Bitcoin, Value, Belief


Value is much less concrete or certain than the artefacts and entities we anchor it on and, consequently as a function not dissimilar to the ways in which systems of belief require no basis in fact, this means that perceived or asserted value need have absolutely no foundation upon verifiable, validated or substantive (material) objects.

Actually, this critical absence might be argued to inversely inform the significance of the distributed ledger technology. That is, the volatile uncertainty of a world in which value is so clearly arbitrary (hence fragile) and subject to catastrophic fluctuation, dissipation or disassembly provides the technological (as proxy ecosystem) niche in which the distributed ledger thrives. Uncertainty can in this way be proven useful, even if causal explanation also suffers from intractable uncertainty as ontological and epistemological shifting sands.

This complexity self-propagates as autopoietic; it generates its conceptual and technical ancestors as a recursively self-gravitating system that reproduces itself. Bitcoin may not have been inevitable but, as a function of stochastic factors, something like it probably was.

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