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Maybe not now - but we're talking about the hypothetical of crypto usurping fiat.
Someone somewhere is making promises of paying a certain amount of crypobits for borrowing, and providing a line of credit for that.
Scale it up, and you have only a few steps to QE.
Unless of course you're regulating it back the supply of cryptobits, in which case you've got a gold standard instead.
NotThamesWater
@mashton
The regulation of "value" in crypto currency is built in.
For fiat it needs to be imposed, by a fiscal authority, or by something like the gold standard.
For example:
Whereas a fiat currency can be devalued by QE, and this needs regulation, the same is just not possible in a crypto model.