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Crypto is trust-based, vastly more than government-backed fiat The value of a coin, and the whole crypto system, is easily manipulated by the few-% who own mos
by mjburgess 4y ago
Crypto is trust-based, vastly more than government-backed fiat
The value of a coin, and the whole crypto system, is easily manipulated by the few-% who own most of those coins -- and likewise, by the two-or-three mining companies who mine the vast vast majority of them
"trust" in the crypto sense is a bizarre mathematical term, which has no relationship to trust in the fiat sense.. in that sense, crypto is a more extreme version of fiat -- there is nothing backing it, no gov, etc. other than the faith of its users