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Well, fiat currency seems cheaper than PoW, even accounting for the cost of enforcement.
by gefh 9y ago
Well, fiat currency seems cheaper than PoW, even accounting for the cost of enforcement.
- dullgiulio 9y agoYou mean paying for police forces is cheaper than PoW? I would hope not, but it doesn't matter. We need police forces even if we use cryptocurrencies exclusively, or you can just point a gun at someone to get their private key.
- neilwilson 9y agoFiat currency is just a paper/electronic record of a promise. Because money is a promise, not a commodity. There will always be promises, because that is how humans trade: "Here's a pig, pay me back a pig's worth sometime". There you go - you just created money.