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Minecraft Economics: How the Nether Update uses the Subjective Theory of Value

What is an emerald worth in Minecraft?


An emerald is the currency used in the popular game Minecraft for trading with NPCs called villagers and wandering traders. Emerald ore is an extremely rare resource in the sandbox world, yet every employed villager has quite a few to trade with the player. However, players have wondered how the emerald compares with real world currency. One YouTube Video by GameTheory tried to find this answer. First, they tried to convert it by comparing the USD cost of bread with the cost of bread in the game, but found that conversion does not translate to other goods. Next they used the labor theory of value to try to determine the USD to emerald conversion, but again came up with a nonsensical conversion. Finally, they tried to assume emeralds have an inherent value in real life and work backwards to determine the in-game USD cost. After using all of these methods, they come to the accurate conclusion that it's not really possible to convert emeralds i…

Bitcoin's Best Endorsement Yet





The federal government is concerned about the role cryptocurrencies play in the drug trade - just not enough to hand over the bitcoin they confiscated from the Silk Road. They’re concerned about unlawful behavior - but not enough to close down their concentration camps. The dollar’s hegemony is apparently of concern as well - but only after they’ve extracted 98% of it’s value.

Based on the president’s tweet storm below, it’s clear: The federal government is concerned about the subversive effects of cryptocurrencies. Well, no shit. That’s the whole point.


The President's illiterate rambling in it's entirety

For over a century they’ve forced us to use trash as a currency so they can pilfer our livelihoods to make war in distant lands and force dependability on our family, friends and neighbors. It’s been a profitable racket to say the least. Generations of parasitical politicians have successfully relied on a cartelized banking sector to finance re-election schemes in order to retain their delicate grasp on power.


Well, no more.

Despite the president's inclinations, humanity will continue to use bitcoin in order to facilitate non-violent, mutually beneficial exchange at an increasing rate and if governments attempt to censor our transactions, we’ll utilize cryptographic privacy features like CoinJoin or CashShuffle. Those of us who prefer anonymity over pseudonymity will use privacy coins.

And guess what? There isn’t a damn thing any of the leeches who infest the state legislatures, or the halls of Congress, or any Parliament, can do about it.

Oh, btw - while we’re at it, we’re going to tokenize the securities market to destroy FINRA and the SEC. More on that here.

No one can escape the economic consequences of irresponsibility and inefficiency. Eventually, the market catches up to all of us - even the state. It seems that governments around the world are finally waking up to the reality of a privatized, decentralized, and tokenized future.


A future in which they play no part whatsoever.




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