Maybe a more precise statement would be that money is backed up by the productive capability of people who agree to trust it.

I wouldn't quibble with that clarification. You’re correct in stating that trust is the common denominator; the larger question is determining the basis for that trust.

In a nation which issues currency, the basis for trust would be the nation’s productive capacity, which I’ve pointed out.

With crypto….the basis for trust is…..?

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Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

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