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43 sats \ 0 replies \ @0xIlmari 25 Jan \ on: Where does Eugene Fama think currency gets its value from? econ
He's either dumb, brainwashed or intentionally dishonest. He's trying to argue that there's a chicken and egg problem where there isn't one. He's also conflating the terms "money" and "currency", which are not the same thing.
Every money ever had to start from nothing, then became niche then rose to popularity. Some faded away, some became MoE and then transitioned to being SoV only (gold). Some were never a good SoV but remain a decent(-ish) MoE (all of fiat).
It's a non sequitur, to put it simply.