this post was submitted on 05 Dec 2024
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That's not exactly how the labour theory of value works. Most big crypto currencies are either tied to some currency, or require massive computational resources to produce. This means that the value of the labor embodied in the electricity and GPUs is transfered over to the crypto.
Crypto fluctuates a lot more than normal currencies does because it is way more influenced by supply and demand than normal currencies (regulated by governments) are.