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You're right but the author isn't totally incorrect.[0] >But with the note shortage in India, cash is precious and the queue-jumping jugaad has a dark side. As
by sleepychu 10y ago
You're right but the author isn't totally incorrect.[0]
>But with the note shortage in India, cash is precious and the queue-jumping jugaad has a dark side. As banks quickly run out of cash, many have to go hungry if they cannot make it to the front of the line. Others have to take days off work to wait in line. One man, standing in the queue at the bank, who does odd jobs for a launderette, says he will phone his boss when he reaches the front, so that he can come and make a cash deposit. “Every man, whether he’s rich or poor, has a mouth to feed. But somehow, only ordinary folks like us end up standing in line,” he says.
[0] - https://www.theguardian.com/world/2016/nov/28/india-bank-lines-controversy-cash-for-queuing https://www.theguardian.com/world/2016/nov/28/india-bank-lin...
- notahacker 10y agoHowever counterproductive India's change might have been, I don't think you can call statements like "it also wiped out a large percentage of the wealth of the poorest people" and "One could argue that the Indian government recalling bank notes had a positive impact on citizens (more tax revenue for education, roads, etc). Yet it also harmed millions by eroding their wealth" anything other than a misrepresentation of what the Indian government actually did. I don't think it serves the Bitcoin ecosystem well when CEOs of some of its most trustworthy platforms make such flatly wrong statements on basic finanical issues. More generally, it's a counterproductive line of rhetoric to take when the average person in the developed world is several orders of magnitude more likely to suffer significant wealth loss through BTC volatility, platform malfeasance or government crackdown on domestic bitcoin use than hyperinflation or generalised currency seizures by Western goverments.