Sorry, I may be using the term "fiat" wrong. Financial Times defines fiat, in part, as "Fiat money is an intrinsically worthless object, such as paper money, that is deemed to be money by law." I was not talking about lawfully enforced paper money. Rather, I meant to say a decentralized "managed currency" mechanism. Does that help clarify, or am I not understanding your question?
RE: Old Problem with New Cryptocurrencies - Seriously? This Again?