27. The Underlying Technology Behind Fiat Standard
The Bitcoin Standard Podcast
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The Fourth Core Function of a Fiat Node
A central bank is a monopoly authority for licensing and regulating domestic banks, holding their reserves and clearing payments between them. You can't just set up your own bank and work with it. And then finally, the fourth core function of a fiat node is that it is used to lend to the national government by buying government bonds. It's lending to government using effectively the wealth of the entire population because the population has no alternative but this banking software or malware if you want to call it.
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