this post was submitted on 31 May 2024
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[–] Th4tGuyII@kbin.social 12 points 3 months ago

A currency as a "negotiable instrument" only works because:

A. Everyone agrees that it does,

B. Because the controller of the currency has value with which to back the currency

B is less important these days with Fiat currency, but A is essential.

Unless you're a country's central bank, nothing you make as a "negotiable instrument" is going to be recognised as such - and even if it was, if you've no valuabke resource with which to back it up, it's worthless, so nobody would want it.

I feel sorry for these people because I do get the sentiment behind it. They feel like they're being screwed over and want a way to fight back - but if it were this easy, everybody would be doing it.