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The Love of Money with Robert Breedlove (WiM366)
The "What is Money?" Show
The Spectrum of Decentralization: Bitcoin vs Fiat Currency
Centralization of a currency is inherently bad. Fiat currency like the US dollar is an extreme example of centralization, with a single node database maintained by the Federal Reserve. The Federal Reserve can update the database, print new money, and externalize the cost of that dilution onto the productive market. This is possible due to the legal monopoly that protects the Central Bank. In contrast, Bitcoin operates as a distributed network of nodes where each node selects its own rule set in its own self-interest, resulting in an emergent social consensus. Inflation is equated to legal counterfeiting, indicating the fundamental asymmetry between fiat currency and decentralized currencies like Bitcoin.
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