It&#x27;s not what <i>I</i> call fiat, it&#x27;s the definition of fiat. I thought bitcoin was not a fiat currency, but in fact it is, because it&#x27;s value is controlled by supply and demand based on the decisions of humans.<p>I am now convinced that bitcoin will, like all fiat currencies, inevitably fail. It doesn&#x27;t matter if its value is controlled by one human or a democratic process controlled by humans, it is controlled by humans and humans are fallible, therefore bitcoin will fail.<p>There is no question of this. The only question is, When?