Post
Topic
Board Bitcoin Discussion
Re: United we stand, divided we fall - the coming rise of cryptofiat
by
David Latapie
on 04/10/2014, 03:44:33 UTC
At least this confirms that PoS is fiat.
Not a all. PoS is a technology, like PoW is.

Making it mandatory to use this particular crypto would make it fiat. Fiat means "let it be done" (like fiat lux) and, on the particular topic of currency, it means that a currency have been established as legal by decree.
Any currency that has value from obligation (decree) instead of actual value is fiat. If a government can hardfork at will and not let users decide if they like it or not, this is fiat. Banknote or cryptographic token, this makes no difference. And the exact protocol (PoW, PoS, PoB, PoI, PoT...) makes no difference.