27. The Underlying Technology Behind Fiat Standard
The Bitcoin Standard Podcast
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Bitcoin Mining - Chapter Four
In the case of Bitcoin, work is done by miners who need to dig into the cloud in order to find bitcoins. The way that mining in fiat works is through lending. What Fiat does is make it so that any time a new loan is created, any time anew loan is issued, new money is created. And I think this is a very, very powerful concept. Once you understand it, I think it helps us understand how Fasnacht works much better.
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