What makes money social constructed

Within the social constructionist strand of postmodernism, the concept of socially constructed reality stresses the ongoing mass-building of worldviews by individuals in dialectical interaction with society at a time. Social Problems. To accept cookies, click continue. I would like to ask you to read my book that appears in my web-site. Toggle navigation. Social construction.

Bitcoin is a system with many strict rules but without any rulers. This is made possible because the rules are enforced by each and every user of the. Changing the existing rules conxtructed nearly impossible, but new rules can be added if consensus is achieved. For this reason, the users of bitcoin must defend their position as the rule enforcing part of the ecosystem. Rules-without-rulers is a feature that distinguishes bitcoin from all other monetary systems, and this feature alone may represent the main reason why bitcoin has obtained value in the first place.

Creole Culture and the Social Construction of Space

A social construct is something that exists not in objective reality, but as a result of human interaction. It exists because humans agree that it exists. Some examples of social constructs are countries and money. It is easier to see how countries could be social constructs than it is to see how money is a social construct. Countries would not exist were it not for human interaction. Humans have to agree that there is such a thing as a country and agree on what a country is. Without that agreement, there could be no countries.

The Social Construction of Race

Bitcoin is a system with many strict rules but without any rulers. This is made possible because the rules are enforced by each and every user of the. Changing the existing rules is nearly impossible, but new what makes money social constructed can be added if consensus is achieved. For this reason, the users of bitcoin must defend their position as the rule enforcing part of the ecosystem.

Rules-without-rulers is a feature that distinguishes bitcoin from all other monetary systems, and this feature alone may represent the main reason why bitcoin has obtained value in the first place.

The value is the quality of the service performed by the plumber and in the tastefulness of the bread produced by the baker. If the plumber performs a service that takes one hour to finish; how many breads must the baker produce to deliver a corresponding amount of value?

Money is a tool that allows for a measurement of different values so that the above question can have a satisfying answer.

All of the above features applies to bitcoin in exactly the same way as they apply to the dollar or to any other form of money. Money is not inherently valuable but becomes valuable as a social construct as a useful tool. Money is given its value from the perception of its users. The act of accepting money as a medium of payment for something of actual value; gives value to the money. With this understanding in mind there are two very important differences between the dollar as a social construct and bitcoin as a social construct:.

The dollar has the advantage of legal tender status. This means that when offered the dollar as payment, the plumber and the baker are required by law to accept this medium of payment. When the plumber and the baker receives the dollar in their bank accounts, they can know with a high degree of certainty; that those are valid money in compliance with the rules that is enforced by the inherent authority. Anyone who accepts bitcoin as a medium of payment does so entirely voluntary.

This means that users voluntarily choose to give bitcoin its value. But since bitcoin does not have an inherent authority, the acceptance of bitcoin comes with a special responsibility:. It is the responsibility of the user to independently check the validity of an incoming bitcoin transaction. To do this, the user must be connected to a fully validating node that is owned and controlled by the individual user. This is the only way to use bitcoin in a completely trustless manner without reliance an any third party.

The rules of bitcoin are enforced by the users through their act of validating. Users are enforcing the rules of bitcoin by only giving value to the coins that are valid in the eyes of the user. It has become clear that certain forces have a great desire to become an authority within bitcoin.

They fight to obtain a degree of control. Bitcoin users have the option to control their own social construct and that is the power of a validating node. Bitcoin users must continue to enforce the rules of their social construct.

Validating nodes, run by the users themselves; makes sure that value is given exclusively to a social construct that is valid in eyes of the user. Unfortunately this question can never have a definitive answer, because there are no inherent authority that can decide what that answer should be.

Maybe asking for a definition is asking the wrong question. As a user, your interest will be best served; if you choose to exclusively give value to the version of bitcoin that you perceive as the real bitcoin. The following is a train-of-thoughts that represents my personal perception of The-Real-Bitcoin:. They are the. By enforcing the consensus rules with my own validating node I will exclusively accept as valid payment; the version of bitcoin that is my perception of The-Real-Bitcoin.

Highlighted in green what makes money social constructed an explicit warning against the use of SPV wallets. In the current environment this warning should not be taken lightly.

SPV is a way of transacting in bitcoin without independent validation of incoming transactions. The SPV client does not enforce any rules and is basically just trusting the information it receives from random nodes. Some modern SPV wallets e. GreenBits gives you the ability to connect exclusively to your own fully validating node.

This solution offers you the power of enforcement in combination with the convenience of a mobile wallet, and makes you completely immune to the attack that Satoshi warns about in the white paper. It is technically possible for the bitcoin blockchain to split into two different chains, while still having both chains considered as valid within the current consensus rules those rules that are enforced by users. In fact this happens on a weekly basis and is a completely natural behaviour of the bitcoin blockchain.

Due to this phenomenon, the bitcoin blockchain is dependent on a specific solution an automatic function that resolves the splits when they occur. Satoshi designed bitcoin in such a way that when two valid chains are formed in parallel, then the chain with the most accumulated proof-of-work is the chain that matters. The other chain simply gets deleted from history.

A valid chain; is a chain where all the blocks are in compliance with all the consensus rules that existed when each block was created. An invalid chain; is a chain that contains at least one block that is not in compliance with the consensus rules that existed when that block was created. This particular solution or automatic function has unfortunately become the source of a widespread misunderstanding when it comes to how bitcoin actually works.

The Bitcoin White Paper talks about this functionality, but it does not say anywhere that the miners can use this function as a mechanism to change the rules of the ecosystem. The point here is that the attacker cannot use his overwhelming hash-power to effectively change the social construct the rules of the ecosystem. No amount of hash-power can change the rules of bitcoin, because the social construct is still controlled by the users and their validating nodes.

Those validating nodes care only about hash-power that is in compliance with their rules. They are in fact completely blind to any chain that breaks their rules, no matter how much hash-power that chain contains. While it is possible for the attacker to cause some short term disruption within the rulesSatoshi explains that this particular attack will have economical consequences for the attacker:.

Follow me on Twitter: The1Brand7. Brand7 The1Brand7. Tweet This. The enforcement of rules without rulers may perhaps be the biggest innovation behind bitcoin. But this doesn’t mean that no one is trying to become the ruler… For this reason, the users of bitcoin must defend their position as the rule enforcing part of the ecosystem.

To understand how bitcoin can hold value, we must first take a step back and ask: What gives money value? Put simply: — Users of money give money its value. With this understanding in mind there are two very important differences between the dollar as a social construct and bitcoin as a social construct: 1: The acceptance bitcoin is completely voluntarily, while the acceptance of dollar is not. In other words; they are required by law to give the dollar value 2: The dollar has an inherent authority the state that enforces the rules of the dollar.

It might be better for everyone to ask themselves: What is my own perception of bitcoin? It is technically possible for the bitcoin blockchain to split into two different chains, while still having both chains considered as valid within the current consensus rules those rules that are enforced by users In fact this happens on a weekly basis and is a completely natural behaviour of the bitcoin blockchain.

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Makss of Sex Differences. Money is not inherently valuable but becomes valuable as a social construct as a useful tool. The monwy mind. Jump to: navigationsearch. Social constructionism is a theory of knowledge what makes money social constructed sociology and communication theory that examines the development of jointly-constructed understandings of the world that form the basis for shared assumptions about reality. He writes «Perhaps the most widespread and influential product of this process [coming to terms with the legacy of postmodernism] is social constructionism, which has been booming [within the domain of social theory] since the s.