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An ontology of bitcoin : assessing the value of bitcoin through an analysis of its inherent digital labour

Kleijnen, Bob (2020) An ontology of bitcoin : assessing the value of bitcoin through an analysis of its inherent digital labour.

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Abstract:Why do bitcoins have value, and why does this value continually increase? To answer these questions, I investigate a set of value theories that answer the question towards the value of money in general. Since Bitcoin does not exactly fit this narrative, I then offer my own interpretation of the analysis of bitcoin's value, which is an ontology of its inherent digital labour quality. I use traditional Marxist philosophy, as well as recent interpretations of this body of literature, to facilitate an ontology of bitcoin from the viewpoint of the labourer that mines these coins. That is to say: they have value because they respresent digital labour. Moreover, this digital labour is a new aspect of the global economy, which means that it remained largely invisible to this economy until very recently. As a result, and with the help of some favourable conditions like increased attention from investors during the covid pandemic, the rise of bitcoin's value can be attributed to the fact that digital labour has received more attention through societal protests against the exploitation of digital labour. This interpretation contributes to the view that an ontology of bitcoin is best approached through a (neo-) Marxist lens.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:08 philosophy, 83 economics
Programme:Philosophy of Science, Technology and Society MSc (60024)
Link to this item:https://purl.utwente.nl/essays/85237
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