> backed by a state that created demand for the currency by taxing people in it. As well as making it a means of commerce which means its value has to be relat

> backed by a state that created demand for the currency by taxing people in it. As well as making it a means of commerce which means its value has to be relatively stable so people can 'figure out' what their time/stuff is worth vs someone else's value. All crypto-currencies suffer from massive fluctuations making it difficult to value vs say a pair of jeans. It invariably gets compared to a fiat currency.