Quote from: David Latapie on October 04, 2014, 01:16:31 PM

Quote from: cbeast on October 04, 2014, 03:59:18 AM

This can't be done with PoW. It can only be done with PoS. You can't force anyone to use a PoW because you don't control it. Your little tinpot dictatorship will be outgunned by your superior enemies that will overpower your miners and reverse their transactions. It would be a tactical error to use PoW in an oppressive regime. PoW is for the free man.

That's why my sources are using PoS for their premined

Quote from: presstab on October 04, 2014, 04:08:30 AM

There might be a misunderstanding of PoS if one considers it fiat.

I agree this is not Cryptoland definition of fiat (fiat = traditional money) but more a technical definition of fiat (fiat = mandatory currency - I will develop this more on the Monero Handbook I am writing). Plus "cryptofiat" conveys the right imagery. People seem to immediately understand what this is about.

Quote from: BitAddict on October 04, 2014, 10:42:57 AM

I agree. I always thought this will happen sooner or later.
It still needs more developement, of course.

But you need to take in mind, at that point with cryptofiat will be extremely easy to buy or sell bitcoin or any other crypto instantly. So bitcoin would probably benefit from it, being an alternative.

Joe Sixpack could choose between a governement-backed, arguably sure, very widely adopted "normal" money (dollar, euro...) and a tiny rebels-driven, scandal-ridden complicated-to-pronounce cryptocurrency. It is easy to see the outcome.
The tiny 1% of people choosing Bitcoin (or Monero

) will not matter at all in the grand scheme of things.

I just looked up the definition of "fiat money" in my favorite dictionary of economics (former econ student here). I tend to like their definition far better than the typical wiki/bitcointalk definition. There is a dichotomy between money - either commodity money (asset backed) or fiat money. Fiat money is a type of money that has no intrinsic value. This would mean all national currencies as well as most digital currencies are in fact fiat under this definition. Interesting that the article doesn't really say much about the method of issuance.

If anyone wants to look it up, it is in the New Palgrave Dictionary of Economics, and you probably need to access it through an school or institution that has access.