Bro, i hope my original assertion was not taken as a knock on you or your statement, but a general point of people I see here on this platform cheerleading BTC, basically in worship mode. I agree with most of what you said here, but BTC is not by definition Fiat. It is representative, but Fiat means by decree. An entity "above" you like a king or government tells you "this is money" and you can't push back. Currently, BTC is a choice that does represent money/currency whatever you want to call it, but it's not mandated from top down. Many of the other concerns will arise as with other previous currencies, but it is an attempt to remove trust in authority to referee outcomes. It is an attempt at a trustless or less trust system, but I get your gist
Discussion
No knocks taken. Your comment just sparked some thoughts. I agree with your point about the cheerleading. It's fun, and necessary. Satire is an effective tool too.
On the subject of fiat, maybe "by definition" is a bit strong - but "arbitrary decree" appears more accurate than "mandate." Disregarding that, it just seems that a proper interpretation of what constitutes "fiat" comes down to intrinsic value.
Paper cash became accepted because it could also be spent. Gold used to be accepted, now it isn't. Most don't even recognize it anymore, not beyond "shiny yellow metal." Bitcoin, although different in essence, won't get a free pass on the challenges we've faced before. People (and our underlying psychology) are still involved, even if the system changes.
I agree, we have to remember that most people reading our thread won't be as informed as you and I, and therefore some proper definitions are necessary. The way I see it, if we have knowledge we need to share it so that those we come into contact with leave with understanding. Great volleying with you, I'm sure will meet again.
I agree with that. I hope to encounter this more often.