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James_Miller comments on MIRI 2014 Summer Matching Challenge and one-off opportunity to donate *for free* - Less Wrong
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Do you think this is also true of normal fiat money like dollars? If lots of people come to value Stellars then they will have legitimate value.
The "if" is the stumbling block. Bitcoin is valued because of the anonymous transactions it makes possible. Dollars are valued because the US government buys and sells in dollars, and similarly for other state-run currencies. Is there any example of a currency which no longer has any such tie to anything outside itself that gives it value, and is accepted only because people accept it?
Gold comes close, although admittedly it has a few practical uses.
Fiat currency has a built-in demand because the issuing government accepts it for payment of taxes. Other than that, well... it is kind of hard to spend Euros in the United States...