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Fiat is money without intrinsic value or deriving its value from law. For bitcoin, that law is code (ht Lessig).
by kylebrown 14y ago
Fiat is money without intrinsic value or deriving its value from law. For bitcoin, that law is code (ht Lessig).
- icebraining 14y agoBitcoin doesn't derive its value from the code.
- Groxx 14y agoEhhh... that could be debated. Without the code (by which I refer to the algorithm) ensuring that certain behaviors are guaranteed, it won't have any value because it could be gamed into extinction. The code is the only thing that allows it to have value - essentially every currency only has value because people will trade it for goods.