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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).