I have mixed opinions on this, it's clear to see where the current system fails and how continuously printing more fiat isn't going to end well but bitcoin or any other alternative isn't proven for a whole economies purposes. The aim should be to increase welfare for everyone in the economy, bitcoin wouldn't stimulate growth, it would most probably have the opposite effect and lead to people hoarding.
I see a lot of so called Bitcoin supporters that thrash fiat money because of the ability of a central institution to make more money out of thin air. What they don't understand is that it is the very reason that the world is currently enjoying the longest lasting bull period without any major depression after the 1920's. Everything is up for debate in the hindsight but we have to accept the fact that these are the very measures that have enabled the governments to infuse money (confidence) into the existing system. The ultimate aim is the welfare of the human race and the entire capital market is currently based on the trust on certain institutions (the trust of getting paid, trust of govt and belief in the entire system).
I understand the capital market and its working and know about the current liability situation of all the governments/institutions and all the whitewashing that has happened and continues to happen in the world. But I also believe that it was the best way to bring such widespread economic prosperity to the masses. And Bitcoin/any other cryptocoin cannot solve this problem (problem of managing growth and money supply).
Very well said, it's easy to see that fiat has its shortcomings but hard to argue with any level of conviction that things with 100% be better off with any alternative. I do also believe that eventually it could all go up in smoke, but I struggle to see how that can be mitigated at this point. It's already too far along in the process so might as well just keep chugging along and live out the good times for as long as they last.
