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That's an extremely silly and nonsensical argument. Intrinsic worth means that an item has inherent, non-economic usefulness, i.e., you could use it even in th
by gamblor956 7y ago
That's an extremely silly and nonsensical argument.
Intrinsic worth means that an item has inherent, non-economic usefulness, i.e., you could use it even in the absence of trade of that item.
Gold has because it can be used to protect items from corrosion, to conduct electricity, etc., and these uses don't depend on it being traded.
Carbon fibre similarly has intrinsic uses, because you can do things with it even in the absence of trading it, like making cloth, parts, or vessels.
Fiat currency does not have intrinsic value. It's sole value is that it is accepted by a government agency for debts owed by the government, and/or that it is the legally recognized method of non-barter exchanges of value.
Cryptocurrency has no function apart for its role in trade, which is why--like fiat currency--it has no intrinsic value. Without trade, it's useless. It's sole proposition for having value is that the other people might want it.