I love this question, the answer is obviously no. The value of the US dollar is determined by the credit of the issuer, its rate of exchange in conjunction with the value of labor. Just like all fiat. Yes, if any of these fluctuate the "value" of the dollar goes up or down but it still has a value that isn't just the paper its printed on.

How is that not an answer to the question you posed about crypto?

Labor has no value?

Do you mean, it took more labor to create the hundred dollar bill?

In any case, my point is that the value comes from the societal relationships that invest the asset with value, not the physical nature of it.

> Do you mean, it took more labor to create the hundred dollar bill?

No, I mean the labor of the workforce of the nation.