Edit: I should clarify. I am saying that the status of the USD as a reserve currency has led to lots of US military action.
Notice how displacing some military force usage by changing the motivation or capability for intervention (for example to maintain a currency advantage) might be in itself a Good Thing (tm) and how it does not require replacing armed forces entirely.
That was literally a quote from the post being responded to.
Bitcoin doesn't solve, for example, hate crimes or something like this.
Conversely, if all money suddenly become Bitcoin, military force and police would still be needed, in mostly the same amount they are today.
My post was referring to how the US has killed lots of people to keep strong dollar. I think its feasible that a true global currency (possibly bitcoin) could prevent violence like this.
If Bitcoin would become a risk to that status, would the US government just give up and admit defeat or would it outlaw usage of it?
Or it could become highly regulated and be much less useful for trade due to onerous compliance requirements. For example, how do you prove that wallet X that one is sending money to isn't going to someone who's in an embargoed country?
I think that's a gross possibility, and I hope no governments take this measure, but I don't think it would be difficult.
From that perspective, it seems to follow that most governments would want to regulate cryptocurrencies, and probably not in the way that Bitcoin bulls would like it to be.
I could definitely be wrong on this though. I thought in the past that the ad model of Facebook and Google would go nowhere, and look where they're at now.
Are there any other benefits? If not, wouldn't adopting bitcoin be an easy solution to monetary policy while avoiding this issue? Or am I missing something?
One example of having monetary policy out of a country's control is the EU, which has both strong economies (eg. Germany) and weaker ones (eg. Greece). A strong Euro works well for Germany, since they get more effective purchasing power out of their trade surplus. For Greece, a strong Euro means that their exports are probably not competitive price wise.
If these countries had their own currency, the Deutsche Mark would be a strong currency (making their exports relatively more expensive) and the Greek Drachma a weaker currency (making their exports relatively less expensive), giving them a push towards a more even trade balance. As citizens tend to transact in local currency, this also encourages Greek citizens to seek more local goods (eg. Greek tomatoes grown on Greek soil with Greek labor) as foreign goods are more expensive, hence further stimulating their economy.
I am also doubtful of PoS but perhaps there's a way to make a greener coin using some amount of trust and regulation?
Many projects and tokens use it by now.
The promise of violence is free until realized though.
Did everyone forget that the best goal we can achieve with power usage is by reducing consumption outright? Just because some of the mining is done on greener solutions doesn't mean it's a net positive.
Global warming isn't exactly going away if we keep this experiment up.