Re:Blockchain in a Nutshell
by automatic6131 on Wednesday May 04, 2022 @08:27AM
(#31259510)
>Try using a bank as a rural Honduran and see if you are even allowed on. Attempt a transaction between yourself and a person in Chad and see how many hurdles are presented.
Ahh, yes, bank the unbanked. We've been hearing about this for a decade and it's yet to actually solve it. Might have something to do with the fact that the minimum hardware requirement to engage with a "trustless, peer-to-peer, global digital cash" system runs in the annual earning of the average unbanked labourer in the Third world. Any attempt to solve the _political_ problem of the distribution of wealth and access to the monetary systems (banks) that starts with a technical system (crypto) is bound to fail because of that mismatch.
Even trying to solve a political problem with a technical solution requires one to first solve the problem of being allow to use the technical solution - which is a political problem!
Re:Blockchain in a Nutshell
by FabHK on Wednesday May 04, 2022 @08:44AM
(#31259657)
Indeed. And there are payment systems that successfully tackle the issue of banking the unbanked (M-Pesa, Wave, ...), but they don't touch crypto with a ten-foot-pole.
Ahh, yes, bank the unbanked. We've been hearing about this for a decade and it's yet to actually solve it. Might have something to do with the fact that the minimum hardware requirement to engage with a "trustless, peer-to-peer, global digital cash" system runs in the annual earning of the average unbanked labourer in the Third world. Any attempt to solve the _political_ problem of the distribution of wealth and access to the monetary systems (banks) that starts with a technical system (crypto) is bound to fail because of that mismatch.
Even trying to solve a political problem with a technical solution requires one to first solve the problem of being allow to use the technical solution - which is a political problem!