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Here I briefly explain my position. The collectible narrative, like Mises Regression Theorem, is completely unnecessary. @NickSzabo4https://link.medium.com/10NdLfpCPT
Indeed I've also found 'intrinsic value'/'backstop' theories silly. It's like arguing that an insurance contract can't be valuable unless it can be converted to something concrete or that it has to be something solid like a building before it can turn into insurance.
Regarding the issue, what I find a very worrying problem is requiring value before utility, the underlying reason of that requirement is the confusion between money and credit. Austrians (Miseans) fail to acknowledge that fiat is credit.
Fiat isn't even credit. Many decades ago its precursor, the gold bank note, was credit but was reneged on, and out of habit and network effects people keep using the never-to-be-repaid IOUs as money.
Granted, its supply grows and shrinks (mostly the forrmer) by the issuance of fractionally collateralized credit.
So honored you took the time to respond. You are a very important intellectual reference for me.
Good read. Thanks. FYI there's a typo error in the title.
Thanks! Amended.
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