Quote (LulzSec @ Mar 10 2014 01:14am)
U must admit, tender held (some set) value then, it never did (at all) after the recall.
To add* the tender we use today has no trade value, it simply represents the noted amount, printed and lent out at an interest rate as seen fit by the fed.
[B]Interest is not an exchange rate nor a measure of value.[/B]
Debt, which carries a heavy relation with interest, was arguably one of the earliest recorded measurements used for exchange and trade. There is an anthropologist named Graeber who has studied the origins of money and blew the barter theories the fuck out:
https://en.wikipedia.org/wiki/Debt:_The_First_5000_YearsSince it only considers the last 5,000 years and our information pre-history is limited, it makes for a difficult study. The value of something—e.g., tender, gold, Federal Reserve notes, or whatever—is measured through a group consensus, judging its value can be determined better by considering backing it, for USD which has the full might of the state behind it and a global economy that relies on us, obvious puts it on the top. The same works for Bitcoin, it has a huge network backing it, many interested parties, and relies heavily on positive-feedback from its all of its users (which works both ways).