A nice succinct explanation of why Marxism is wrong

[jon-nyc]

[Axtremus]

Bitcoin and cryptocurrencies are quite Marxist in the sense that they rest on the premise that "it's valuable because it takes a lot of work (computation) to produce ('mine')." Of course the evil greedy capitalist bastards perverted them.

[jon-nyc]

Labor theory of value != energy theory of value.

Also a proposed ‘energy theory of value’ fails the same way Marx’s labor theory does. At the end of the day, value doesn’t predicate objects. It predicates a relation between man and an object and is not directly related to either the energy or labor that went into producing it.

[Mik]

Diamonds for instance. They are the best example of perceived value I can think of.

[Axtremus]

"Fiat currencies."

[Mik]

Those too.

[Doctor Phibes]

Fiat automobiles. Well, the high-end ones at least.

[Mik]