Units of Trust vs. Units of Work We have concepts of money, currency, store of value, credit, IOU, commodity, etc. Each is an abstraction of how we measure value together, and the tools we use to express that value. In hindsight, fiat mostly functions as a unit of trust. It is centrally issued and its issuance and rules are defined from within. Much like credit, basically anyone can issue fiat or tokens or gift cards, denominated in dollars or Bitcoin or hamburgers or boozlewhatsits.
Fiat Will Never Die, Long Live Bitcoin
Fiat Will Never Die, Long Live Bitcoin
Fiat Will Never Die, Long Live Bitcoin
Units of Trust vs. Units of Work We have concepts of money, currency, store of value, credit, IOU, commodity, etc. Each is an abstraction of how we measure value together, and the tools we use to express that value. In hindsight, fiat mostly functions as a unit of trust. It is centrally issued and its issuance and rules are defined from within. Much like credit, basically anyone can issue fiat or tokens or gift cards, denominated in dollars or Bitcoin or hamburgers or boozlewhatsits.