Re:Moving money internationally
by netheril96 on Thursday March 03, 2022 @02:42AM
(#30538252)
There are plenty of cases where you can leave a country, but not with large amount of cash or gold. Like nowadays in Russia. Crypto allows you leave with your property in these cases.
Re:Moving money internationally
by listenallyall on Thursday March 03, 2022 @06:55AM
(#30539788)
You just wrote the same thing SamReid did. Yes, of course, in some cases, crypto can help. There is a very wide gap between that, and the parent poster's declaration "crypto fixes that" like it is a failsafe cure-all.
I was presupposing you can get yourself out. If you can't physically leave the country, owning crypto will not help you much, except perhaps to bribe some corrupt official who could smuggle you out. Similarly, if the electric grid goes down, if there is a nuclear war, or if a gamma ray burst causes a mass extinction, we will have other things to worry about. Crypto is not a magic bullet for all the scenarios you can think of, but it can help most cases.
Re:Moving money internationally
by listenallyall on Thursday March 03, 2022 @07:04AM
(#30539851)
Like most things crypto, the initial promise is that is fixes everything (like you initially wrote), but when you dig into it, the reality is that it's often not cheap, often not quick, often not portable, often not anonymous, often not safe, often not unrestricted from confiscation. And it introduces all kinds of concerns as well: losing keys, fraud, insecure wallets, exchanges that lose your funds, ransomware, etc
Crypto has utility, yes. But it is far from a panacea and actually does not "fix" many of the problems its supporters claim it does.
Re:Moving money internationally
by SamReidHughes on Thursday March 03, 2022 @02:14AM
(#30538067)
It helps in the case where you can move your body across the border, but not physical property.
Re:Moving money internationally
by listenallyall on Thursday March 03, 2022 @02:30AM
(#30538173)
Yes, I agree, it certain situations, under certain circumstances, it helps. But the parent comment was "Crypto fixes that", as if it universally removes all barriers and obstacles, which it most definitely does not.
I would also pose a question, in the case where you have to leave NOW in order to cross that border -- would you rather have all your money in a bank with accounts currently frozen, or have crypto keys stored physically in an apartment or bank in an active war zone that you are unable to reach and faces a real possibility of being destroyed/bombed/flattened at any moment?
Re:Moving money internationally
by SamReidHughes on Thursday March 03, 2022 @03:05AM
(#30538391)
It's an interesting question, and it might depend on what currency the money is denominated in, or what bank. I don't know how I'd manage crypto keys, but it is possible to reduce all your holdings to a 20-word passphrase that you've memorized. So there is the question of whether I've already prepared to bug out. At least for myself, if I fled the country, I don't have any valuable physical property I'd ordinarily take with me when moving, except for a GDM-FW900.
This seems rather naïve. If you can't leave a country because your government requires you to fight a war rather than leave, how do you get yourself, or any physical property, out? If you're in jail, justified or not, how does crypto help you move your property? Or the government you live under simply doesn't allow exiting? What if all international airports refuse to allow flights originating in your country to land, and trains and roads and ships are far beyond capacity? Even your intangible crypto wealth can't be moved across borders, if you yourself aren't able to cross a border.