Many crypto enthusiasts at some point argue that a) stocks and fiat currencies are shared social fictions, so b) what's the big difference between them and crypto? There was a meme that went around a few years ago which said something to the effect of "Your parents don't understand crypto because they think money is real."
There is some truth to this argument. Stock prices can diverge wildly from fundamentals, and I can understand how people can look at various stocks and throw their hands up in the air.
At the same time, I think this argument misses the point somewhat. Which is that it is the shared part of "shared fiction" that matters. What convinces millions upon millions upon millions of people that dollars should be used is the fact that everyone else is also convinced; not that the exact price of, say, a chair, is somewhat arbitrary.
There is some truth to this argument. Stock prices can diverge wildly from fundamentals, and I can understand how people can look at various stocks and throw their hands up in the air.
At the same time, I think this argument misses the point somewhat. Which is that it is the shared part of "shared fiction" that matters. What convinces millions upon millions upon millions of people that dollars should be used is the fact that everyone else is also convinced; not that the exact price of, say, a chair, is somewhat arbitrary.