It's a misunderstanding of what the house of cards is about, though.
One of the first empires to use fiat currency was the Yuan dynasty, and it worked, because if your currency is backed by the mongols, you're absolutely going to act as if it makes sense, even if it seems crazy to you. The backing of money is not precious metals, nor currency, but rather force - a state can demand tax in it, and exact retribution if their taxes are not paid. The state could demand taxes in cowries, and people would collect cowries, because you are going to get imprisoned if you don't pay your tax.
The fiat-currency house of cards collapses when people think the state isn't going to be able to pay their bills and collect their dues. Cryptocurrencies are more like tulips. There's nothing behind the curtain - it's just a weird social eddy that's grown out of all proportion.
One of the first empires to use fiat currency was the Yuan dynasty, and it worked, because if your currency is backed by the mongols, you're absolutely going to act as if it makes sense, even if it seems crazy to you. The backing of money is not precious metals, nor currency, but rather force - a state can demand tax in it, and exact retribution if their taxes are not paid. The state could demand taxes in cowries, and people would collect cowries, because you are going to get imprisoned if you don't pay your tax.
The fiat-currency house of cards collapses when people think the state isn't going to be able to pay their bills and collect their dues. Cryptocurrencies are more like tulips. There's nothing behind the curtain - it's just a weird social eddy that's grown out of all proportion.