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WiM047 - The Saylor Series | Episode 11 | The Failures of Fiat
The "What is Money?" Show
The Application Layer Protocol Is Not Immutable
In the fiat system, there's no final settlement occurring, which is the verification mechanism. In that gap, we have an accumulation of hidden risk that ultimately becomes systemic and lead to giant systemic blow ups. I would say the lack of integrity is synonymous with corruptibility. And so not only does it not have mathematical integrity or financial integrity, but you could ultimately say there is no moral integrity s.
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