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> Fiat currency of course never being used in those. The difference is being able to do it instantly across global distances, thereby circumventing regulators/

• Blikkentrekker 5y ago
  > This is sort of a silly assertion. Many things are scarce, yet have no value. If I create a new crypto coin, it would have zero value. But you cannot create a new first coin. Part of the value is that it was the first, similar to how the first painting ever made by a famous artist, though often of inferior quality to later works, is often more valuable. — there is only first, and that makes it scarcer. > Raw materials have uses outside their tradability. I said rare: there are a variety of materials, such as, say, Jade, which have no known industrial application and their value simply comes from their rarity. > You would likely go bankrupt by the volatility. Most shops make <10% margin on all goods. You cannot accept payment in a coin that might be worth less than the value of the goods you need to restock for tomorrow. That is irrelevant to my hypothetical of whether I can use such a scheme to effectively not accept legal tender.