shoulderoforion@fedia.io to Technology@lemmy.world · 5 days agoTeen creates memecoin, dumps it, earns $50,000arstechnica.comexternal-linkmessage-square91fedilinkarrow-up1307arrow-down111file-text
arrow-up1296arrow-down1external-linkTeen creates memecoin, dumps it, earns $50,000arstechnica.comshoulderoforion@fedia.io to Technology@lemmy.world · 5 days agomessage-square91fedilinkfile-text
minus-square___qwertz___@feddit.orglinkfedilinkEnglisharrow-up11·3 days agoMoney is backed by a state with the (legitimate) monopoly on the use of force. Is has a worth because you must pay your taxes in it or else. As such, money coined by a state has an inherit value as long as the state is stable.
minus-squarebob_lemon@feddit.orglinkfedilinkEnglisharrow-up1·3 days agoAnd said state has both an interest in the stability of the currency as well as tools to influence it that are not available to everyone.
Money is backed by a state with the (legitimate) monopoly on the use of force. Is has a worth because you must pay your taxes in it or else.
As such, money coined by a state has an inherit value as long as the state is stable.
And said state has both an interest in the stability of the currency as well as tools to influence it that are not available to everyone.