You&#x27;ll have to excuse me for this, but what you&#x27;ve just written has been said so many times in the past 18 months it&#x27;s basically a cliche.<p>If you&#x27;re willing to put the entire system into the cloud and hand over the backbone of Bitcoin to big banks and megacorps, you end up with a system no different from fiat currency over time. It ends up being a State controlled fiat money, because all of the infrastructure providers are Corporations - creatures of the State.<p>Inflation? No problem, we&#x27;ll just have the usual suspects update the code. Freezing accounts? Narcoturrerism? No problem, we&#x27;ll update the code. Etc. Having a P2P electronic cash system means accepting that the system is going to be different than government scrip.<p>The blockchain was never meant to be PayPal. It was meant to bootstrap a cryptoeconomic system outside the bounds of politics and the law. It&#x27;s completely irresponsible to give that vision up for the ability globally broadcast low value, meaningless consumer payments - especially since you can achieve that by building higher layers of abstraction.