The value of all money is a figment of human imagination. Money is a shared delusion. That holds for fiat just as much as it holds for bitcoin. The moment enough people stop believing in it's value the value disappears. Contrast this to a coconut. You can stop "believing" in a coconut all you want, it's value, insofar as it's milk and flesh nourishes the human body, remains absolute.
So no, there is no such gulf between bitcoin and fiat, there are simply different hooks on which to hang our collective imagination.
So the distinction between bitcoin and cashu, as between dollars and casino tokens, is still valid. And if it's not then it's not based on the fact that ALL money is imagination-based, including both bitcoin and fiat.
