Post #33754 by onepoorguy on the US Policy board

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Ultimately, currency is just something we agree to exchange for our labors to obtain the fruits of others' labors. In principle, many (most?) are backed by something. The US is gold, sort of...Nixon took us off the "gold standard", but we still have piles of it at Fort Knox and various federal reserve vaults. So it is still something.

I maintain that crypto is vapor. Sure, it's as much of a made-up thing as paper money**, but it is backed by nothing.

**Coins used to be made of silver, or even gold, and so did have intrinsic value on their own. Without getting into why we assign value to silver or gold, since they are just metals on the periodic table.

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