> state’s fiat powers come from its credibility, transparency and the power of taxation Nope. State's fiat powers come from its monopoly on violence. Complete

> state’s fiat powers come from its credibility, transparency and the power of taxation Nope. State's fiat powers come from its monopoly on violence. Completely opaque and corrupt states have fiat currencies too. Many thriving ones. The only reason people use these fiat currencies is because not doing so invites violence from the state - imprisonment and fines at best, actual physical violence at worst.