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There is an argument that 'good money' should have no utility value outside of being money. Gold and silver having a utility premium actually make them 'bad mon
by ashwagary 5y ago
There is an argument that 'good money' should have no utility value outside of being money. Gold and silver having a utility premium actually make them 'bad money' according to this same argument.
- H8crilA 5y agoYes and (non backed) currency experiences slow but exponential decline in value, even if you augment it with the short rate (tbills in the US), always going to 0. It's still used to settle transactions. All checks out.
- ashwagary 5y agoAnother part of the argument is 'good money' should not to be easy to debase. This is where 100% of Fiat currencies fail and Bitcoin succeeds.