Historically many fiat currencies have been dramatically debased, for example the german papiermark or the zimbabwean dollar. Currencies fluctuate. Currencies t

Historically many fiat currencies have been dramatically debased, for example the german papiermark or the zimbabwean dollar. Currencies fluctuate. Currencies that are not backed by sound business relationships fluctuate more. But if it facilitates trade, it's a currency. As for a store-of-value? I don't know. I think it's clear that the cryptocurrency market is chiefly driven by speculation in its current state, and this strongly perturbs the nature of cryptocurrency in a strange way. But I think it is more interesting to discuss what happens at some equilibrium state as t -> inf.