Quote:
Originally Posted by Buddahaid
I see gold as just another arbitrary value set by human foible.
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Yes. Gold is worth a lot only because people agree that it is worth a lot
Gold is attractive because a lot of people agree that it is valuable, but, never the less, it is an agreement.
If you have a loaf of bread
I have a bar of gold
How much is my bar of gold worth?
Depends on how hungry I am. That bar of gold may be worth a loaf of bread if I am hungry enough
I can try to argue with you about how much my bar of gold is "supposed" to be worth, but in the end you are the one with the bread and I am the one hungry.
All forms of currency are fiat. It would not work otherwise.