I think that the separation of the power to issue a currency from the state is profoundly dangerous, undermines the source of legitimacy of our society, and likely to destroy any possibility of a kind and fulfilling world for billions of people.
The current form of money that we use relies on the structure and status of the states that issue it, and the relationships that they have with one another. This is not positive in every way, for example the military dominance of the United States underpins the value of the dollar internationally. However, some measure of democratic accountability additional to brute force and pure market economics has allowed some diversion of wealth to create some measure of social justice.
I think there is no sign at all that crypto will provide this and instead if it was allowed to run wild the world would be ruled by people like Elon Musk with no restraint.
Fwiw, this is one of the few very valid risk areas that crypto indicates as a logical outcome if it works fully. The other is debt-deflation spirals.
A lot of crypto people don’t care about this, or see “democratic accountability” as an excuse for (in it’s worst version) Venezuela, or in its most likely version a decade plus of 0.0001% savings rates for the common man b/c our democratic system decided it’d have to work that way for a bit.
