RE: How Does Crypto Stack Up to Aristotle’s View of Money?
Although I do agree with this argument and that the social structures that buttress fiat or even material currencies like gold and oil have untenable values theoretically, I think this perspective underestimates the immediate productive' value of certain goods. There will likely be no point in the near future where water doesn't have constant demand since it is at the very least a biological necessity. Even if the world were to go full Noah's ark, there would still be a market to transport and distribute the commodity. I guess the argument for other forms of currency - gold, oil, land, gems - is along the same lines since they're backed by a diverse variety of market needs, not just reliant on how many people own and use them. So while I agree that fiat will have little standing in the future and crypto will be an easy global alternative, standing by the current argument that crypto is 'good' because its weaknesses are shared by other forms of currency is a poor current foundation.
Cheers @vieira!
Well, I don't think this is a weakness, neither of cryptos nor of any other currency, the fact is that all goods and services also base their value in this way.
What I am saying is that there is no intrinsic value, and as such, because the value is inconsistent in essence, we should not have it as a determining factor. We should look at the usefulness of the currencies, and the benefit in correlation with their peers, which is where the cryptos have a real advantage.
Cheers!