RE: Why Steem has Value: A Reflection on the Nature of Money and Markets (from a child's perspective)

[loganarchy]

The Misesian Regression Theorem is essentially this. Money came about through a commodity that was the most "saleable", "marketable" or "liquid". Meaning commodities that could be exchanged for a wider range goods or could fulfill a wider range of subjective ends became used as a medium of exchange. This happens spontaneously on the market rather than through coercion and the arbitrariness of fiat.