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Two contrasting headlines side by side on HN today. The WSJ says Blockchain is the Internet of Money The Economist says Bitcoin is fiat. https://news.ycombin

• decentralised 9y ago
  They are two different things. A Blockchain is the internet of money but some tokens and crypto-currencies are not backed by anything else than trust which could mean they could be seen as fiat currencies. The reason why the Economist is wrong is that the writer doesn't understand how mining and block issuance work so he doesn't see a reward token as a proof of work. PoW is the exact opposite of fiat because you don't have to trust the miner, you can check that he's done actual work to get that coin issued to him.
  • deleted 9y ago
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