Fiat money is much more convenient. It’s unlikely I am ever going to go into my local corner shop and buy a pint of milk in bitcoin
. It’s a preferable medium of exchange to fiat for cross-border payments, but for small, local payments in the physical world, fiat still prevails. But bitcoin
still finds widespread use as a medium of exchange on the internet, crypto as long as buyer and seller are both content to use it.
There are also other existing proof-of-stake blockchains in competition with Ethereum, such as Solana, Avalanche, Algorand, and Cardano. Still, some believe that the "Merge" may have already been priced in to some extent, as it has been announced and in the works for years.
We used to describe it as such in many many many posts in the past and tried to explain how they work and that it is perfectly normal to use such a pseudo RNG. Because our users thought that this was the smoking gun! As part of the Catan Universe team, I do feel it is my duty to answer the here posted hypothesis despite the fact that we already answered a lot to the mentioned topics above. That pseudo RNGs aren´t real RNGs and therefore the RNG is flawed. Of course, most of the feasible RNG solutions for games are pseudo RNGs. By describing the inner works with more common terms we do have a bigger chance of more Catanians understanding what is going on. Also please keep in mind not every user does have either programming experience nor a deeper understanding of statistics. Well… that always backfired!
I will also say this: do you know how money – and I am talking about national currencies such as the pound, dollar or euro – really works? Do you understand interest rates? And yet we all use it. Most of us don’t (and even those who do, still don’t appear to understand how all of these things interact with each other). Do you know how it is created? Do you understand the difference between M1, M2 and M3 money supply?
IOHK embraces functional programming languages, most notably Haskell. Not only are functional programming languages less prone to ambiguity and human error than other languages, they are easier to test and verify from a mathematical standpoint, strengthening IOHK’s commitment to high-assurance formal development.
Money is also a store of value. Look, for example, at how much less house fiat money buys you than it did 30 years ago. There may not be huge inflation in the price of phone calls, Primark clothes or bread, because these items are not in short supply. But there is huge inflation in the cost of housing, art, stocks and bonds, and school fees, for example. Fiat has proved a rotten store of value. You keep the money to be spent at some later date. It has lost something like 99% of its purchasing power over the last hundred years. I pay you for a job you do today.
Mining is a comprehensive process and involves many miners carrying out a wide range of hash functions with different nonce values. If miners don’t get the valid output, they can try different nonce values until they get it right. When the hashing output of miners is lesser than the predefined threshold, the block is assumed as valid and added to the blockchain. The primary objective of the miners is to find a valid output. Upon successful mining and validation of a new block, the search for a blockchain nonce starts over once again.
Until the 20th century, gold and silver were the standard. Gold and, to an extent silver, are better historical measures. Their value is more consistent over time. But ordinary people, brought up on fiat money, no longer think in terms of gold and silver, but their national currencies. We can look at the cost of wages or goods in Ancient Rome, for example, in gold and silver and compare them today.
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