• @[email protected]
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    21 month ago

    But then said good only has as much value as we put on it. There’s a tacit acceptance of what a group of people decided that good is worth. Its value is as real as we collectively decide it is; it’s a construct

    • @[email protected]
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      11 month ago

      Yes, but things like gold have actual uses which give them at least some actual value. Fiat currency is backed 100% by belief.

      • @[email protected]
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        51 month ago

        Gold as a currency only has as much value as people assign to it. It’s really no different than a fiat currency.

      • @[email protected]
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        1 month ago

        Fiat currencies are actually backed by the tax liabilities denominated in them. If you are liable for one of my business cards, else a guy with a gun shows up at your door, you suddenly have demand for my business cards.