Re:Bitcoin value tumbles almost 50% since record November
by delabay on Monday January 24, 2022 @12:01PM
(#30060409)
Forbidding folks in these countries (Turkey, Lebanon, Argentina, Venezuela) from holding a crypto alternative to their native currency is sentencing them to a guaranteed loss of 90%+ of their purchasing power, versus weathering crypto volatility.
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Re:Bitcoin value tumbles almost 50% since record November
by The-Bus on Monday January 24, 2022 @12:17PM
(#30060660)
I agree with this statement but the solution is not solely crypto nor does that provide any inherent value to residents outside of those nations.
Re:Bitcoin value tumbles almost 50% since record November
by delabay on Monday January 24, 2022 @12:34PM
(#30060927)
In aforementioned countries the established financial system becomes a tool of theft by the government. Just listen to news reports or podcasts from normal folks who have to survive under these conditions. Thought you had a dollar denominated savings account? It's Liras now. Want to withdraw your money? Limited to $40US a day.
Crypto is one compelling alternative. Note, I lump a reputable USD stablecoin in here too. It's all software after all.
Re:Bitcoin value tumbles almost 50% since record November
by specialist on Monday January 24, 2022 @01:15PM
(#30061545)
> ...a tool of theft by the government.
How is theft by grifters (whatever we're calling crypto-bros) better?
Re:Bitcoin value tumbles almost 50% since record November
by sgt101 on Monday January 24, 2022 @12:20PM
(#30060725)
There does need to be a solution for countries that do this - that is to say indulge in radical devaluation; but it is clearly not BTC or ETH. It could be a properly backed and regulated crypto currency, one that also could be used without burning barrels of oil. There is no such crypto currency though, and there may never be one.