Quote from: imamanandyou on April 25, 2015, 09:05:51 PM

Quote from: minerpumpkin on April 25, 2015, 08:38:38 PM

Quote from: tescomatty on April 25, 2015, 06:09:37 PM

If bitcoin goes mainstream, all the current problems will disappear. It will become like fiat, just a digitized version.

It can't be FIAT, since as per definition FIAT money is money that's been issued by a centralized entity and is destined to be the currency as per law. You also can't exert financial controls, to e.g. counter inflation, like you can with FIAT, since you can't regulate or control Bitcoin in the same way as you can with FIAT.

Maybe not technically fiat as tesco said, but If the government controlled enough of it, couldnt they exert the same economic controls they could with fiat?

Hmmm... I guess they could try if they held enough coins, but I think it would even be quite difficult and maybe impossible to attain that many coins, because they would have to be bought from the open market, much unlike regular FIAT money that can be printed by the issuing entity as it pleases.
In conclusion I guess they would be far too limited in their choice of monetary controls.