The Zombie Ship of Theseus

Keith Weiner with a stroll down monetary Memory Lane, to and through Bitcoin

Leave it to Keith to get way outside the box when viewing money, (funny) munny, gold and Bitcoin.

“The Ship of Theseus is an old philosophical thought experiment. It asks a question about identity. Suppose you replace all of the boards of a ship with new ones—is it still the same ship?

We are not going to try to resolve this millennia-old paradox. Instead, we are going to add one more element, and then tie it to the monetary system. The additional element is what if the replacement boards are adulterated in some way. That is, each new board is warped, or weakened, or otherwise not fit for purpose.

It should be clear that replacing boards with unsound wood does not alter reality, only the ship. It does not remove any constraints such as the need to be watertight. It does not make anything better, only adds new flaws.

Let’s call this new ship, with each original board replaced with these adulterated boards, the Zombie Ship of Theseus. It looks like the Ship of Theseus. However, it does not work like it. It has been corrupted to work in a different way, i.e. to lull sailors into going out to sea, where a storm will drown them.”

The Zombie Ship of Theseus

In the article he brings us along through the sad history of plank replacement for the Good Ship USS Lollipop.

From post-Civil war monetary actions to the creation of the Creature From Jekyll Island, err, the Vampire, err that is, the Federal Reserve… to the first decoupling of gold from the system (how convenient to a Ponzi scheme now going on a century in progress) to the final break under Nixon, to…

“Bitcoin: The newest devolution”

In classic Keith form he concludes…

“Bitcoin’s value is at the whims of the speculators. It could be a penny or a million bucks, and it probably will.”

Check out the link and enjoy an article from one the soundest gold/monetary writers/analysts out there. They are few and far between. Oh, and I am still long the Bitcoin spec BITO. This position will be decided by the speculators, not monetarists. As per NFTRH 687’s Currencies segment that includes daily and weekly charts of Bitcoin…

“It’s a trade, folks. My BITO position is a trade on a speculation and for me that’s all it is. What’s more, said trade will only last as long as BTC holds the support cluster from September. I will not accept lower lows to the December lows.

The weekly chart is still, frankly, disgusting. BTC needs to get back above the SMA 200 (above) quickly or I will release it with little hesitation. To say that I am still not a fundamental believer in Bitcoin as an investment would be accurate.”

It probably does not need to be said, but I have no relationship with Keith Weiner whatsoever other than mutual follows on Twitter (last I looked) and that I used to publish his articles at my old website. It’s just that I respect an honest gold guy who’s not playing to the cheap seats.

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