[0] https://www.washingtonpost.com/politics/2019/09/06/argentina...
> Turkey had an 80% foreign currency surrender requirement in place from September 2018 to late 2019 during a previous iteration of a currency crisis and has also used other “soft” capital controls including changing fees charged on currency conversions and adjusting the requirements for currency hedging.
There are financial assets I cannot hold due to the accident of geography. For instance, I can't hold Chinese stocks. I cannot easily and safely send money to family in Cuba, Iran or North Korea. There are a lot of places I cannot hold real estate.
Capital controls and monetary debasement are very much the rule on a long enough timespan.
[0] https://worldview.stratfor.com/article/turkey-takes-first-st...
I bet we agree on many issues including, let people move freely between countries, have less rules, have smaller countries. But there is nothing wrong with the idea of a government backed currency even if you can point to failures like Turkey, Venezuela and many more.
Also are you seriously saying that because you can't rent seek land in Liberia there is a problem with the global economic order?
Something has existed for tens of thousands of years and in the last 50 years has been supplanted by something else. Which would I bet on surviving 1,000 years from now? Hard currency.
1. The earliest known currency was the shekel and it was more of a accounting instrument and it was used ~5000 years ago.
2. Fiat was invented in the 7th century https://en.wikipedia.org/wiki/Fiat_money#China
Regarding your claim that hard money is good.
We are talking about a system that completely floundered under pressure from economic expansion (hard money) vs a system that has been presiding over the largest economic booms in history and is currently adopted by every government in the world (fiat) and your argument is "well look which is older".
2. I never claimed fiat was invested 50 years ago. I stated that the global monetary system switched over from predominately hard money with fiat
> We are talking about a system that completely floundered under pressure from economic expansion (hard money) vs a system that has been presiding over the largest economic booms in history and is currently adopted by every government in the world (fiat) and your argument is "well look which is older".
It floundered because it was routinely debased and not adhered to. That was my whole point. I would also say that fiat has failed a lot. You google list of hyperinflation to get a sense of how bad it has been over time. Even today you have people living in countries in which they have to watch their wealth disintegrate every year by double digit amounts
Civilization didn't begin with Bretton Woods...
All it takes is to turn one participant, and the threads can be followed to trace the money.
If I hold something in a digital wallet, I can never be sure I've eliminated all the ways to take it remotely and anonymously.
so your company either has to set up its own KYC/AML compliance department (noting that this is often a regulated profession) or it is probably breaking the law.
International bank payments are slow, but they are also reversible and compliance is not your problem.
From the article:
> Let’s start with this: Venmo is a free service to transfer dollars, and bitcoin transfers are not free. Yet after I wrote an article last December saying bitcoin had no use, someone responded that Venmo and Paypal are raking in consumers’ money and people should switch to bitcoin.
Not everyone has access to Venmo or PayPal. For instance, sex workers are routinely booted off the platform in the US with their funds being frozen. People in developing countries also may not have access.
> In fact, I would assert that there is no single person in existence who had a problem they wanted to solve, discovered that an available blockchain solution was the best way to solve it, and therefore became a blockchain enthusiast.
How about people that want to hold western stable coins and they are legally prevented from holding dollars or similarly stable currency?