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Haykov, Joseph Mark
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Religion Humanities Economics, Econometrics & Finance Social Sciences

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Arbitrage Money Haykov, Joseph Mark
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 2 No. 02 (2024): Unity Paradigm Of Mesoscience
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v2i02.60

Abstract

Arbitrage Money Theory (AMT) introduces a novel perspective on the fundamental nature of money, challenging the conventional view that primarily identifies it as a medium of exchange. We posit that the intrinsic function of money is as a unit of account. This pivotal role facilitates the comparison of subjective costs and benefits. First, money is used to measure not only the prices we pay to obtain benefits from trade, but also costs of obtaining these benefits, for our wages too are measured in money. Moreover, money is instrumental in preventing arbitrage—a form of market inefficiency. From this primary role, money’s secondary functions as a medium of exchange and a store of value naturally emerge. Our theory contends that recognizing money's primary function as a unit of account allows for the creation of theoretical models that more accurately reflect its operation in real-world economies. This perspective diverges from traditional models that largely focus on money's role as a medium of exchange—an assumption that, while generally valid, does not always encompass the complexities of economic realities. AMT aims to bridge this gap, offering a more comprehensive understanding of money's multifaceted roles in the economic system.
The Evolution of Currency: Bridging Traditional Banking and Cryptocurrency with TNT Haykov, Joseph Mark
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 2 No. 04 (2024): Values and Future of Concepts And Application of Critical Realism
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v2i04.72

Abstract

Transparent Network Technology (TNT) merges established banking practices with Decentralized Finance (DeFi), prioritizing the reduction of asymmetric information through increased transparency. Unlike the continuous, real-time processing typical in cryptocurrencies such as Bitcoin, TNT adopts a batch processing approach similar to that traditionally used by banks, where transactions are accumulated throughout the day and processed overnight. This method, employed by banks since the Italian Renaissance, significantly enhances both efficiency and security. We highlight how TNT utilizes the Nash equilibrium concept from game theory to ensure transaction integrity and mitigate prevalent risks such as double-spending in decentralized systems. Furthermore, we explore the legal ramifications of integrating dual signatures in TNT-bank transactions, an additional advantage of batch processing, which establishes these transactions as legally enforceable contracts. By critiquing the limitations of Bitcoin’s framework and illustrating the enhanced capabilities of TNT, we advocate for a paradigm shift in cryptocurrency practices to better align with those of traditional banks, suggesting a model that could redefine money.
The Benefits of Belief in God in Mathematics Haykov, Joseph Mark
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 01 (2024): KNOWLEDGE AND CRITICAL REALISM
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i01.76

Abstract

In this paper, we revisit Blaise Pascal's famous wager and explore its implications for belief in God, particularly through the lens of probability theory. While Pascal's Wager has been widely discussed in philosophical and theological circles, we approach this challenge from a distinctly different perspective. Our backgrounds are in mathematical economics, finance, and computer science, with extensive experience applying mathematics—particularly probability theory—to real-world problems in financial markets, specifically in the domain of statistical arbitrage on Wall Street. Over the past 30 years, we have developed a deep understanding of probability not as an abstract mathematical tool, but as a concrete and practical method for managing uncertainty in financial systems. In this paper, we apply similar probabilistic reasoning to the question of belief in God. Our conclusion can be summarized by an adaptation of the logical principle: "When you have eliminated the impossible, whatever remains, however improbable, must be the truth." — Arthur Conan Doyle, The Sign of the Four
Pascal’s Wager and Theory-Induced Blindness Haykov, Joseph Mark
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 02 (2025): UNITY STRUCTURE OF LEGO-WORLD
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i02.79

Abstract

Pascal’s Wager asserts that, based on the descriptions of God in the Bible, an individual is better off believing in the New Testament God than not. This God, referred to as Yahweh in the Torah and as Allah in the Quran, provides a consistent concept of the Biblical God across these texts. Pascal suggests that the hypothesis that the Biblical God is real could turn out to be true. According to the New Testament, Torah, and Quran, it is more beneficial to believe in God than not. From this shared viewpoint, belief leads to heaven, while disbelief, by definition, does not result in heavenly rewards. However, Pascal’s Wager has historically not been taken seriously due to theory-induced blindness. This paper explores this concept in more detail. This paper explores theory-induced blindness as a cognitive bias that influences rational decision-making, particularly in religious and philosophical contexts. By examining its foundations in cognitive psychology, mathematical logic, and set theory, this study highlights the role of implicit axioms in shaping belief systems. It further critiques the dual-hypothesis approach of Pascal’s Wager and discusses its limitations. Through interdisciplinary analysis, this paper demonstrates how unrecognized assumptions can distort logical reasoning, thereby questioning the validity of Pascal’s proposition and its broader implications in decision theory.
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