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xRapid - The Beginning Game


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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.

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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" ...

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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. 

 

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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).

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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? 

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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.

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