your argument about 'central control of money supply' is exactly backwards. the problem with 'counterfeiters', if we look only at the facts and avoid the question-begging derogatory term, is that they can print money while providing nothing in return; that's exactly what a mint printing paper money does, as do other entities with central control of the money supply. so, far from avoiding counterfeiters, it officially licenses them. you could as well say that stand-your-ground laws help avoid murder because the killings they permit are not murder, since the law permits them
most states are unwilling to allow a foreign power to print unlimited amounts of the money they use, because this would represent a major concession of sovereignty. this ensures that almost no two countries use the same means of exchange
your argument about who has control has more merit. but you're overlooking structural differences; it's like saying that democracy moves control from the king to whoever is popular enough to get votes, or that freedom of speech moves control from the ministry of truth to whoever has enough money to run a printing press. the structural differences prevent cryptocurrency miners and exchanges like coinbase from simply inflating bitcoin into worthlessness the way my local currency has been inflated over the last year. the most extreme event we've seen along those lines was ethereum's controversial unwinding of the dao theft; nothing similar has ever happened in bitcoin, and probably nothing similar will happen in the future in ethereum or zcash
it is definitely true that russia could not have kept its reserves in bitcoin or any other cryptocurrency, because the market capitalization of bitcoin was far too small to provide 300 billion dollars of liquidity if it had to sell off those reserves. that is probably still true and may possibly remain true forever. but you can bet your life that every head of state who saw that confiscation is formulating a strategy to ensure it won't happen to them; that will have the opposite effect on financial integration from the one you want
i'm skeptical about your integration thesis, though, partly because it was very popular in 01914, and partly because of the limited repercussions from the usa's completely unprovoked invasion of iraq in 02003. (arguably the invasion of the ukraine is one of those repercussions, but that hardly seems like a major disincentive to future us presidents who find tempting countries to invade!)
most states are unwilling to allow a foreign power to print unlimited amounts of the money they use, because this would represent a major concession of sovereignty. this ensures that almost no two countries use the same means of exchange
your argument about who has control has more merit. but you're overlooking structural differences; it's like saying that democracy moves control from the king to whoever is popular enough to get votes, or that freedom of speech moves control from the ministry of truth to whoever has enough money to run a printing press. the structural differences prevent cryptocurrency miners and exchanges like coinbase from simply inflating bitcoin into worthlessness the way my local currency has been inflated over the last year. the most extreme event we've seen along those lines was ethereum's controversial unwinding of the dao theft; nothing similar has ever happened in bitcoin, and probably nothing similar will happen in the future in ethereum or zcash
it is definitely true that russia could not have kept its reserves in bitcoin or any other cryptocurrency, because the market capitalization of bitcoin was far too small to provide 300 billion dollars of liquidity if it had to sell off those reserves. that is probably still true and may possibly remain true forever. but you can bet your life that every head of state who saw that confiscation is formulating a strategy to ensure it won't happen to them; that will have the opposite effect on financial integration from the one you want
i'm skeptical about your integration thesis, though, partly because it was very popular in 01914, and partly because of the limited repercussions from the usa's completely unprovoked invasion of iraq in 02003. (arguably the invasion of the ukraine is one of those repercussions, but that hardly seems like a major disincentive to future us presidents who find tempting countries to invade!)