Re:Diary of an African Cryptocurrency Miner
by Mediterraneo10 on Saturday November 04, 2017 @05:34PM
(#15627015)
> One is what proportion of ordinary people could actually get access to bitcoins in third world nations.
I don’t know about truly impoverished countries of Africa, but I have seen more Bitcoin storefronts and Bitcoin kiosks in South America and Eastern Europe than in wealthier countries of North America or Western Europe.
It’s also worth keeping in mind that Sub-Saharan Africa was very quick to adopt mobile payments. The countries may be poor, but millions of people may have phones even if they don’t have electricity or running water in their homes, and they are able to do a lot with those phones.
Re:Diary of an African Cryptocurrency Miner
by narrator on Saturday November 04, 2017 @10:40PM
(#15627916)
All you need to get access to bitcoin anywhere in the world is a <$40 smartphone and an account on localbitcoins.com.
Re:Diary of an African Cryptocurrency Miner
by MichaelGG on Sunday November 05, 2017 @12:25PM
(#15630410)
Sort of. Some places have very limited coverage on LBC. I've gone through my old ads ($50 BTC!) and in Guatemala it is still sparse. There's a bit of money pitching it on Facebook groups and grabbing a 5-10%+ markup nickle and diming it.
Re:Diary of an African Cryptocurrency Miner
by ejanus on Sunday November 05, 2017 @06:43AM
(#15629022)
What do you gain by controlling currency beyond corruption?
Re:Diary of an African Cryptocurrency Miner
by quickben on Sunday November 05, 2017 @01:42PM
(#15630839)
Actually it's the opposite. If you don't control the currency, you end up with a ton of corruption.
Re:Diary of an African Cryptocurrency Miner
by ejanus on Sunday November 05, 2017 @06:30PM
(#15632436)
It is pretty obvious that you really experienced such policy .
Re:Diary of an African Cryptocurrency Miner
by quickben on Monday November 06, 2017 @09:29AM
(#15635646)
Yeah, lived in a country through an embargo, several wars in the neighborhood, more horrible stuff than that in the economy too.
Bottom line: people are creative creatures. Either we have some rules we can all agree on and enforce them, or people will start inventing all sort of, erm, market optimizations techniques to survive and prosper.
One is what proportion of ordinary people could actually get access to bitcoins in third world nations.
Another is whether bitcoin mining will wind-up being a way to launder money and access to energy in the third world - we often hear about oil, diamonds and minerals being taken during conflicts in third world nations. If someone could turn oil into wealth with nothing more than an Internet connection and a portable server-farm, a whole range of abuses might be possible. It's been claim bitcoin mining in China can be a way to subvert currency controls already.