this post was submitted on 15 May 2025
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I can't believe that Dollar (or any other currency) isn't backed by anything and runs on hopes and believes
That is how currency typically works, yes. If you want it to be backed by gold or whatever, well then what's the gold backed by? Both the dollar and gold are only valuable because we decided they are, there's not much meaningful difference.
There is much meaningful difference - gold has widespread practical use, while paper currency does not
US dollars are necessary to pay taxes to the US government and, currently, most oil transactions are in US dollars. This use is exponentially larger than the practical use of gold.