Post
Topic
Board Economics
Re: Semantics of "fiat"
by
R2D221
on 09/02/2015, 15:31:37 UTC
PHYSICAL gold has intrinsic value because it can be used for other purposes in the real world other than as a currency.
You cannot make the same statement about a crypto-currency.

Gold does not have “intrinsic value”. Whatever gold can be useful as a periodic element has nothing to do with gold being used as money throughout human history. People have gold in vaults not because they are planning to build circuits with it, I can assure you.