“For the reader who has become familiar with the operation of bitcoin, a good way to understand the operation of fiat is by drawing analogy to the operation of bitcoin using concepts like mining, nodes, balances, and proof of work. My aim is to explain the operation and engineering structure of the fiat monetary system and how it operates, in reality, away from the naive romanticism of governments and banks who have benefited from this system for a century.”
Today we dig into Chapter 1 of the sequel to the seminal work in the Bitcoin ecosystem, The Fiat Standard. Today we dig into the first chapter, the ideas, and a new mindset for examining the failures and successes of fiat money. This is not to be missed.
Find Guy Swann on Twitter @TheCryptoconomy