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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-
Someone somewhere is making promises of paying a certain amount of crypobits for borrowing, and providing a line of credit for that
Doesn't this not work with crypto stuff as you can't just make up money as a loan as is done currently, all the currency and transactions are recorded in the Blockchain or whatever.
snottyotter
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.