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Re:Lebanon’s underground cryptocurrency market by robarker on Wednesday August 25, 2021 @12:03PM (#28303349)
Being in a third-world country and part of the crypto community feels so liberating. You can feel the difference between you and a non-crypto person.
Re:Lebanon’s underground cryptocurrency market by aorth on Friday August 27, 2021 @05:43AM (#28325873)
How is it different? How many goods and services can you pay for with cryptocurrency where you live? What if your government's goons (or private goons for that matter) hit you with a rubber hose and steal your coins? Who will help you?
Re:Lebanon’s underground cryptocurrency market by disruptalot on Friday August 27, 2021 @06:40AM (#28326164)
You don't need to buy goods and services directly but it is a good way to store and invest your wealth. Most capital controls are mute once you've exited into crypto.

On what basis do they hit you? Anyone that ever has any link to crypto? That's everyone. Crypto has a level of security and plausible deniability, that makes such things unrealistic. That's why you don't hear about it happening often.

To many people under these regimes, there is much more security afforded to them by crypto than by their governments and currencies.

Re:Lebanon’s underground cryptocurrency market by nroets on Friday August 27, 2021 @08:04AM (#28326742)
Just to add that many South Africans are importing and reselling crypto through a legal loophole. [1] Only "exporting" crypto is illegal.

There are highly liquid international markets for our currency vs other fiats. The government has relaxed capital controls substantially over the last 20 years.

Right now the focus of government is taxing crypto. Capital controls are taking a back seat, because enough Dollars are coming into the country to pay for imports. External debt is minimal.

[1]: https://www.ovex.io/blog/crypto-arbitrage-101/

Re:Lebanon’s underground cryptocurrency market by agumonkey on Friday August 27, 2021 @07:26AM (#28326416)
Understandably its a lot nicer to know your money doesn't evaporate.
Re:Lebanon’s underground cryptocurrency market by singularity2001 on Friday August 27, 2021 @09:51AM (#28327803)
>>> it is a good way to store and invest your wealth

until it goes to literally zero, which IMHO seems more likely every month

Re:Lebanon’s underground cryptocurrency market by scrose on Friday August 27, 2021 @11:47AM (#28329305)
It’s likely that the alternatives also run a similar risk with less upside.
Re:Lebanon’s underground cryptocurrency market by csomar on Friday August 27, 2021 @07:27AM (#28326423)
> How is it different?

You don't get 50% dilution of your savings within a year.

> How many goods and services can you pay for with cryptocurrency where you live?

In a liquid market, you can convert your weekly needs and pay using cash.

> What if your government's goons (or private goons for that matter) hit you with a rubber hose and steal your coins?

If they are going to do that (and some countries do that), they'll start with bank accounts and visible shit (goods moving in the street).

Re:Lebanon’s underground cryptocurrency market by EliRivers on Friday August 27, 2021 @09:05AM (#28327297)
You don't get 50% dilution of your savings within a year.

Although if you're measuring bitcoin against the USD, you could have done that in May :)

Re:Lebanon’s underground cryptocurrency market by xur17 on Friday August 27, 2021 @10:47AM (#28328518)
BTC isn't the only option if you are using crypto. Especially in emerging markets, stablecoins seem to be a popular choice.
Re:Lebanon’s underground cryptocurrency market by splintercell on Friday August 27, 2021 @02:24PM (#28331298)
The article implies that almost all of this cryptocurrency is in USDT,So that argument doesn’t apply.
Re:Lebanon’s underground cryptocurrency market by csomar on Saturday August 28, 2021 @03:47AM (#28336367)
Currencies inflate only. Bitcoin fluctuates. It's not the same kind of exposure. (though a consumer might have a hard time catching the upside and avoiding the downside).
Re:Lebanon’s underground cryptocurrency market by tome on Friday August 27, 2021 @05:41AM (#28325862)
How would you describe that difference?
Re:Lebanon’s underground cryptocurrency market by notimrelakatos on Friday August 27, 2021 @07:16AM (#28326356)
Not paying taxes to a corrupt managerial elite is one of them
Re:Lebanon’s underground cryptocurrency market by csomar on Friday August 27, 2021 @07:30AM (#28326442)
Most of these countries finances are based on direct unavoidable taxes as they are already struggle to collect taxes the western way due to low compliance.
Re:Lebanon’s underground cryptocurrency market by celticninja on Friday August 27, 2021 @09:53AM (#28327816)
What's the western way? Don't you mean the US way?

In western Europe most places tax at source, which means your wages are taxed before they are sent to your bank. This sort of direct taxation ensures more compliance. I think rather the issue is that many places will deal in cash, where it is easier to avoid tax.

Re:Lebanon’s underground cryptocurrency market by nybble41 on Friday August 27, 2021 @05:58PM (#28333401)
> In western Europe most places tax at source, which means your wages are taxed before they are sent to your bank.

The US does this too; it's known as "withholding". There are also "estimated taxes" paid quarterly if you have significant income outside of regular employment and thus not subject to withholding. You still have to settle up at the end of the tax year, but by that point the vast majority of the tax (and perhaps a bit more) has already been paid.

Re:Lebanon’s underground cryptocurrency market by csomar on Friday August 27, 2021 @04:13PM (#28332491)
Not if you are employing your workers illegally and paying them with cash. Of course, each country is different and has different levels of control. Some which lack any control will just tax unavoidable items (like cars for example) to compensate. These are harder to smuggle and easier to catch.
Re:Lebanon’s underground cryptocurrency market by warkdarrior on Friday August 27, 2021 @11:47AM (#28329304)
US v. western Europe is distinction without a difference. Tax evasion is typically spread throughout the whole money lifecycle, from wage payments (where cash is used), to black-market purchases, to business deals (also in cash), to black-market imports and exports, etc.