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Nearly all Chinese banks are refusing to process payments from Russia, report says
(www.businessinsider.com)
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this post was submitted on 15 Aug 2024
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I suppose they could mine it all themselves. To handle all its international trade, a good sized nation state would need the electrical production of a smaller nation state just for that.
The amount of crypto you can theoretically mine is independent of your hashrate and only dependent on the block reward plus transaction fees... and these are minuscule compared to what a state needs.
In practice, if an actor held even slightly more than 50% hashrate, trading with him would be a major risk. Which means that's about the upper limit of what you can actually mine.
See this was what I was really wondering. Some cryptp like Dogecoin and Monero have unlimited amounts that can be mined and while certainly not practical in my mind I was 100% thinking why not just mine a fuck ton of Doge or something and have it agreed upon that that is the international trade money.
I do see how converting it into a fiat currency would be problematic though but in that case wouldn't gold or silver also he able to be utilized?
The goal of a banking system is to move money (possibly a lot) quickly, without physical exchange, for the maximum number of goods and services. States also want to control a currency for their fiscal policy, and they want to be able to go into debt.
Established crypto fails the maximum number, fiscal policy and debt criteria. As soon as you introduce mandatory physical exchange via previous metals, what remains?
And yes; Monero theoretically has an infinite amount of coins. However, it has reached tail emission since about two years, meaning the block reward is 0.6XMR every two minutes, which currently equates to about $65.000 per day. However, mining requires CPUs, which would need to be acquired first.
All in all, the current numbers don't make it a feasible solution.