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#2566·Erik OrrjeOP, 8 days agoValue comes from solving a problem.
Money solves (among other things) the problem of barter by being a medium of exchange. Different media solve this problem better than others. That determines its value.
I still don't see why there has to be a price floor set by the commodity's utility (for other things than being money)? Also, the value could still go to zero if that utility was no longer needed: Gold isn't guaranteed to be valued in industry or jewellry in the future.
Money needs to be a medium of exchange, a unit of account, and a store of value.
Features that support a price floor create the conditions where one can expect that their wealth won’t completely evaporate for one reason or another. Something that has no features supporting a price floor is not good money.
If gold no longer has features supporting a price floor at some point in the future (as you claim might happen), then gold would also not be good money in that future.
Zcash has nothing going for it that makes it a store of value. To the degree that it is ‘worth’ anything in the future, it is because of the dynamics I refer to in #2497.