The present state of the art is that cryptocurrency is an arbitrage that converts subsidized electricity into value that can be transported out of the country.
>that can be transported out of the country.
There's a lot of value in this though, no? The 10k limit on undeclared financial instruments held in your personal custody through customs and KYC/AML laws in banking mean crypto fits a big void that was previously much harder to fill.
Indeed, as I've said in the past, money is a technology, and different technologies can be applied to different purposes. The "major" world currencies are designed to be used as a temporary store of value, medium of exchange, and instrument of economic policy. Bitcoin could be applied towards different purposes.
>>> There's a lot of value in this though, no?
Sure, a subsidy is by definition a source of value.
>Without the rule of law and threat of prosecution, a massive surge in usage due to theft would overwhelm systems.
I used both internet and electricity in Northern Syria circa 2015, provided by private providers, and it seemed to work just fine then. Why you think rule of law is so important to internet existing? If the dude running the cell phone towers and cell phone stand points an AK out the window when they see a crook, most people decide not to theft that. You don't need central power grid to have enough electricity to run phones and cryptocurrencies.
>Without the nuclear status quo and the threat of retaliation, NA would either be glassed or invaded.
Or cooperative militias and private individuals ally with someone with nukes or seize the ones already in existence. Not to mention invading American part of NA is hilariously foolish as there would be a "rifle behind every blade of grass."