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Cake day: July 3rd, 2023

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  • When you have commodity money, the value of the money is derived from the value of the commodity.

    The value of the commodity acts as a floor, but the face value is dictated by supply and demand, and demand usually exceeds supply, driving it significantly above the floor. Take gold, for example. Gold’s intrinsic values are (1) it’s pretty and can be used to make decorative items, and (2) it has some applications in electronics. It can’t be eaten, can’t be worn, and it’s too soft even to make tools out of it. Yet, its extrinsic value is huge, because it is publically seen as a good medium of exchange and so a lot of people want it.
















  • Maybe they are willing to sell and are just saying this to drive up the price.

    Or maybe they don’t want a competitor to have access to their secret algorithm, and threaten them globally. This way they lose only one market.

    Another possibility is that they will teach users how to use a VPN, and are confident that enough of their users will do it.

    Or maybe they think saying they’re willing to shut down will make some of their users lobby against this bill / organise protests / call their representatives. (This probably won’t work.)

    Companies are ultimately motivated by money. They will do whatever underhanded trick they can think up to get it.