Currency is inherently about trust: you believe it can be traded later for goods. The mechanism with fiat is that you need to trust your state and government.

Currency is inherently about trust: you believe it can be traded later for goods. The mechanism with fiat is that you need to trust your state and government. In gold, you trust that everyone is believing gold has value. And that it is commmon knowledge (in the logic sense [0]) Saying that gold has no more or less inherent monetary value than fiat currency assuming a magic wand that can change a large percentage of people's belief. [0] https://en.wikipedia.org/wiki/Common_knowledge_(logic) https://en.wikipedia.org/wiki/Common_knowledge_(logic)