Topic: Standardization effort as a global phenomenon (Read 746 times)
Value isn't like the other things we measure. Time, weight and length all still exist when we stop measuring them. Value only exists at the moment of exchange, and even then only relative to the things being exchanged, and only for the parties doing the exchanging.
In an abstract sense I'd agree with you. However, as of right now the price (hence "value") of Bitcoin is pegged to a fiat currency value (most notably USD). Because the majority of Bitcoins acquired are done so by means of purchasing through fiat, the "value" of Bitcoin is subject to drastic volatility by means of market-making and price manipulation. One day this won't be the case, and you will be right.
I have seen BBC "Precision The Measure of All Things" series today.
It told a history of humanity's gradual agreement on ways to measure fundamental thing: Time, Weight, Lenght etc. However the series never mentioned measuring value. Perhaps because it is subjective.
But if a principle still can be applied we can see many parallels in what is going on with Bitcoin-related events. Back in 'ol days there were many local standards of weighs and cheating was rampant. It was so severe than death penalty were in law for everyone caught cheating.
Just like a multitude of currencies and so-called monetary policy we have. Bitcoin steps in as a Meter, don't you think?
It told a history of humanity's gradual agreement on ways to measure fundamental thing: Time, Weight, Lenght etc. However the series never mentioned measuring value. Perhaps because it is subjective.
But if a principle still can be applied we can see many parallels in what is going on with Bitcoin-related events. Back in 'ol days there were many local standards of weighs and cheating was rampant. It was so severe than death penalty were in law for everyone caught cheating.
Just like a multitude of currencies and so-called monetary policy we have. Bitcoin steps in as a Meter, don't you think?
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