Wandering_Dog 557 Posted January 21, 2019 Share Posted January 21, 2019 7 hours ago, P3T3RIS said: @Wandering_Dog liabilities turn into assets with xRapid, which I know you will understand 😊 Can you show me on a balance sheet how a liability turns into an asset? Jesus man, don't you run an exchange? Zerp_Legend and NewtonsOyster 1 1 Link to post Share on other sites
P3T3RIS 835 Posted January 21, 2019 Author Share Posted January 21, 2019 it’s a figure of speech. Money was tied long time and huge amounts, now it gets freed to more profitable use 😊 Cool down, this is not that serious. But that is what happens. Money is freed to more profitable use Link to post Share on other sites
tar 961 Posted January 21, 2019 Share Posted January 21, 2019 13 hours ago, Wandering_Dog said: There are lots of value theories, Lucky. We want there to be some fundamental property inside the things we buy, it's a comforting idea. Economics isn't physics, there is no fundamental property inside the particles in the universe giving them "value". In all of Economic theory there is no theory of "value" that hasn't been disproven thus far. If you want to try to create your own, have at it Value is always a relation between 2 entities at a particular location at a particular point of time. You cannot value something by itself (so called "intrinsic value" which does not exist - except in some moral ideas which, by the way, also include the morality of an entity). The valuation for all entity relationships is therefore different for all particular individual valuations. For example, you rate your own car (in USD or EUR) higher than the car dealer you offer it to. The price is then the actual achieved and realized valuation on the (free) market, where different valuations meet. In order to arrive at the price, one trades. Julian_Williams and Wandering_Dog 2 Link to post Share on other sites
Rey 22,860 Posted January 21, 2019 Share Posted January 21, 2019 8 minutes ago, tar said: Value is always a relation between 2 entities at a particular location at a particular point of time. You cannot value something by itself (so called "intrinsic value" which does not exist - except in some moral ideas which, by the way, also include the morality of an entity). The valuation for all entity relationships is therefore different for all particular individual valuations. For example, you rate your own car (in USD or EUR) higher than the car dealer you offer it to. The price is then the actual achieved and realized valuation on the (free) market, where different valuations meet. In order to arrive at the price, one trades. It all depends on one's definition of the concept. Guess you could write a book or two about the concept of "Value" ... same goes for "Trust" and "Price" ... WillGetThere 1 Link to post Share on other sites
Ripple-Stiltskin 16,473 Posted January 21, 2019 Share Posted January 21, 2019 “ everything of value is defenseless” Lucebert Rey 1 Link to post Share on other sites
Wandering_Dog 557 Posted January 21, 2019 Share Posted January 21, 2019 6 minutes ago, tar said: Value is always a relation between 2 entities at a particular location at a particular point of time. You cannot value something by itself (so called "intrinsic value" which does not exist - except in some moral ideas which, by the way, also include the morality of an entity). The valuation for all entity relationships is therefore different for all particular individual valuations. For example, you rate your own car (in USD or EUR) higher than the car dealer you offer it to. The price is then the actual achieved and realized valuation on the (free) market, where different valuations meet. In order to arrive at the price, one trades. Hence my Auschwitz comment: if, as @lucky suggested, human creations have some intrinsic value, why would someone arbitrarily destroy millions of human beings--that is indicative of a valuation system breaking down. And if there is such a thing as intrinsic value, these types of breakdown events should not occur. Empirically, however, this is not the case. When people use the word value and they have not completed at least a masters in Econ, they typically use the English version of the word value, which is best described simply as price, IMO. Those who have completed a Bachelors in Econ will believe there is one single definition of value because Econ has become dominated by a single school based on one value theory. Link to post Share on other sites
tar 961 Posted January 21, 2019 Share Posted January 21, 2019 13 minutes ago, Wandering_Dog said: Hence my Auschwitz comment: if, as @lucky suggested, human creations have some intrinsic value, why would someone arbitrarily destroy millions of human beings--that is indicative of a valuation system breaking down. And if there is such a thing as intrinsic value, these types of breakdown events should not occur. Empirically, however, this is not the case. When people use the word value and they have not completed at least a masters in Econ, they typically use the English version of the word value, which is best described simply as price, IMO. Those who have completed a Bachelors in Econ will believe there is one single definition of value because Econ has become dominated by a single school based on one value theory. I would not say value = price and explained the difference above. It is obvious that your personal child toy has more value to you than to anybody else. The same applies to your valuation of your family members etc. and the thereof resulting implications (apply force on others). Link to post Share on other sites
Wandering_Dog 557 Posted January 21, 2019 Share Posted January 21, 2019 (edited) 43 minutes ago, tar said: I would not say value = price and explained the difference above. It is obvious that your personal child toy has more value to you than to anybody else. The same applies to your valuation of your family members etc. and the thereof resulting implications (apply force on others). When someone says the value of XRP is 30 cents, they mean the price of XRP is 30 cents. When someone says that XRP has value, they mean they believe it's price will increase in the future. In general, I think these statements are the most common use of the term value, as we've seen in this thread. The next is intrinsic value, as I discussed, and yes, individuals' beliefs, such as my toys are priceless. Which value theory are you drawing from? Edited January 21, 2019 by Wandering_Dog Link to post Share on other sites
tar 961 Posted January 21, 2019 Share Posted January 21, 2019 1 hour ago, Wandering_Dog said: When someone says the value of XRP is 30 cents, they mean the price of XRP is 30 cents. When someone says that XRP has value, they mean they believe it's price will increase in the future. Indeed. 1 hour ago, Wandering_Dog said: In general, I think these statements are the most common use of the term value, as we've seen in this thread. The next is intrinsic value, as I discussed, and yes, individuals' beliefs, such as my toys are priceless. Which value theory are you drawing from? https://en.wikipedia.org/wiki/Theory_of_value_(economics)#Power_theory_of_value ... and reflections from the Debitist perspective. Link to post Share on other sites
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