Crypto Currency Exchanges, No News is Good News and All News is Bad News.

A case of No News is Good news and All News is Bad News when it comes to the Crypto’ Currency Exchange Markets..
Fundamentally there are two positions, One Centralised FIAT Currency on one extreme and at the other an infinite number of ( Complementary, Competing) Crytpo’ and FIAT Currencies and other means of exchange’.
With the Crypto Market being at around 500 billion dollars it registers as a Player sized entity in the regular Markets of Capitalism it poses a risk only in the danger that it sets a Good example that challenges Petro Dollar Hegemony.


https://www.zerohedge.com/news/2018-05-10/cryptos-crash-after-nvidia-forecasts-big-drop-mining-demand 

Cryptos have been hit with a double whammy today.

Around 1pmET, the entire space tumbled almost instantly as large blocks went through in Bitcoin, with chatter suggesting the MtGox custodian was unloading once again. Prices quickly stabilized once that selling pressure abated.

However, shortly after the US market closed at 4pmET, Nvidia announced its results, posting quarterly sales that topped expectations.

However, NVDA shares fell as the company revealed for the first time that a bigger-than-anticipated portion of the demand for its powerful graphics processors came from the volatile cryptocurrency market.

And then the company said that while it generated $289 million in sales to cryptocurrency miners in the first quarter, Chief Financial Officer Colette Kress said that the company expects cryptocurrency-related revenue to fall 65% to about $100 million in the next 

This Tweet I responded to yesterday is something of the scale of the situation and in the Old Adage of First they Ignore, then they Laugh and then they Fight then you win. 
Winning is a curious Notion as in a functioning monetary system there is no winning only taking part.

Daniel Lacalle‏Verified account @dlacalle_IA

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The Petroyuan “challenge” to the USD in one graph. Weekly volume in Brent, WTI and nano-minuscule-microscopic-irrelevant Petroyuan (via @Ole_S_Hansen) #OOTT #Petroyuan

9:29 AM – 10 May 2018

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1. 1. Roger Glyndwr Lewis‏ @RogerGLewis 19h19 hours ago

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      Replying to @dlacalle_IA @Ole_S_Hansen

      Mighty Oaks from Little Acorns. or perhaps the Longest March begins with a single Step. http://letthemconfectsweeterlies.blogspot.se/2018/04/re-opinion-turning-against-maywait-to.html … Daniel not endowed with any prescient forsight I see. https://letthemconfectsweeterlies.blogspot.se/2018/03/energy-returned-on-energy-invested.html …

      

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Richard Werner‏ @ProfessorWerner May 9

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Yes, it would.

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John Hearn‏ @jbhearn 21h21 hours ago

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Economists like Mosler will always be applauded because they have wacky ideas that spend money from nowhere and aim to benefit everyone. When it all goes wrong they are still applauded because they cared and they tried. The economist who says it is not possible will be ignored.

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Richard Phillips‏ @richyphillips

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Replying to @jbhearn @ProfessorWerner and 2 others

@wbmosler @StephanieKelton @StevenHailAus @billy_blog @ProfSteveKeen apparently your ideas are wacky!?

8:29 AM – 10 May 2018

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   Roger Glyndwr Lewis‏ @RogerGLewis 19h19 hours ago

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   Replying to @richyphillips @jbhearn and 8 others

   https://letthemconfectsweeterlies.blogspot.se/2018/05/to-richard-murphy-and-mmt-witch-finder.html … … #TurkeysandChristmas #So what do you know about money John or more precisely what are you beliefs about money?

   

   
   

   

   

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   Roger Glyndwr Lewis‏ @RogerGLewis 19h19 hours ago

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   @wbmosler @StephanieKelton @StevenHailAus @billy_blog @ProfSteveKeen apparently your ideas are wacky!?https://letthemconfectsweeterlies.blogspot.se/2018/05/to-richard-murphy-and-mmt-witch-finder.html …

   

   
   

   

   

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2. 1. Steve Keen‏ @ProfSteveKeen 14h14 hours ago

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      Replying to @richyphillips @jbhearn and 7 others

      In this case, whackiness is in the eye of the beholder.

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The establishment Gatekeeper position on Centralised IBS models of International Floating exchange rates and debt based money has been taken up by Richard Murphy the Tax Evangelist.

http://www.taxresearch.org.uk/Blog/2018/05/06/why-positive-money-is-wrong/comment-page-1/#comment-805559

All of the comment I made on the discussion have been removed but I kept copies in this series of Posts. Richard Murphy and the MMT School knowingly or not are carrying water for the Status quo which is effectively privatised and centralised money creation as debt based instruments. People like Richard Murphy, Mosler, Wray and Mitchell are frankly part of the problem.

http://letthemconfectsweeterlies.blogspot.se/2018/05/why-richard-murphy-disagrees-with.html

http://letthemconfectsweeterlies.blogspot.se/2018/05/to-richard-murphy-and-mmt-witch-finder.html

http://letthemconfectsweeterlies.blogspot.se/2018/05/mmt-and-money-creation-reading-lists-my.html

This recent discussion between Keen and Mosler is worth struggling through, Mosler clearly shows how he is on the Ought side of the Is Ought Dichotomy.

Hume discusses the problem in book III, part I, section I of his book, A Treatise of Human Nature (1739):

In every system of morality, which I have hitherto met with, I have always remarked, that the author proceeds for some time in the ordinary way of reasoning, and establishes the being of a God, or makes observations concerning human affairs; when of a sudden I am surprised to find, that instead of the usual copulations of propositions, is, and is not, I meet with no proposition that is not connected with an ought, or an ought not. This change is imperceptible; but is, however, of the last consequence. For as this ought, or ought not, expresses some new relation or affirmation, ’tis necessary that it should be observed and explained; and at the same time that a reason should be given, for what seems altogether inconceivable, how this new relation can be a deduction from others, which are entirely different from it. But as authors do not commonly use this precaution, I shall presume to recommend it to the readers; and am persuaded, that this small attention would subvert all the vulgar systems of morality, and let us see, that the distinction of vice and virtue is not founded merely on the relations of objects, nor is perceived by reason.^[1][2]

 https://en.wikipedia.org/wiki/Is%E2%80%93ought_problem

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1. Roger Glyndwr Lewis‏ @RogerGLewis 1h1 hour ago

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   Roger Glyndwr Lewis Retweeted John Lounsbury

   Thanks for this series of tweets. There are better ways of doing Money EROI or emboddied energy metrics is the key. DIstributed Computing & smart contracts make direct democracy and real time Means of exchange accounting possible now! http://letthemconfectsweeterlies.blogspot.se/2018/03/energy-returned-on-energy-invested.html … …

   Roger Glyndwr Lewis added,

   John Lounsbury @jlounsbury59

   Replying to @RogerGLewis @jbhearn and 7 others

   Roger, Twitter is not best format for such an open ended question. I see money being created endogenously in the economy and believe there should be discussion of some being created exogenously. I see money as medium of exchange rather than store of value. cont.

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2. Roger Glyndwr Lewis‏ @RogerGLewis 1h1 hour ago

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   Roger Glyndwr Lewis Retweeted John Lounsbury

   Thanks for this series of tweets. There are better ways of doing Money EROI or emboddied energy metrics is the key. DIstributed Computing & smart contracts make direct democracy and real time Means of exchange accounting possible now! http://letthemconfectsweeterlies.blogspot.se/2018/03/energy-returned-on-energy-invested.html … …

   Roger Glyndwr Lewis added,

   John Lounsbury @jlounsbury59

   Replying to @jlounsbury59 @RogerGLewis and 8 others

   3) The system precludes balancing the books on money flow and therefore ensures growth and contraction cycles with periodic debt deflation. Is there a more efficient system to sort out good from bad investments? Do we throw the baby out with the bath water sometimes?

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3. Roger Glyndwr Lewis‏ @RogerGLewis 1h1 hour ago

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   Roger Glyndwr Lewis Retweeted John Lounsbury

   Thanks for this series of tweets. There are better ways of doing Money EROI or emboddied energy metrics is the key. DIstributed Computing & smart contracts make direct democracy and real time Means of exchange accounting possible now! http://letthemconfectsweeterlies.blogspot.se/2018/03/energy-returned-on-energy-invested.html … …

   Roger Glyndwr Lewis added,

   John Lounsbury @jlounsbury59

   Replying to @jlounsbury59 @RogerGLewis and 8 others

   2) Money created only via credit as presently formulated creates by accounting a system in which not all credit can be repaid because the amount lent does not include money for interest and money for savings outside the credit issuing system. cont.

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4. Roger Glyndwr Lewis‏ @RogerGLewis 2h2 hours ago

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   Energy Returned on Energy Invested, Surplus Energy Economics Data Base ( SEEDS) Embodied Energy CIrcular Economy. http://letthemconfectsweeterlies.blogspot.com/2018/03/energy-returned-on-energy-invested.html …

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5. Roger Glyndwr Lewis‏ @RogerGLewis 2h2 hours ago

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   Crypto Currency Exchanges, No News is Good News and All News is Bad News. http://letthemconfectsweeterlies.blogspot.com/2018/05/crypto-currency-exchanges-no-news-is.html …

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6. Roger Glyndwr Lewis‏ @RogerGLewis 2h2 hours ago

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   Energy Returned on Energy Invested, Surplus Energy Economics Data Base ( SEEDS) Embodied Energy CIrcular Economy. https://letthemconfectsweeterlies.blogspot.com/2018/03/energy-returned-on-energy-invested.html …

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