There has been a long-standing trope in the liberty money movement. When trying to explain that legal tender laws are an infringement on your liberty, the common objection is "Well if there are no legal tender laws, why won't everyone just make their own money?"

And now we are seeing the reality of that situation.

We've seen that accelerate with the advent of crypto. A completely new money with no commodity-to-money regression theorem in operation. Until now though, developing a blockchain or launching tokens on Ethereum were out of reach for most people.

With steem-engine, anybody can make their own crypto token for a few hundred bucks. So Joe down the street can make JoeBucks. And the auto repair garage can make FixItTokens.

And we see that without a use case, without market demand, the value of those tokens are near zero. 

On the other hand, we have value creation in palnet, steemleo, splintertalk, and more. The market values for these tokens are rising. 

Why?

Fundamentally, the value of these tokens comes from the attention of their users. Palnet has gone through the steem userbase and weeded out a lot of accounts that were not contributing to the overall sense of community. And those that were contributing to the community find value in that.

SteemLEO is aggregating the financially-minded folks on steem. There is value in that focus.

Splintertalk is content about all things SplinterLands. A lot of it is just people posting their rewards, but the high value is in the discussions on the meta-game. And people find value in that.

All value is subjective. Where the market price of a good will fall depends on its supply and demand. 

I'm excited to see what people will come up with next!