Comment by graemep

It is a nuisance to the state.

I do not see how it is an existential threat.

Nation states existed for centuries in which money was frequently held as cash and even large transactions were often done in cash. its still common (or was until very recently) in a lot of (mostly poor) countries

> With financial privacy and real freedom, you can hire a competing army.

Having the money to pay an army is a long way from hiring one. Recruitment and buying military equipment at any scale would be obvious.