[rusk]

Interesting point. I wouldn't say profligate since creating a new coin, and getting people to adopt it is far less trivial than printing a bundle of notes. But, I think you're right in pointing out that it is a side-channel through which more money can be "created", but in this case it's not a fiat (government) policy decision.

[dullgiulio]

Yes, the point being that it is (generally) easier to control a few government decision makers than exactly everyone who can make a website and start a cryptocurrency first node.

There are many international institutions that check such things (IMF, or just the international money markets, etc). Basically everything that the cryptocurrency-libertarians folks keep on ignoring: turns out such problems were basically solved already.