I'm not saying that the US would tie the dollar to Bitcoin willingly. It would have to do it out of necessity to be able to interact with nations that have resources that the US needs.
This of course applies to all countries, not just the US. The dollar as the world reserve currency enables the US to rob the recipients of the value of their holdings after the fact. I don't think any nation is happy about that. It would also reduce undue influence of a single nation across the world and therefore maybe reduce the attractiveness of terrorist organizations' railing against it.
A currency that can't be debased is a stabilizing factor in international affairs (my take). This also translates to each country's citizens, they can't be robbed by their government...
Financial (or economic) sanctions affect the target country's citizens. I would submit that after the sanctions on Russia, Putin has gained support from the Russian people. Iran has been sanctioned for how many years? Yet Iran's citizens don't find the means to depose of their leadership... Maybe they like the way things are... Sanctions and all.
In my opinion your statement "the world embracing crypto all at once would escalate the financing of combat to unconscionable heights" is unsupported. Bitcoin is available now (has been for a decade), so what keeps bad actors from using it to purchase arms now. The international monetary system is not a gate (to cash out Bitcoin purchases). The Mexican cartels apparently have no problem using the banking system to finance their operations...
> I'm not saying that the US would tie the dollar to Bitcoin willingly. It would have to do it out of necessity to be able to interact with nations that have resources that the US needs.
I think the idea that the dollar would be replaced by a faceless, useless currency is pretty unfounded. There's no draw to using Bitcoin, even the digital yuan has a better shot at dethroning the dollar than Bitcoin does. Plus, what makes Bitcoin any better than the hundreds of altcoins that came after it, many of them fixing the problems inherent to Bitcoin?
> This also translates to each country's citizens, they can't be robbed by their government...
Right. Now they can only be robbed by each other and the rapid fluctuation of an asset they have no control over, with no stability guarantees. Every day can be a bubble in the Bitcoin-based world!
> Maybe they like the way things are... Sanctions and all.
They have no choice but to like it. I can assure you that the wealthier Russians who woke up to a post-SWIFT nation didn't "like the way things are", nor was Putin very happy when Apple and Google decided to close up shop domestically. I'm not an extremist proponent of sanctions, but there is definitely value in having a network that can shun a nation when they start committing war crimes.
> Bitcoin is available now (has been for a decade), so what keeps bad actors from using it to purchase arms now
Nothing. As a matter of fact, Bitcoin kicked off a digital arms race to make even more private currencies like Monero which are now the preferred medium for transacting pretty much anything illegal, from drugs to weapons.
This of course applies to all countries, not just the US. The dollar as the world reserve currency enables the US to rob the recipients of the value of their holdings after the fact. I don't think any nation is happy about that. It would also reduce undue influence of a single nation across the world and therefore maybe reduce the attractiveness of terrorist organizations' railing against it.
A currency that can't be debased is a stabilizing factor in international affairs (my take). This also translates to each country's citizens, they can't be robbed by their government...
Financial (or economic) sanctions affect the target country's citizens. I would submit that after the sanctions on Russia, Putin has gained support from the Russian people. Iran has been sanctioned for how many years? Yet Iran's citizens don't find the means to depose of their leadership... Maybe they like the way things are... Sanctions and all.
In my opinion your statement "the world embracing crypto all at once would escalate the financing of combat to unconscionable heights" is unsupported. Bitcoin is available now (has been for a decade), so what keeps bad actors from using it to purchase arms now. The international monetary system is not a gate (to cash out Bitcoin purchases). The Mexican cartels apparently have no problem using the banking system to finance their operations...