Money is an invention. At one time I read that the definition of money was a portable, fungible store of wealth. Gold or other precious metals met that definition very well.
So do crypto currencies.
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Money is an invention. At one time I read that the definition of money was a portable, fungible store of wealth. Gold or other precious metals met that definition very well.
So do crypto currencies.
Ironically so does fiat. We can apply it to anything we want.
People do not realize that value is just an agreement. If you and I agree an asset is worth X during a transaction, that is what it is worth.
Everyone else can disagree with us on that but it doesnt matter.
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fiat is debt. It's an IOU from the government to you. It has no intrinsic value.