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> - It's backed by nothing.

Money is never backed by nothing, or it's worthless. It may not be backed by anything physical, but it's always backed by some form of trust. National currencies are backed by trust in the corresponding government and institutions.

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But that trust is often backed by nothing. Especially if you don't own assets; then from that perspective money is really working against you and is backed by pure coercion... But coercion is not an asset and it doesn't have net positive value; at least not to the victim.

It has value from the perspective of the oppressor I guess... I think this is where it derives its value.

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