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You're using the word "artificial" in at least two different ways here. The US dollar is artificially scarce. What inherent value does it have?
by janto 5y ago
You're using the word "artificial" in at least two different ways here.
The US dollar is artificially scarce. What inherent value does it have?
- rspeele 5y agoThe inherent value is that if you pay taxes in the US you need dollars to pay them with.
- HWR_14 5y agoNot only that, but any debt in the US can be paid in dollars. Like, I can bring a stack of $20s to my landlord and they just have to accept them. They don't have to accept BTC or ETH or even Mastercard.
- janto 5y agoThis is also part of the "artificial" value of the dollar in the sense that it requires enforcement by the US gov and banking systems to remain useful. In-game currency is also useful, but that does not give it inherent value, in any meaningful sense of the word.
- HWR_14 5y agoI mean, sure. But if we're only saying things are valuable because the US government enforces it, that's a strange bar. So movies and tv shows aren't valuable?
- janto 5y agoMy issue was with the original comment's ambiguous use of artificial, not really value. He was drawing a connection between crypto as "artificially scarce" and an "artificial bubble". I agree that people can value movies and tv shows, which in some sense therefore actually has more inherent value than the dollar.