[FoRK] What it means...
russell.turpin at gmail.com
Sun Sep 27 06:45:07 PDT 2009
On Sat, Sep 26, 2009 at 11:30 PM, Adam L Beberg <beberg at mithral.com> wrote:
> Wrong. Fiat currency is something whose value is faith based, and worthless.
> Real money is physics based... 79 or 47 protons work nicely.
If it is functioning as money, its larger value is because of the
entirely social consequence of that fact than from any other
functional attribute. That is especially true of gold, whose value
would be much less if it weren't still functioning as a kind of
currency, but valued instead solely for its use in dentistry,
electronics, etc. And for its use as currency, the fact that it also
has the other utilities is irrelevant.
Money isn't money because it can be used to fill cavities or paper
walls. It is money because people treat it as money.
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