Trust Farming Made Famous
Since 1801 the motto of the London Stock Exchange has been ‘my word is my bond’ (dictum meum pactum), where bargains are made between brokers without exchange of documents or written pledges.
The phrase also became synonymous with hip-hop music during the closing decade of the last century — its origins are biblical; the book of Matthew speaking of the importance of the word and how it links to a persons soul.
Ideal Language
Ludwig Wittgenstein was a philosopher of mind, mathematics and language who best understood the meaning of words within a given language-game. He rejected language as separate from and corresponding to reality: rather he believed there needn’t be any specific or explicit definition [for language] to hold meaning.
It was emphasised in Wittgenstein’s earlier work on the need to create an ideal language — also known as formalism — which was to be free from ordinary language, which, in Wittgenstein’s opinion, made philosophy invalid.
In his Tractatus Logico-Philosophicus, Wittgenstein’s work contains almost no arguments as such; rather consisting of declarative statements or passages intended to be self-evident.
There has been interpretation of Wittgenstein that centres on a rule-following paradox which undermines the possibility of our ever following rules in our use of language.
Triffin Dilemma
There is suggestion a word comes from the moment it was pinned to something and then propagates through time [from this point]. This is relevant in how a word becomes traceable and transitional— and also akin to tracing the origins of money and how different economic trends behave with fashion like characteristics, bestowing meaning and quality within the money context, without any necessary obvious reason as to why and [perhaps] even with contradiction.
Such reality can only be explained by belief.
To such regard, the observation [on the paradox] at the heart of the portmanteau Kripkenstein can be applied to a paradox in play within international monetary economics; namely Triffin.
In observation; “the country whose currency, being the global reserve currency, foreign nations wish to hold, must be willing to supply the world with an extra supply of its currency to fulfil world demand for these foreign exchange reserves, thus leading to a trade deficit.” [Wikipedia].
Bitcoin as Language in a Language Game
“Specifically, the Triffin dilemma is usually cited to articulate the problems with the role of the U.S. dollar as the reserve currency under the Bretton Woods system. John Maynard Keynes had anticipated this difficulty and had advocated the use of a global reserve currency called ‘Bancor’.” [Wikipedia]
Maintaining the bonds of words in games of self-interested agents, as played out on the stage of world sovereigns, refracts in semantics on how the words and their meaning evolves to such context and in such [context] as reflected in Wittgenstein’s and Kripke’s works.
A relatively simple notion of trust emerges and the idea of trust optimisation in the form of an ideal. And if such a trust cannot be spoken of easily in finding the common soul — that is more implicit in a tendency to silence or contemplation across sovereign translation — then it also occurs Bitcoin may have been purposefully created to not computationally scale beyond the deliberately imposed limitations of its genesis rules.
