Re:The blockchain paradox: Why DLTs may do little to transfo...
by patrickk on Wednesday June 14, 2017 @04:59PM
(#14556079)
> Can you expand on how crypto currencies relate to positive social mobility?
Bringing those who are unbanked into the global financial system is a powerful way to help lift people out of poverty. In many cases, banks are unwilling or unable to serve the poor, so cryptocurrencies could potentially fill the gap. I don't think any current cryptocurrencies will achieve this, but there is some research being done on "stablecoins" which could fit the bill.
Re:The blockchain paradox: Why DLTs may do little to transfo...
by russdpale on Wednesday June 14, 2017 @07:43PM
(#14556893)
Cryptocurrency is already doing this, I don't have the names offhand, butt, (Ill eave the typo, hehe) there are several regions in Africa where bitcoin is a primary currency being traded.
Can you expand on how crypto currencies relate to positive social mobility?
Off-handedly it seems to me it would be the opposite, although I'm admittedly fuzzy on this..
In theory crypto currencies reduce rent-seeking from intermediaries; since much financial rent seeking is established as percentages of an exchange (like a credit card transfer), removing those rents will give bigger net advantages to those transferring large amounts than those transferring small ones.
Not saying removing rent seeking is bad (it's awesome!), but I don't see how that does anything but increase the difficulty for someone with low capital to catch up; rather it should be doing the opposite.