Saturday, July 6, 2019


There are many facets to a complex idea. The core ideology of these annals, for example, is that our chosen money system is at the root of our moral decay. And furthermore, a free market in gold will do much to cure this ailment. But these are far from "mainstream consciousness" ideas. Indeed these thoughts are discouraged by the operators of our chosen money system. And even this statement is subject to the conditioned response: "check against social correctness".

Alas, to organize the many proofs of argument which support Roacheforque's core ideology would be endlessly tedious. But occasionally, a new proof, or a new branch of one, inspires a new post, and so on. One such branch was revealed through a recent Quora dialogue concerning Ripple's use of XRP.

As I was digesting the implications of the discussion, my thoughts wandered into a new direction. With cryptocurrencies, what are market participants actually investing in? This is not a simple question, so let it sink in a bit. And then consider ... what is the meaning of "investing" in this context.

These thoughts above are merely a different approach toward the popular notion that the traditional definition of "investing" has come under some degree of scrutiny lately. From Google:
gerund or present participle: investing
  1. 1.
    expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.

    "the company is to invest $12 million in its new manufacturing site"

When we put money into "financial schemes" is this the activity of investing or speculation? Look up the word "speculate" and you will find their definitions almost completely synonymous.

There once was a distinction between "investing" and "speculating", when fiat dollars were restrained by gold. And then things changed.

It may seem quite a leap to associate the change in our financial markets, and their activities - indeed the very definition of what market participants are actually doing in the markets - to a change in the nature of our money. But this is because ... as our paradigms shift, our definitions change with them.

When the world's global reserve asset is truly FIAT in nature, the financial markets are now the issuer's CASINO. The owners issue the betting chips, unleashing a paradigm-changing event in the nature of the marketplace.

We all have no doubt heard the many references to our global "casino economy" or "casino markets", but have we truly examined how they got to be this way? It is the fiat betting chips we call "dollars" that enable our casino mentality, our "inveculation". Before the 1970's, a free marketplace existed, as regulated by the somewhat democratic participation of world-wide market participants. I say "democratic" as in more "balanced", since no single player had the supreme advantage of being able to issue and dispense unlimited units of exchange at will (without those units soon finding their way back into bidding for the issuer's gold reserves).

But since the advent of the fiat dollar derivative, the marketplace is a feudal empire run by the issuers of the betting chips, and their proxies. The casino owner can never be broken when they can issue as many chips as it takes to completely manage any market (if the trade is important enough). There is no whale that can outmaneuver a casino that can issue unlimited wagering units at will, whereby the units remain valid throughout the play.

And this has in essence gradually moved our definition of "investing" to one of "speculation", as our market paradigm has gradually shifted. We no longer invest in a fundamental market place, we speculate on the machinations of the Casino chip managers. There is really no difference between the two activities other than the inclusion of the word "risk" in the definition of speculation. As if "investing" in today's "market" does not entail risk? Ask Bill Gross.

So now, back to the discussion that inspired this proof of concept. What actually are we investing in? ... or speculating in? ... when we participate in the cryptocurrency trade?

Why, betting chips of course.
The implications of this?
Time will tell, as the world decides ...


  1. Care to share your Quora link? Ripple's Brad Garlinghouse recently spoke (only private sector attendee to speak) at a conference of Central bankers in Switzerland. In the spirit of sharing:


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