I’ve received an email with a suggestion that #Ercoin should use #proof_of_work to obtain “intrinsic value”.

The problem with such thinking is that the labour theory of value (offen associated with #marxism) has been refuted. The work in general has no value in itself. The fact that work has been performed may provide “psychological value” for some, but there’s no real utility associated with it. More on this topic: mises.org/wire/labor-theory-va

#cryptocurrencies #economics


@KrzysiekJ In Marx' theory nobody cares how hard one works. The relevant 'unit' in this context is the socially necessary labour time. The main problem with it (or better misunderstanding) is that it's a theoretical tool, not a unit you can quantify.

@stefannagy Doesn’t Marx however compare labour quantitatively, like “if this commodity is exchanged for two times the price of that commodity, then it requires two times more labour to be produced”?

@KrzysiekJ Have a look at the wikipedia article about socially necessary labour time, it's quite good: en.m.wikipedia.org/wiki/Social

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