There's a lot of crypto shills that want to scare people into thinking fiat will inevitably fail, so people buy their imaginary currency.
False, and you give two examples that disprove the claim:
> The USD will be no exception. Honestly, BTC will be no exception either.
See, that’s two that have not gone to zero (there ate lots more), but which you merely conjecture will.
The minimum wage in the US in 1964 was $1.25/hour. Notably those five quarters were 90% silver worth about $20 US today.
The British Pound Sterling originally referred to £1 being exchangeable for 1 pound of sterling silver or 1/270th of it’s original value.
It’s technically true that they haven’t gone to literally zero, but I would hazard to say it is close enough.
While I think you're correct regarding the crypto bros, every fiat currency is imaginary.
Well, the USD is backed by the "full faith and credit of the United States government" which, however you may feel about it, isn't imaginary. Each dollar is a claim to a piece of output of the world's largest economy with the strongest military.
Generally at some point a person wants to get some goods and services from their neighbors and barter only goes so far.
The fact that you are in a society with 330M other people who all use the same "imaginary" currency makes it incredibly sticky.
Exactly what I said. It's imaginary, just that it's a collective imagination.
At some point these things we conjure up out of our collective imagination are every bit as real as the ground hitting you if you jump off a building.
I.e. imaginary.
Your phone bill is just another level of abstraction on top of the USD imagination.
In the middle ages witches were believed to be real by enough people to burn them on the stake. The full power of the state was behind this. Unless there's scientific evidence of sorcery now I think witches are imaginary.
It doesn't make the burning sensation less real.
The value of cryptocurrency is just far more imaginary than dollars, euros, or even gold.