Value by consensus.

Most of the arguments I hear regarding crypto fail to acknowledge the nature of the fiat dollar already being electronic and unbacked.

Think about all the tapping of cards.

Yes we still have paper and metal coin tokens to represent the digital dollar, and you can't eat any of that either. Nor can you eat silver or gold. These arguments are actually pretty weak imo, since although it may lead us to the comprehension that the only real substantial wealth in life is not currency, such as land and food, we still are in a world where we need a means to get there, and methods of exchange where we can swap dissimilar entities such as time, apples, lingerie, superconductors, artwork, wine, bricks, and spaceships.

The only thing that is important then is that people agree something can function as a store of value. With the dollar, various top down mechanisms such as quantitative easing tell us what we should value the dollar at. With crypto, a much smaller group of people choose between them what the worth of an alternative digital currency is.

That's called 'value by consensus'.

If the results of this look insane, i.e Bitcoin at $60,000, imo this points to a growing lack of faith in the dollar and the mechanisms propping it up.