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Creating a valuable fiat currency is easy. If you pay your kids in your own currency for chores, it will initially be worthless. If you however declare that hou
by mortehu 4y ago
Creating a valuable fiat currency is easy. If you pay your kids in your own currency for chores, it will initially be worthless. If you however declare that hours spent on YouTube must be paid for in chore dollars, you'll suddenly see that it has some value. Note that it would not be so easy for your kids to create a valuable currency.
- oreilles 4y agoThe value will be proportional to the effort the kid must provide. If you says that a chore dollar is worth 1 human hour, that's a very strong and valuable currency. But FIAT currencies are from defined as such. As a single example, their value partially depends on the amount in circulation, which might change anytime without notice nor democratic consultation.