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Fiat is not powered by "proof of violence" because violence is not needed for it to function. It is maintained by social contract and the threat of violence, be
by smolder 6y ago
Fiat is not powered by "proof of violence" because violence is not needed for it to function. It is maintained by social contract and the threat of violence, because otherwise it could only depend on trust, and trust is very expensive, as Bitcoin proves.
- TimJRobinson 6y agoYou need to have an army and weapons to enforce that threat, which costs a lot of energy to maintain.
- smolder 6y agoYes, fair point.