also consistently undervalued. Any resource that's being extracted or consumed at rates greater than its replenishment is effectively an extractive good. The typical examples are minerals and mining, and fossil fuels, but this can include other and nominally renewable resources: topsoil, freshwater, groundwater, rhinoceros horn, timber, topsoil, fisheries.... The market price is set by the access price: how much effort it takes to extract the resource, but not a depletion allowance for the fact that the removed unit(s) will not be restored. The latter is a suggestion of many authors, including Herman Daly. It's interesting to note cases of societies which were formerly based on extractive technologies which have run through the entire resource and have lost their former wealth. A classic instance is the island nation of Nauru, briefly the wealthiest nation on a per-capita income basis during the 1980s due to deposits of phosphate rock -- bird guano -- valuable as fertilizer. Its 9,000 inhabitants on 21 km2 now rely on revenues for running a detention center for the Australian government. It's also served as a tax haven and offered passports to foreign nationals. The export land model of Jeffrey Brown describes the dynamics of oil exporting nations as domestic consumption rises to exceed total extraction capacity. Some analysis of the Arab Spring revolves around falling oil extraction in Egypt, Syria, and Libya as contributory causes, though a prolonged drought in Syria has also been mentioned. Cataloging a list of other nations formerly based on exported natural resource wealth could prove illuminating.
Overconsumption of Luxury Goods
As a counterpoint, there are products obtained unsustainably for which the market price is high (though possibly still undervalued). Rhinoceros horn would be an example, whale meat, and tropical hardwoods others. Often within what's a globally small market -- rhino horn is largely valued in south-east Asia and China, whale meat in Japan -- there's a significant social signaling status (Veblen good) for the product. Paradoxically, price is itself a signifier of signaling value, and total quantity demanded, while in excess of replenishment factor, is such that increasing the cost of the good doesn't reduce overall demand (or at least not sufficiently to avoid exhaustion or extinction of the source). Arguably the price is still too low (there should be an extinction/exhaustion premium), but even with increasing prices due to scarcity, the market response is not rational. Moreover, the value ascribed these goods isn't intrinsic to their practical application but to social signalling status. That is: a cheaper replacement would be inferior simply on the basis that it's cheaper, and hence, a weaker signal.
Information vs. Assets
The most striking aspect of Mason's Postcapitalism lecture is his juxtaposition of information goods, in which scarcity drives prices to zero, and of financial assets, in which an ascribed value increases the worth of an asset above its intrinsic value. But more critically:
The key contradiction in modern capitalism is in this emerging contradiction between free socially produced abundant [information] goods, and a system of monopolies, banks, and governments who are forced, in order to survive, to behave desperately to maintain this information asymmetry.
That is: Facebook or other service providers retaining proprietary control, and often, secrecy, over their APIs. There's an intrinsic fight between the network, information goods, and the hierarchy, proprietary and material goods. I further see the need for the financial system to see ever further growth, and interest payments, which a largely information-based economy is unlikely to provide.
In summary ...
I don't want to title this section "conclusions" because, generally, I'm far from them. I do hope this proves useful (and not too personally embarrassing to me) for further discussion / exploration on where and how value is ascribed and attributed.
[ANN] Coinmart - A Cryptocurrency Marketplace for BTC, LTC & DGC (in Development)
Howsit guys I'm the founder of a new upcoming Cryptocurrency marketplace in development dubbed Coinmart. Take a look at our introductory video : http://youtu.be/K5rCE4br5c4 Coinmart is a cryptocurrency marketplace where users can buy or sell services and virutal/physical items. Coinmart offers a platform for both merchants and everyday users to buy and sell items or purchase services. From a merchant selling 100's of ASIC Miners to a Web Developer offering services and even for a guy selling his 2 year old GPU, Coinmart has got you covered. Coinmart will connect you to buyers from all across the globe wanting to buy your products and services. It's Amazon meets eBay meets Microlancer. A a merchant it will help scale your business without the hassle of maintaining your own website. As a service provider it will help conect you with countless potential buyers and as your average Joe it will help you sell just about anything. Sellers have their own dashboards to track sales, stock and open orders. Merchant listings are also synced on Amazon and eBay platforms. A built-in escrow system ensure that both buyers and sellers are safe from scams and theft. This is only a very brief description of Coinmart please check my thread on the Digitalcoin Forums here for more info : http://digitalcoin.co/forums/index.php/topic,586.0.html Coinmart Shares Auction : We are auctioning off 10% of our shares in Coinmart exclusively on the Digitalcoin Forums : http://digitalcoin.co/forums/index.php/topic,625.0.html. hares give you the right to claim declared dividends. All net income will either go to retained earnings for building reserves, or be declared as dividends and distributed proportionally. Q & A Q: How is coinmart different from other coin marketplaces? Have you talked to any large retailers e.g. Target, Ikea, Best Buy, Lowes, etc. about selling their products, or will Coinmart focus on mom and pop retail stores? In addition to allowing user's and merchants sell their own services and products, we will be listing most of the Amazon Product database. This will be done through Amazon's Reseller API which will allow us to list and sell their inventory. This feature is still in development. Q: You mention that your vision for Coinmart is for it to be the Amazon of cryptomarketplaces. What advantage does Coinmart have over a large online retailer, such as Amazon, if they were to begin to allow cryptocurrencies to be used to purchase goods? Our main advantage is that Coinmart allows users to sell both products and services. Compared to big retailers who just offer products. Take a look at this site http://www.microlancer.com/ , this is where we got our inspitation from to allow users to offer their services. The way I see it is that Amazon and other marketplace will eventually accept Bitcoin. While they will only accept fiat currencies and Bitcoin we will be (by then) offering a wide range of cryptocurrencies. Q: Do you plan to restrict the marketplace to Bitcoin,Litecoin, and Digitalcoin, or will you be open to the idea of other cryptocurrencies being used, including one backed by a bank such as JP Morgan? Yes as mentioned in the previous we will be fully open to the idea of other cryptocurrencies being used. Mainly as it facilitates growth by brining a wider user base to Coinmart. We hope to add Peercoin in the near future. Q: What experience do you and your team have with maintaining websites and building businesses? I know that you are a great designer, but have you made any other attempts to get into the crypto game? I myself have done quite a bit of design work , you can view my my thread here on bitcointalk : https://bitcointalk.org/index.php?topic=360365 . My development team who have done quite a bit of freelance work (http://www.freelancer.comletsassist1.html?ref_project_id=5221378) over the past year are the really special guys. The were the guys who did the Cryptsy redesign. The've also done work on the following sites : http://coinsfortech.com/http://theletsstore.com/b-farm/ Take note we are still in development but any feedback which you have to give is appreciated. Regards, Duff___Man
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