All money is fiat money, in the sense that value is based entirely on social negotiation and agreement, not inherent use value. Anyone who doesn't understand t

All money is fiat money, in the sense that value is based entirely on social negotiation and agreement, not inherent use value. Anyone who doesn't understand this should try eating gold. Or an ETF. Or a dollar bill. Of course gold does have some use value, but so do plenty of other metals. The only special thing about it is that it has a history of being valuable - already a social agreement - and it gives a very clear agreed social signal when used in jewellery.