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The counter argument might be that Ford F-150s aren't particularly fungible. A slightly stronger example might be gold, but people don't use gold as money anym
by WatchDog 4y ago
The counter argument might be that Ford F-150s aren't particularly fungible.
A slightly stronger example might be gold, but people don't use gold as money anymore either.
- woopwoop 4y agoFungible + trades at greater than one usd also includes, for example, aapl shares. Still well short of the mark.
- quickthrower2 4y agoWell AAPL shares kind of are a form of money used to pay compensation to its workers.
- redox99 4y agoI'm sure if trading or spending SPY was as easy as fiat, many people would sometimes prefer to pay or get paid with SPY instead of USD.
- nly 4y agoAnything perceived to have a stable value, is fungible, and is easy to move can be used as money. Just look at prisons. Gold stopped be used as money because people weren't really using it, they were using tokens pegged to it under a promise. That promise went away. Gold isn't exactly fungible (purity, fake gold etc), and it isn't easy to move in significant quantities. Gold makes for absolutely shit money in the 21st century
- danenania 4y agoIt’s not used for day-to-day transactions, but gold is still treated as a currency on the international level by nations that hold large strategic reserves. The only reason they hold so much is that it still retains value as a currency. The way things currently stand, if the fiat system falls apart, we’ll revert to gold. It’s the only viable alternative. Crypto might take over that role someday, in some form, but it has a long way to go.