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The underwater part of the Bitcoin iceberg is people all over the world who deal with terrible local financial services and regularly devalued currencies. Bitc
by narrator 9y ago
The underwater part of the Bitcoin iceberg is people all over the world who deal with terrible local financial services and regularly devalued currencies. Bitcoin and other cryptocurrencies are pure magic to them. We are not talking about the extremely poor or the destitute. The big beneficiaries are those who are in the upper middle class, such as small business owners in these countries. They previously had no way to protect themselves from the regular financial disasters and constant local currency devaluation.
- randomsearch 9y agoThis argument is undermined by the volatility of bitcoin.
- narrator 9y agoHave you looked at an Argentina peso chart? Anything is better than that garbage. People who had dollar based accounts in Argentina lost 70% of their net worth overnight in 2002 when the government forcibly converted their accounts to pesos, so that doesn't work either.
- randomsearch 9y agoSaying “here is an example of a currency that is also volatile” does not make bitcoin any less volatile.