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#80 – Vitalik Buterin: Ethereum, Cryptocurrency, and the Future of Money
Lex Fridman Podcast
Is Money Backing Anything?
In the 20th century, we saw a move from $1 being backed by gold to dollars not being backed by anything. I feel like the interesting thing about the 21st century especially is that a lot of important valuable things are not backed byAnything. If you look at tech companies, for example, like something like Twitter, you could theoretically imagine that if all of the employees wanted to, they would quit and start working on Twitter 2.0. The reason why the thing has value is just kind of network effects and coordination problems.
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