Re:Alleged Coinomi exploit shows how easy it is to have Bitc...
by fixermark on Wednesday February 27, 2019 @11:42AM
(#19264358)
Correction: BTC is an attempt to make digital stuff that behaves as much as possible like physical gold.
Cash is a fiat currency and reproducible infinitely by the controlling government. The point of gold (as a money medium) is that it self-regulates the amount in circulation by being a tangible material in finite supply with cost associated in seeking more. This model has significant benefits and drawbacks (and, it's probably worth noting, its drawbacks are what led to the fiat model most countries use today).
Re:Alleged Coinomi exploit shows how easy it is to have Bitc...
by mikeash on Wednesday February 27, 2019 @11:47AM
(#19264448)
I don’t think “cash” necessarily implies fiat. Bitcoin’s model of creating new currency is different from both fiat and gold, although it’s certainly a lot closer to gold.
Cash is a fiat currency and reproducible infinitely by the controlling government. The point of gold (as a money medium) is that it self-regulates the amount in circulation by being a tangible material in finite supply with cost associated in seeking more. This model has significant benefits and drawbacks (and, it's probably worth noting, its drawbacks are what led to the fiat model most countries use today).