Re:Telegram quietly snuck its blockchain past regulators
by Angostura on Friday September 27, 2019 @09:57AM
(#21092023)
Governments also have a number of additional regulatory functions in addition to raising funds. Things like seizing the proceeds of crime, preventing fraud etc. Monetary policy is more than just a money raising exercise. There can be good reasons for devaluing a currency.
Think for a moment about the implications of a world with a single currency mediated through a block-chain predicated on the idea than no-one can ever get more than 50% of the processing capacity. Think about Angola, China, Sweden and the US sharing that currency
Bitcoin removes the third option, helping to hold government abuses it check a little bit. It's not a solution for everything, but hopefully it restores money to a function of communicating value rather than being both political control and theft. If Bitcoin works it will also force governments towards greater fiscal responsibility.
Bitcoin is not a perfect solution for all problems, but a partial solution in a deeply broken world.