Do you have a source for this?

For example, Erdogan flat out banned businesses from accepting cryptocurrency when he saw that people were putting their money in cryptos because of the inflation of the Turkish Lira.

It's not like cryptos are a stable currency, either. Question: Wouldn't it make more sense for people in develping countries to buy more stable assets or currencies, or is it not possible to that because of a lack of access?

One example from last month: https://decrypt.co/69205/cardano-developer-iohk-strikes-part...

One of the most common arguments used against Bitcoin is "it's only good in black markets." That's essentially what OP said. Do black markets not operate when Bitcoin is banned by government? Is this not the essential function cryptocurrency exists to serve? The outcome in Turkey for Bitcoin will be indicative. I have a timeline of 5-6 more years before I count it out.

Venezuela was using Bitcoin a lot when they were experiencing hyper inflation. I just Googled this again for an update and I saw that they may have dropped their former currency altogether?

I think access is a major problem here, although I haven't dug into the issue enough to know for sure.

M-Pesa and SMS banking in general had an immense impact in African nations. Bitcoin - not so much.

yes because it’s so easy to get stable internet access, electricity and, translate fiat to crypto (without an equivalent to coinbase and without a credit card) do you have any idea what’s it’s like to be in a developing country? do you know the literacy rates? do you think crypto things are in their languages? do you see all the exit scams?

these tech people are in such a myopic bubble

But of course hyperinflation will never ever come to the first world

With all due respect, people have been predicting that “$thing will (finally) be what leads to hyperinflation in the US” for decades and decades, but it has never happened. That’s not to say it can’t happen... but that predictions of imminent hyperinflation have historically been a poor bet and that extraordinary claims require extraordinary evidence.

> Actually, my understanding is that cryptocurrencies are having impact in developing countries.

Which country specifically would be a good example of this? If there are in fact any examples of this.

Dollar or any other strong fiat does this role better. Crypto is just not accessible in those countries and the opposite of friction-less.

USD cash can do this too.

More people need to appreciate this

They never transact with people in countries that have strict financial controls, so the problem does not exist for them. I pay people in Venezuela in cryptocurrency because nothing else is a viable option.

There's an assumption that people should think evading currency controls and taxes is somehow heroic. I'm happy that crypto allows people to violate US sanctions, but that's because I'm specifically against US sanctions, not the rule of law.

A lot fewer people use crypto for ill motives than you think.

Paper USD is a lot easier to hide than a Bitcoin transaction on a public ledger

Have you thought about what effect 40% inflation year over year does to you like in Argentina?

Or over 1000% in Venezuela.

Which cryptocurrency do you use for it?

The people who have the capability to use and exchange cryptocurrencies in developing countries are those who already have local or foreign bank accounts denominated in USD or EUR.

These same people then mine coins in those countries, utilising cheap or subsidised electricity, resulting in power shortages.

As we have seen in Turkey, these exchanges can be easily shut down, or the founder can simply disappear with all the cash.

These are not really long term solutions, and the existence of cyrptocoins is probably making the individual lives of people in the 3rd world worse.

I think its more likely that if these grey-market coins didn't exist, the local tech bros in the 2nd/3rd world would actually be pushing Governments to improve general financial regulation and stability, and building a proper series of banking companies themselves.