no, the US dollar is backed by the fact that you can use it to pay your taxes to the US government, and interact with the US government in general, quite literally backed by more than crypto.
and I hate to break it to you, but all currency, ever, is fiat.
all that gold standard stuff? you just abstracted the fiat nature from the money to the metal, there was never any actual basis for the value of gold outside its value, and there are plenty of more sparse metals that people don’t value as highly
orrk@lemmy.world 4 months ago
no, the US dollar is backed by the fact that you can use it to pay your taxes to the US government, and interact with the US government in general, quite literally backed by more than crypto.
and I hate to break it to you, but all currency, ever, is fiat.
all that gold standard stuff? you just abstracted the fiat nature from the money to the metal, there was never any actual basis for the value of gold outside its value, and there are plenty of more sparse metals that people don’t value as highly
NikkiDimes@lemmy.world 4 months ago
👍