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I was under the impression the intrinsic value of fiat currencies is the ability to pay taxes with them and thereby avoid negative attention from the folks with
by tspike 9y ago
I was under the impression the intrinsic value of fiat currencies is the ability to pay taxes with them and thereby avoid negative attention from the folks with a monopoly on the use of force. Is my understanding incorrect?
- TTPrograms 9y agoIn the same way that ex. Bitcoin has intrinsic value as means to write data to an immutable public ledger, both of these applications are insufficient to justify the value each of these things hold. The fact of the matter is that intrinsic value is not a real thing, and as a model it makes bad predictions for assets primarily intended as mediums for exchange and value storing.
- AlexCoventry 9y agoI'd say there's pretty broad consensus that avoiding confiscation and imprisonment carries intrinsic value.