Wednesday, March 05, 2014

Thought Experiment

Replace the word "Bitcoin" with the words "Beanie Baby." Or, "tulip bulb."


"I am in Japan and have deposited 12.499 million Yen (about USD 122,000) at Mt. Gox from October to December 2013. I currently have 175 Beanie Babies and 13,000 Yen in cash at their exchange. I also have a Premium status account [ROTFL]. Please let me know how to proceed. That was most of my retirement money."

(qv. Benjamin's distinction, emphasized in Arendt's foreward to Illuminations, between producers and agents)

FULL DISCLOSURE:  I read up on Beanie Baby mining after reading a New Yorker article on the mathematics of mining & the Winklevoss twins' involvement with Beanie Babies.   How much did I read?  Enough to fully grasp the mechanics of mining, & also enough to know that I had no personal interest in mining Beanie Babies, or in dealing with the shrill techno-libertarians who had rallied around Beanie Babies like seagulls on a sandwich.

FURTHER FULL DISCLOSURE: One of my most prized possessions is Scat, a little grey Beanie Baby cat (qv. many previous photographs).  But he's family, not a speculative so-called "investment medium."

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