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> If the poor of the world can understand the social mobility that crypto currency affords them Can you expand on how crypto currencies relate to positive soci
by jakewins 9y ago
> If the poor of the world can understand the social mobility that crypto currency affords them
Can you expand on how crypto currencies relate to positive social mobility?
Off-handedly it seems to me it would be the opposite, although I'm admittedly fuzzy on this..
In theory crypto currencies reduce rent-seeking from intermediaries; since much financial rent seeking is established as percentages of an exchange (like a credit card transfer), removing those rents will give bigger net advantages to those transferring large amounts than those transferring small ones.
Not saying removing rent seeking is bad (it's awesome!), but I don't see how that does anything but increase the difficulty for someone with low capital to catch up; rather it should be doing the opposite.
- patrickk 9y ago> Can you expand on how crypto currencies relate to positive social mobility? Bringing those who are unbanked into the global financial system is a powerful way to help lift people out of poverty. In many cases, banks are unwilling or unable to serve the poor, so cryptocurrencies could potentially fill the gap. I don't think any current cryptocurrencies will achieve this, but there is some research being done on "stablecoins" which could fit the bill.
- russdpale 9y agoCryptocurrency is already doing this, I don't have the names offhand, butt, (Ill eave the typo, hehe) there are several regions in Africa where bitcoin is a primary currency being traded.