The cryptographic proof strictly verifies whether or not the currency is authentic or counterfeit. There is no implicit value in the proof. In fact, there is a

The cryptographic proof strictly verifies whether or not the currency is authentic or counterfeit. There is no implicit value in the proof. In fact, there is a cost to calculating the proof. The value is in the willingness of the person holding the i.o.u. to honor that i.o.u. A "perfect" cryptocurrency provides two of the three requirements of currency (a means of transferring value, and a unit of measurement of that value) but it does not (as no tangible or conceptual thing ever will) provide intrinsic value for the exchange. Value is subjective. Gold is useful today, not so much tomorrow. Gunpowder is useful to you, but not so much to me. Given that it has been debunked that currency arose out of trade and barter (i.e. currency with intrinsic value has replaced items with trade specific value so as to be more fungible), well, where is the value then? Trust is the value. You trust you can, once your currency is verified, exchange it for something you value from someone. If that person does not trust that the currency you are offering will be able to be tendered elsewhere,,, then no exchange, because the currency is of no value to them. What if everyone stops using U.S. dollar bills tomorrow? Does my bank account morph into some other value that I can use? Is it tied up in some vault of gold at the US Treasury? No. It becomes a worthless number on a register somewhere. But, the bartender at my local watering hole might vouch for me that I had that much or that I made that much money or that my credit was good. Trust = Credit Without trust there is only trade and barter. Without the ability to trust that the future will have value in it, I'm only going to go with what is right in front of me right now. And a proof, it's interesting (I loves me some math), but, most of the time, I'm not going to say it has some sort of intrinsic worth that I'd trade, say, you a burrito for it.