I agree it needs more testing. I disagree that it is fiat. It’s sumpin’ new called cryptocurrency, based on work and not printed out of “thin air”.
If someone can declare a creation algorithm, then someone can also change that algorithm. Bitcoin users are trusting its creator not to do so. I still think the term "fiat" applies.
I'm fascinated by it, but I don't think it passes in the end. But I also thought the GOP would maintain its majority in 2006. Heh.