this post was submitted on 11 Mar 2026
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Congrats, now you understand fiat currency. It only has value because we agree on it.
Fiat has value because the government demands taxes in it. If you don't pay your taxes, they put you in jail.
No. I mean you can get all philosophical and say that everything has value only because that's a human concept, but thats not really something I would answer to.
Fiat has value because it's enforced. Because we have institutions that enforce it and because all of our lives are intertwined with it. We buy food with it and we are paid with it. It's everywhere. It doesn't make it immune to manipulation and fraud and crime, but we can take legal action because law is also intertwined with the same system.
Crypto is , with a couple of exceptions, a really terrible casino.