[jonkho]

Money is a social construct. This social construct is valuable. Why? Because this construct solves the problems associated with bartering by allowing us to frictionlessly keep track of who owes what and how much to whom (claims on goods and services). This social construct can use tokens such as dollar bills or gold, for example, as the abstraction for the ledger of record. There are problems using dollars and gold as the abstraction. Dollars (or fiat) violates our common sensibilities as a record on claims on goods and services. The problem is it can be printed without regard and used to extract goods and labor from you (if you choose to accept it). Some people would consider this fundamentally unfair because they are trading their product of their efforts for something that is created infinitely without effort by the privileged few (i.e. something for nothing). Gold is better in this regard but as a money abstraction it is also leaky because it takes up physical space and has transportation and storage inconveniences. Bitcoin is better by having none of these issues which makes it more relatively suitable for the social construct of money (again, it is the social construct of money that is valuable - for which bitcoin happens to be better suited than the current alternatives).

[qppo]

The ability of fiat currency to enter the money supply at the discretion of a central authority is a feature, not a bug.

[jonkho]

Says you. Like all interventions, there are winners AND losers from this type of intervention.

[qppo]

says the lack of bank panics, sustained inflation, and reduction of recessions to speculative bubbles, of which decentralized currency doesn't fix.

[jonkho]

Right. Your's a textbook answer to the textbook question. What are the causes of bank panics? Who are the winners and losers of this inflationary intervention/"reduction" of recessions? If the winners of these policies continue to keep winning, is this good for society at large? You don't seem to see the big picture. Product of one-step thinking. But my contributions to this thread ends here.