Precipice is very soon. This is so bad it's hard to imagine.
(media.greatawakening.win)
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The people that hold it.
If you have something I want or need I decide how much I am willing to give you for it. People will negotiate prices as they have for thousands of years.
Prices might fluctuate wildly at first until a free market value is reached but a free market value will ultimately be reached.
What if I deem gold to be worthless?
Then you will have less bartering power and will have to trade inferior forms of exchange.
I know you think you are being clever but you are being foolish. You will have to learn the hard way I guess. :)
Wouldn't barter and trade be better? Trade one thing with intrinsic value for another, whether it be a product or service. You help me weed and pick vegetables and fruit from my very small farm (I don't really have one), and you can keep as much as you want as compensation for your time and labor.
Money can be used for anything. Not everybody needs labor or vegetable etc.
Of course, some people will barter different items or their labor but only Gold and Silver are money. It is the most stable and trusted form of exchange. Somebody trading Gold or Silver will have the advantage over people trading something else.
I might not need vegetables, eggs, labor, etc. but I can always put a silver coin in my pocket and use it later. It holds its value whereas food spoils.
Money needs to be stable. In order to be stable it needs to meet 7 characteristics. https://www.milesfranklin.com/the-seven-characteristics-of-money/