Monetary theorists don't really use the concept of "intrinsic value." All value is imputed. If something intrinsically has a use, then as long as people value i

Monetary theorists don't really use the concept of "intrinsic value." All value is imputed. If something intrinsically has a use, then as long as people value it for that use, the thing will have some imputed value as a basis for trade, which makes it easier for something to go into circulation as a commodity traded for its own sake (and potentially at some point a medium of exchange). Despite examples of other methods of MOE arising, we do also know it can happen that way. Even Graeber's Debt thesis is compatible with the idea that the media chosen to mark debts seem to have been things there was a use for and which were circulating for that use.