Comment on Please Stop
BobGnarley@lemm.ee 9 months agoGold being a commodity because its shiny and therefore has value is no different than “I want to use this coin to better protect my data and privacy”. Both are values attributed to a commodity. Also, “It may have intrinsic value (commodity money), or be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money).”
en.m.wikipedia.org/wiki/History_of_money
You are wrong that money has always existed as state issued. That isn’t true
merc@sh.itjust.works 9 months ago
It’s completely different. Gold is a commodity because it is inherently useful in itself. If someone invented a way to create gold out of thin air, people would continue to want gold because it’s pretty and shiny, and because it’s a very good electrical conductor that doesn’t tarnish. Crypto coins are only useful because everyone thinks that a greater fool will come along and pay as much or more. Everyone knows they have no inherent value, but so far there has always been a greater fool.
Sure it is.
BobGnarley@lemm.ee 9 months ago
Hey by the way, after we had that discussion bitcoin surpassed silver to become the 8th most valuable asset by market cap on the entire planet More than coca cola and Pepsi combined.
Also no, money has existed outside of States and Countries before you should look into the Theory of Money and the history behind it
merc@sh.itjust.works 9 months ago
It’s not an asset. A bubble doesn’t prove anything. Tulips were once as valuable as houses… until they weren’t.
The theory of money is a theory. The fact is that money has always been associated with a state.