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xRapid - The Beginning Game


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2 hours ago, lucky said:

That's not true. XRP ledger is a human creation, a large number of very bright people have invested a substantial amount of their time to create it, and continue to improve it. 1 XRP represents 1/100,000,000,000 of this collective intellectual product. If you consider this nothing, you can consider all products of intellectual effort nothing ("created out of thin air!") and having a value of 0: all literature, all art, all music, all software.

That's correct, the "value" of everything is always 0. It's better to set value = price, or [P(t+x) - P(t)], and let the rest go. 

 

Edited by Wandering_Dog
Ha!
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1 minute ago, Wandering_Dog said:

That's correct, the "value" of everything is always 0. It's better to set value = price, or [P(t+x) - P(t)], and let the rest go. 

If you would like to see the stupidity of value theory in person you can always go visit Auschwitz.    

Lets first sync our lexicon. Can you agree on using the Oxford English Dictionary?

To my understanding value is not a theory but a concept.

Using a number as value only makes sense if you also specify the unit of account. 0 what? Cows?

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1 minute ago, lucky said:

Lets first sync our lexicon. Can you agree on using the Oxford English Dictionary?

To my understanding value is not a theory but a concept.

Using a number as value only makes sense if you also specify the unit of account. 0 what? Cows?

You are talking about Price. Say it with me: Price, Price, Price. 

 

https://en.wikipedia.org/wiki/Value_theory

 

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4 minutes ago, Wandering_Dog said:

You are talking about Price. Say it with me: Price, Price, Price. 

https://en.wikipedia.org/wiki/Value_theory

Would you agree that value of goods and services are commonly expressed with a price? Price being: x number of units of something else?

So, price being a numerical expression of the value of something?

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26 minutes ago, lucky said:

Would you agree that value of goods and services are commonly expressed with a price? Price being: x number of units of something else?

So, price being a numerical expression of the value of something?

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 :)  

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1 minute 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 :)  

I've browsed a bit through the literature provided, interesting, thanks. Whenever I talk about value in the context of XRP, I mean Market value, unless I state otherwise:

Quote

 

Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting." 

International Valuation Standards defines market value as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion".

 

If you can accept the International Valuation Standards definition, can we agree that the market value of 1 XRP is currently 32 dollar cent, and move on with our lives?

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1 minute ago, lucky said:

I've browsed a bit through the literature provided, interesting, thanks. Whenever I talk about value in the context of XRP, I mean Market value, unless I state otherwise:

If you can accept the International Valuation Standards definition, can we agree that the market value of 1 XRP is currently 32 dollar cent, and move on with our lives?

The current price of XRP in terms of dollars is about 32 cents, sure.

I swear to you, the less you use that word the better you'll feel, it's a magical remedy.

 

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Let's kick the "crazy" up a notch, shall we?  (It's already "high", but it seems to me that the shorter path back to normal might be right through the top...)

Since someone mentioned Bohr/Einstein debates (thanks a lot!), I'll go with a physics metaphor (and it's ONLY a metaphor - put down that pipe, dude):

Imagine that all available XRP are bought up, proportionally, by 100 different entities.  These entities deposit ALL of the(ir) XRP into a single exchange.

(Don't ask stupid questions like "Why would they do that?" - it's beyond the scope - maybe they want to "capture/kill XRP" - or maybe they're all stoned.)

All (or none) of the trading of XRP is thereafter undertaken on/via this single exchange, which, let's also say, doesn't report any trades to third parties...

So, all (or no) "price discovery" is done within the event horizon of the exchange (among the customers within the exchange) and is therefore invisible.

(Unless, of course, you're really high - or you "know a guy" - or have figured out a way to peer past the event horizon - or you are just selling fairy tales...)

(What then, eh?  Shouldn't we analyze this situation?  It's possible, in theory.  It's also possible that all the air in the room will be sucked into the corner.)

"That'll keep 'em busy," the author thought to himself with a smile. :)

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9 hours ago, lucky said:

But wait! What about the Internet of Value? Should we rename that to Internet of Price? :JC_out_cold:

The "Internet of Value!" is a buzzword, like "Big Data!" or "Artificial Intelligence!". It could be replaced with the word "Bananas!" and make just as much sense. "Cryptoeconomics!" is another one. :sarcastic:

Tools of the marketing division. 

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