##### part 1 > I argue fiat currencies are no better than crypto. >X is no better than X What backs the value of crypto? Oh right, it's also a fiat currency. Guess I didn't make that clear enough. The immutability of a currency is irrelevant to control as I think you're pointing out. It's like gold. It's not 1493 anymore. Gold's value is just as fiat as the dollars. The VAST majority of gold that's ever been mined is sitting in warehouses never to see human possession ever. This is why Hitler backed the German currency and economy on work. Which is also "just an idea" as it's not yet happened. But it will happen, is immutable, is uncontrollable, and holds value regardless of any other attribute. In the end I don't think it's feasible to back currencies with any physical and precious object. They're all mined to exhaustion or if not are necessary for things which would make the object unsuitable as a currency backer. e: On precious items to back currency; Where do diamonds get their value? They get their value from a 1940s or something DeBeers (I think) idea of "2 months salary for your love goyim!" Harder materials (MOL hardness scale) can be created in the lab. There are rarer, more beatiful, and actually more valuable stones that exist. Most colored gems of high quality are but diamonds have this (((magical))) advertisement based value.