Dear Brian,
The hierarchie you present is a valuable framework. Interestingly enough,
Bitcoin advocates claim that mining Bitcoin is real labor, real machines, real
workers there.
Best heidrun
sent enroute
> Am 11.03.2021 um 18:20 schrieb Brian Holmes :
>
>
> I can't answer the second question, but as to the first I believe that there
> are three distinct forms of money that currently operate in a hierarchy:
>
> -- Infinite money which is produced and deregulated in the financial markets
> through the manipulation of information
>
> -- Institutional money which is produced and regulated within national frames
> by governments seeking to stabilize social reproduction
>
> -- Sweat money which is produced on the ground through the exploitation of
> labor paid at the bear minimum of survivability
>
> The last form of money is the most extensive one, it's the most common coin,
> the basis of most livelihoods on earth. Institutional money, however, has
> been carefully decoupled from sweat money; and infinite money has been
> decoupled from institutional money in its turn. Institutional money began to
> be produced through Keynesian management of national economies from the 30s
> onward, it's inseparable from social democracy. Infinite money started up
> after the postwar gold standard was abandoned in 1971, and became what it is
> today with the introduction of computerized trading.
>
> What does infinite money mean to its owners? Financial capital is power when
> it is applied to institutions or labor processes. However it can also be used
> for status displays, what Veblen called "conspicuous consumption." So you
> have to bring art back in. For better and mostly worse, "high" culture
> remains the noisy ghost at the top of the capitalist pyramid.
>
> best, Brian
>
>> On Thu, Mar 11, 2021 at 10:47 AM Felix Stalder wrote:
>> I'm sure many have followed the NFT art saga over the last couple of
>> months and seen today's headline that somebody just paid $ 69,346,250
>> for a NFT on a blockchain, meta-data to claim ownership of the
>> "originalcopy" of a digital art work.
>>
>> https://onlineonly.christies.com/s/first-open-beeple/beeple-b-1981-1/112924
>>
>> I don't want to start a discussion on the revolutionary vs reactionary
>> character of this emerging art market. All of that has already been
>> said. If you want a close approximation of my perspective, I refer you
>> to this:
>>
>> https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3
>>
>> What I'm more interested in here is to ask two things.
>>
>> What -- after a decade of quantitative easing and crypto-currencies
>> rising into the stratosphere -- monetary value is indicating for the
>> segment that profited the most from these developments and what does
>> that mean for the rest of us?
>>
>> And, assuming that this is not a cartoon version of a potlatch where
>> wasting resources serves to put rivals to shame, how many different
>> scams -- money laundering would be an obvious contender -- are being
>> layered on top of one other to create this?
>>
>> Quite puzzled. Felix
>>
>>
>>
>>
>>
>>
>>
>>
>>
>> --
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