Forget about intrinsic

It is all just a matter of mindset, a belief system.

The holy market

What does fundamental or intrinsic value even mean? Well, it is just some terms given to some economical phenomena, as perceived from a certain point of view. Just like baise, hause, inflation and devaluation. It comes in handy sometimes to have different words describing all kinds of aspects of life. Language can be confusing too though, where words have the same characters, yet have completely different meanings in a certain context.

What does give value to something, being it a good or a service, has been questioned by many people during history. There is a suggestion that has been made by some that value is only a mindset. And a lot of people belief that to be the only truth. Even to the fluid transport carrier of the believed value itself: valuta, also known as money or currency. Not labour, nor resources, nor investments of time and energy count as valuable assets to a service or a product, but only supply and demand.

Or for short: the market decides wether something has value or not. And that is based on what people belief, it is a mindset. To want something or not, that is the question. And this proces, according to those who belief in it, has to be totally free of ruling. Just let the mysterious hand above the market do its magic. And all will be well. Now I do my best to keep an open mind. But could this no-rules market thing really work?

Value is a mindset

To me it is the sick minded sociopaths who belief it is possible to put a price tag on any human life. Something that can be taken into account as collateral damage when calculating the profit on a mass destruction weapon, or a chemical medicine with side effects. And the devine hand above the market will do the rest. If there is demand for mass destruction weapons or chemical medicine that has possible terminal side effects, than it will get supplied.

And in some mysterious way, the magic of the market will decide, even putting a pricetag on human life, known as collateral damage. Now all of a sudden I hear a song in my head, it is 'Vienna', by Ultravox. One sentence comes to mind from those lyrics: "It means nothing to me, it means nothing to me... Ooh Vienna...!" Somehow it is the connection to the Austrian School of economics my mind just made. And then what comes to mind next is: chaos.

Ordo ab chao

Out off chaos, comes order. This is what I think will happen when you have an all powerfull market, that has no rules and no agreements. Just the magic wand of Harry Potter doing its great thing. Yes, but we will agree upon a non-aggression pact, while the 'holy' market decides upon demand and supply. Ignorence really must be a bliss for the Vienna Hippie Cult. Yes, I am acting quite as a cynical sceptic here, I know.

The Austrian School of Economics only catched on as a kind of religion. A belief system in the devine market of demand and supply. A realm where unicorns run around naked. With flowers in their hair, while making love, being high on 420. Damned, this really does trigger my inner sarcasm creator. Mostly because I've recently watched some fanatic supporters of this, 'ego über all' based, thing being aggressive in spreading their devine market religion. Peacefull, my ass...

Not or, but and

It would be great to witness peace on earth and all well being in my lifetime. Yet, I strongly have my doubts if the so called market without rules, regulations and agreements will create this. Just like everything can not be all about the individual. It is all part of this divide and rule thing, where we have to compete each other. In such a way that most of us wont be able to see how the market already does its 'magic'. And it is very far from peacefull. Also it creates huge monopolies, where it starts to dictate how humans should live their lives.

States are being controled by these huge companies. Value that has been accumulated by the energy input of generations has been taking away from them through enforced privatisation. Where the only thing that is still left for the collective is water. Which is a thing human beings really need to be able to live. The market needs to be kept away from that. Like many fellow human beings made clear around the world. To me it is not a choice between the individual or collective, but it is the realism of both being equivalent important.

We already are at that level

One thing I do find very interesting about decentralized Cryptos and things like Social Media platforms on a blockchain is how they evolve. Bitcoin could be seen as the beginning of the digital evolution of Austrian economics. First the mindset of believed value that moved BTC from 0 to about 6500 USA Dollars. Which seems like a kind of value that is held at that spot by the invisible hand above the market.

Many, me included, expected Steem to get a high market demand. Which, because of the supply limit, would raise the price of Steem. Yet the market decided that Cryptos were not that valuable as a lot did hope for. Currently the market for Cryptos seems to fluctuate around the 220 billion USA Dollar mark. Where more and more projects enter the blockchain realm, but mainly triggered by a Crypto rush. Where they will find a dried out well.

Steem and others

The first to enter a market, even creating one, will have a head start. This is one thing about the we-are-all-equal-therefore-we-all-have-equal-chances-competion I do find quite silly. Well to be really honest, from my point of view it is just a blunt lie. Competition favours the best adapted to the rules of any game. This can be related to the 'right' genetics, to be born in a supportive enviroment and so on. To state that competition is, or can be, fair is even laughable, I think. And if you can not allow yourself to hustle then you will be left behind with the left overs.

Steem is such a competitive system, closely related to the Austrian economics religion. At least that is what I saw develope almost from the beginning. It is a product, that created its own unique sub-market. And it attracted a lot of attention. The demand for Steem as a Social Media Platform with possible reward payouts grew. And the early adaptors really made a big headstart. While next those who adapted best to its system could get a lot of gain due to the highly filled reward pool and the low competition. Basicly that is how the Steem forks function also.

Same outcome

What these systems show me is that it is biased towards early adaptors and those who have a headstart, knowing how it works up front. After the biggest millions have been spread out amongst the few, the rest needs to find other ways to get some payout. The game changes rapidly as there is no sign of quality that will determine its believed value, but the competition to gain some of it. The best adapted will gain the most.

For a part this has a chaotic element to it. There will not only be those members who actually do publish some really good, fun and/ or creative work. But as there is also payout to be gotten, that might become highly valuated, by the market, of demand and supply, getting a lot of it can be a goal in itself. And then suddently there are rules, there is governing and agreements are being made. Backed some very 'riche' members, who have something to protect in their own interest.

It is what it is

Is the demand and supply market Steem free of aggression? No, but it is a very small percentage of the total activity. Also there is theft, scams and so on, but most of the activity is aimed at posting, curating, replying and growing Steem Power. The rules of the game changed though. Which might be called the influence of the invisible hand above the market. Or it is just because the lack of rules that from the apparent chaos a new order emerged. Where bots now controle the market of demand and supply.

Like I wrote before, the most absurd path this could lead to is a total Artificial Intelligence domination of the digital realm. Also starting to influence our analogue realm slowly and steady. Maybe that is the ultimate outcome of a none regulated free market of supply and demand, where we, as human beings are not valued anymore at all.

The energy we put into something, the effort we make to create, the joy we experience when interacting with other humans and matters of life and death, will we let the market decide? Just demand and supply, without rules and agreements, then I wonder how fast the final war will come. Many things are of no value what-so-ever to me, they are just tools that I have to use in order to preserve what I do value. And that is living life together with those who are dear to me. On a planet that can sustain such a life in a healthy and pleasurable way.

Have a great one!

Sometimes you need to hustle.

Image license CC0, source: Pixabay.