Well, in practice, fiduciary money should not have any problem, in fact, I think it is a good model, the problem is that there are a set of dishonest mechanisms made by state agencies, or at the expense of it, which make the system fails, such as Fractional Reserve Banking.
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Damn, don't know how I missed it. It was in reply to @erh.germany post. Sorry for the confusion.
lol... although I can't tell you that I don't suspect at some point.
It was a relatively long comment, you should answer him anyway.