Great. A new all powerful bogeyman. Cryptofiat.
What are the essential characteristics of this new fictional threat? I note they have not been described anywhere up thread.
Sorry if this was not clear. This means I should amend my text and make it more clear.
Cryptofiat: governments (and megacorpo) recognize the usefulness of the blockchain tech but don't want to share the power of minting money with the world at large (Bitcoin) but want to keep tight control over it, like it'd been done for millenia (ahem, Fed). Example in the work: Nicaragua.
Please, tell me if it is understandable. By "understandable", I do not mean you agree with it or not, just if you understand the idea.
I think I understand the _idea_. But I don't understand the characteristics of an actual _implementation_. Sounds like you are scared of your shadowboxing sparring partner.
Why would governments use a blockchain to enact fiat? Why would they just not print it at random as they have always done? It is easier, they know how that system works, and there is no advantage to them to put it on a blockchain.
I guess they can watch all the transactions, but they can already watch the vast majority with our current system. I don't think they'd constrian their abilities for this incremental (tyrannical) benefit.
Another reason why the government would not want this is because with a publicly viewable blockchain everyone would know exactly what information is available and against them. With the current fiat system the government can not only monitor the flow of money but they do not necessarily need to tell a suspect of a crime the extent of the evidence against him (or what the government may be able to uncover in the future) which would give a suspect an incentive to confess if they have committed a financial crime.