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> However, given the inflation South Korea, Iran, Venezuela, and numerous countries in Africa, I find Bitcoin has a real use. South Korea doesn't belong in thi
by arbuge 7y ago
> However, given the inflation South Korea, Iran, Venezuela, and numerous countries in Africa, I find Bitcoin has a real use.
South Korea doesn't belong in this list at all.
> I'm sure many of those citizens do not want to be dependent on a foreign countries central bank for a steady currency.
What makes you so sure about this? Have you surveyed any of them? Given the amount of US dollars in circulation overseas, the evidence would seem to indicate that US currency is actually viewed as a highly desirable alternative to many domestic ones.
- Lucadg 7y agoIt is but access to hard currency is generally restricted in those countries as their overinflated currencies work only in an artificial vacuum.
- numbsafari 7y agoIs there evidence of widespread use of crypto amongst non-elites? I see crypto as more of a competitor for jewelry and other fine assets traditionally used to expatriate familial and illicit wealth from collapsing regimes, than as a mechanism adopted by every day citizens. For example, how exactly are Venezuelans supposed to participate in crypto when their internet and electrical grids are so unstable?
- stevenwoo 7y agoThere were several articles over the past years citing individuals in South Korea seeing bitcoin as an opportunity for a middle class life and in Eastern Europe with the same end goals. some recent updates: https://www.nytimes.com/2019/02/10/business/south-korea-bitcoin-cryptocurrencies.html https://www.nytimes.com/2019/02/10/business/south-korea-bitc... https://www.nytimes.com/2019/01/22/business/georgia-bitcoin-blockchain-bitfury.html https://www.nytimes.com/2019/01/22/business/georgia-bitcoin-...
- Lucadg 7y agoIllicit wealth in corrupt regimes may be a case of justice over law
- empath75 7y agoThe people in these countries by and large have no money to buy bitcoin with. The people in those countries that do have money are mostly corrupt, and they’re the ones that are using bitcoin.