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The Big Put: ON POST-CAPITALIST VALUE FORMS AND VALUE CALCULUS

DESCRIPTION

The Economic Space Agency project is to create new (post-capitalist) economic space and tools for people to start operating and exploring this space. ECSA’s commitment to token buyers and indeed all agents within new economic space is that our token issuance will remain in direct proportion to trends in the value of produced output. There can be no guarantee that ECSA tokens will trade at this price, but there can be a guarantee that we can produce an internal unit of account that complies with this goal. A standard approach in the cryptoeconomics literature is that value relates to the classical identity MV = PQ. In the ECSA context, where we are creating an economy (series of interactions in distributed value productions) rather than only a trading platform, we believe we can measure each M, V, P and Q in novel ways that are specific to the ECSA mode of organization and data collection. This session concentrates on our take on the MV = PQ, or on how to attach into programmable organizations their own units of account (their own values, their own measurements and performance metrics of that value) and how to create derivative instruments (tokens) on these indices, which, trading against each other, reveal a value graph that encodes how new value forms can be measured and transacted relative to each other without going through “money”.

The ECSA token system can be framed as a put option on capitalist value calculation: people buying the ECSA token are purchasing access and relation to new value forms and thus a difference to capitalist calculation of value. ECSA is offering the right for agents to part with/sell out of capitalist calculus of value. We call it a put option as a statement of our long position as a difference to valuing and calculating just “profit” — the value of a put option rises as the value of the underlying asset (capitalist value, or more precisely, capitalist perspective on value, how it is created and captured) declines. In this session we explain the ‘big put’ as an exploration of how to organize the production of value and how calculate value in ways different from those that define capitalism.


Material:

Economics back into Cryptoeconomics
https://medium.com/econaut/economics-back-into-cryptoeconomics-20471f5ceeea

Cryptoeconomics working sessions 2 at NYU/Stern

https://medium.com/econaut/cryptoeconomics-working-sessions-2-at-nyu-stern-424dee379cfc

Short videos on the ECSA Stack:

The ECSA Tech Stack in 30sec (video)

Gravity and the history of computing: Small Talk, Self, Xerox Parc, ocap, Mark Miller, stateful multiagent programming language…(video)

On Gravity 1: Balancing privacy with the utility of aggregating data (video)

On Gravity 2: Informational integrity of network derivatives (video)

On Gravity 3: What becomes possible: decentralized exchange, stable unit of account, bridging of different value forms (video)

On Space 1: Programming organization (video)

On Space 2: Token architectures in programmable economy (video)

On Space 3: Economy is a game (video)

Earlier Event: October 2
Mechanism Design Working Group