"It's fiat just like a Federal Reserve Note."
I keep seeing this repeated over and over as though it's axiomatic, but this statement is FALSE. Totally and utterly false.
I am no advocate for Bitcoin, but I can't stand the propagation of falsities in lieu of fair and honest criticism. As I've commented before:
Bitcoin is not "fiat."
People keep using the term "fiat" as though it means "made-up" or "paper" or "without backing." Fiat, as it pertains to money, effectively means "mandated for use and acceptance by government decree." Bitcoin, on the other hand, is voluntarily used and/or accepted by willing participants in transactions.
Indeed, as such, Bitcoin is the opposite of "fiat."
Again, I am no advocate for Bitcoin personally. Don't use Bitcoins, and don't intend to, ever. But this is a big falsity that, intentionally or otherwise, detracts from the productive conversation around the subject.