Fartcoin . . .

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Did you know there is a crypto currency called . . . Fartcoin? And that it is “worth” $1.5 billion? Yes, really. You can read a detailed article about it by David Stockman – Reagan’s director of the Office of Management and Budget (OMB) – here.

In German, there is something kind of similar. It is called the Geldscheisser. If you understand German, you will know what that means. Money that just kind of appears and – somehow – has value.

But at least the Geldscheisser’s coins are real. They drop out of you know where and into your hand. Fartcoins are vaporware – so to speak. Aren’t Bitcoins and other iterations of “crypto” currency the same?

They are created out of nothing – presto! – and via acceptance of their “value” they come to have it. But how can there be value behind nothing? Put another way: Isn’t the value entirely perceptual? Dependent upon lots of people agreeing there is – somehow – value – in  medium of exchange that has no value except insofar as people agree that it does?

Weird, isn’t it?

In principle, people might agree that a Caligula has value – and I suppose then it would. Do you know the story? It goes roughly as follows: The Emperor Caligula decreed that his Caligulas were valuable. And so they were. Instead of flushing them as we do, they were treated as if they were precious. Of course, the people didn’t have much choice. It was not healthy to gainsay the value of a Caligula when Caligula was emperor.

Federal Reserve Notes – the pieces of paper we’re forced to accept as currency – are also Caligulas when you think about it in that their value is also dependent on people accepting that they’re valuable, even though they’re just piece of paper and the only real value they have is to wipe the aftermath of a Caligula.

How much value has a $1 million Reichsmark note from Weimar Germany? How about a Confederate dollar?

How about a Federal Reserve Note . . . in 50 years from now? Or perhaps a few months from now?

It is very unsettling to realize that the currency we use is – essentially – worthless. That whatever shaky value it possesses is entirely ephemeral because it is entirely dependent upon shifting perceptions of value and none of that is under our control.

Everything we have saved up in the bank (or under the mattress) and every penny of “value” we think we have in 401ks and so on could be of little-to-no-value just like that.

Federal Reserve Notes do have one thing in their favor, though. The “full faith and credit” of the federal government. That’s kind of funny, of course. But it is something. So long as people continue to have faith in the credit of the federal government.

What is the faith backing up Fartcoin? Or any other iteration of “crypto”? It seems far more ephemeral and is absolutely much more volatile.

I “hold” a small amount of Bitcoin. In italics because it’s strange to speak of holding anything you cannot get a hold of – with your hands. Its value fluctuates wildly, daily. One day – yesterday, for instance – my “assets” (this is the term used) are worth (ahem) $521. The very next day, they are worth $470. Say what you will about Federal Reserve Notes but while they lose value steadily, they generally do not lose that much value suddenly. It is the difference between a tire that’s leaking air and a blowout.

It is this sudden – and largely unpredictable – volatility that enables some people to make a fortune via Fartcoin and other iterations of crypto currency. It is, in other words, a form of gambling. You buy some “coin” chiefly in the hope that its value will spike and that you will be able to sell (and reap the difference) before its value plummets. Then you buy it again – when its value has plummeted – in the hope that you’ll be able to cash in again, when its value spikes again.

Other forms of currency can be gambled with in the same way, it’s true. But their physicality – their reality – does seem to serve as a check on the spikes (and the dips). If I have $500 in my checking account at the bank today, I can confidently write a check to pay a bill in that amount. But with crypto, that check might just bounce.

Of course, it could bounce up, too- and that appears to be the attraction or at least one of them.

Not to me, though. And maybe you feel the same. I’d rather just have sound money in my pocket. Maybe one day we will, again.

. . .

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5 COMMENTS

  1. “Put another way: Isn’t the value entirely perceptual? “

    Yes, of course. Isn’t this the essence of what Ludwig Von Mises said?

    For many, the “value” of an ice cream cone is higher in July vs. December? I.e. time preference of money.

    Same for gold, same for Federal Reserve notes, bitcoin, or for Caligula’s. It’s all only worth what someone thinks it’s worth and is willing to exchange goods or services for it at a particular point in time.

    Maybe we’ll get sound money again someday but I don’t think it will happen as long as the empire exists. Too many are 100% dependent on the status quo to allow a move away from Federal Reserve Notes.

  2. That article got me to thinking how Martin Armstrong says the value of the Dollar is determined by the confidence people have in the government.

    I know a few people irl who have lotsa confidence in the government,… & in the priest class in white robes & stethoscopes, etc. They all seem to share certain qualities I simply do not understand.

    Went to USAWatchdog.com to see if Martin Armstrong had any other insights into the value of the Dollar & other things.
    The titles of the recent interviews, whew:

    ‘Vast Devaluation of Dollar Coming in 2025 – Craig Hemke’

    ‘Embalmers Keep Finding Fibrous CV19 Vax Clots – Tom Haviland’

    ‘CV19 Bioweapon Shots are Democide on a Global Scale – Dr. Betsy Eads’

    ‘Trump Admin: Fight Between Freedom & Deep State Control – Catherine Austin Fitts’

    ‘Sugar Juice & Fraud Propped Up Failing Biden Economy – Ed Dowd’

    ‘Depression, Debt, Default & Destruction in 2025 -Martin Armstrong’

    I cannot imagine anyone who has high confidence in the Dollar, the gobermint, or Western medicine & the educational system even watching interviews about those subjects. Is willful blindness a requirement to play all confidence games?

  3. I’m having flashbacks of Ron Paul asking Ben Bernake if gold is money.

    Channeling Dr. Paul, is fartcoin, bitcoin, or any other blockchain money?

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