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 <[email protected]>: > > > 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 <[email protected]> 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 >> >> >> >> >> >> >> >> >> >> -- >> | |||||||||||||||||| http://felix.openflows.com | >> | Open PGP | http://felix.openflows.com/pgp.txt | >> >> # distributed via <nettime>: no commercial use without permission >> # <nettime> is a moderated mailing list for net criticism, >> # collaborative text filtering and cultural politics of the nets >> # more info: http://mx.kein.org/mailman/listinfo/nettime-l >> # archive: http://www.nettime.org contact: [email protected] >> # @nettime_bot tweets mail w/ sender unless #ANON is in Subject: > # distributed via <nettime>: no commercial use without permission > # <nettime> is a moderated mailing list for net criticism, > # collaborative text filtering and cultural politics of the nets > # more info: http://mx.kein.org/mailman/listinfo/nettime-l > # archive: http://www.nettime.org contact: [email protected] > # @nettime_bot tweets mail w/ sender unless #ANON is in Subject:
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