WiM050 - The Saylor Series | Episode 12 | Why Bitcoin Succeeds
The "What is Money?" Show
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Proof of Work Is the Only Thing You Can't Counterfeit, Right?
Proof of work is the only established consensus mechanism for guarantee, guaranteeing a fixed supply money. So to insure that bit coin adheres to its xed cap, is fixed money supply of 21 million. The only way we know how to do that as a species is through energy expenditure. And this is important that work cannot be counterfeit because tit's exactly what the central bank is doing. It's a centralized, legalized currency counterfeiting operation by its generating a new supply of money with no energy expenditure or work outlay.
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