The problem with any currency that originates from anything other than a single title to tangible wealth is DISTRIBUTION. Whatever new currency is created ultimately dilutes the value of all other currency in existence. That is what makes it an invisible tax.
If we can beyond the notion that CONFISCATION OF VALUE is fine, well and good, the question remains: Who are those fortunate elites connected to government that get first use of all that wonderful newly confiscated value and siphoned wealth? And what if my little popsicle stand is out in the boondocks, or at the bottom of the New Fiat Currency Distribution Chain? Degrees of separation dictates that I'm always forced to run constantly faster and exert more energy to stay ahead of the inflationary treadmill than anyone else, because the more time it takes for new currency to get to me, the more time inflation has to propagate to me as well.
FIRST USERS ALWAYS HAVE THE ECONOMIC UPPER HAND
You say, "All we have to do is control the quantity of it's printing..."
Oh, wonderful...and glossed over while begging the question of WHO is going to "control" it? Our TRILLIONS OF DOLLARS DEFICIT SPENDING CONGRESS? They would "control" the quantity of currency? They're in a better position than commercial banks to allocate these supposedly scarce resources? That kind of "control"?
I actually don't want to end the Federal Reserve, any more than I want its nasty currency-debasing power to rob savings given over exclusively to a spend-happy Congress. I just want the chains on all the Fed System's doors broken--DESTROYED--with NATURAL checks and balances in place that operate on the individual level. Any system that requires 100% mandatory participation in order to work is already on foul economic footing, and has the stench of dead rat and disease all over it. Rest assured someone's getting royally fucked in that process.End the Federal Reserve, begin to print debt/interest free US notes (greenbacks), start investing in gold, and when we have a plentiful supply, print gold notes as a safety net.
Our power and ability to create VOLUNTARY ESCAPE EXITS is absolutely paramount. That way, when the currency does fail (as it is designed to, and will), and people decide not accept it, even at gunpoint, we won't be reduced to barter as an alternative.
Don't talk to me about how all my currency eggs in one federal basket would be a great thing, if they would just create a ship so sound and so well piloted and controlled that God Himself Could Not Sink This Ship.