> Could you really write a bullet-proof case for using our current financial system instead, especially if the roles were switched and we were coming from somet

> Could you really write a bullet-proof case for using our current financial system instead, especially if the roles were switched and we were coming from something Bitcoin-like to a proposal for using fiat currency? By the way, someone on Reddit answered this challenge. http://www.reddit.com/r/Buttcoin/comments/36p1eq/hacker_news_is_on_about_bitcoin_again_triggered/crgnc65 http://www.reddit.com/r/Buttcoin/comments/36p1eq/hacker_news... "Fiat is like Bitcoin, but with a few new features. "Rather than using a traditional decentralized system, the currency supply is managed by a semi-independent ruling body, which stabilizes the currency against hyperinflation, deflation (a major problem of the Bitcoin economy), speculation (ditto), and financial attacks. They also provide insurance on bank deposits in case of theft! "While Bitcoin has long transaction times, this new "fiat" currency has quick transactions through credit and debit cards. These even allow chargebacks, providing you with protection against scams. Fiat is also revolutionizing the world of remittance and money orders, with fees much lower than Bitcoin's through the use of internal ledgers. "While the Bitcoin network uses massive amounts of power, the new fiat network is environmentally sound and does away with the need to develop specialized ASIC hardware to mine Bitcoin and to maintain a lengthy record of the blockchain. Fiat even has solved Bitcoin's transaction rate problem! "But one of the most exciting features of fiat is "cash," a physical representation f previously-digital money. It's anonymous (unlike Bitcoin, which records all transactions forever). Because it is a physical item, it cannot be stolen by computer criminals, one major risk of Bitcoin. Best of all, it's accepted by everyone, everywhere- no need for computers, addresses, or block confirmation wait. "Fiat- it's the currency of the future!"