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" Currency of my country lost 250% of its value over last 7 years. " The problem is not your Central Bank, it's almost assuredly a total dysfunction of governm
by jariel 6y ago
" Currency of my country lost 250% of its value over last 7 years. "
The problem is not your Central Bank, it's almost assuredly a total dysfunction of government and the civil services - which will have effects more far reaching that Central Bank problems.
The solution is not BTC.
It's to use something common and trusted, temporarily, like USD or Euros until there is enough credibility in the system for external parties to accept your own currency.
Or - to overthrow your government, install leaders with integrity and hope that international bodies accept the change, because if they do, you'll be in a much easier position issuing your own currency than having to issue debt in a foreign denomination.
Put another way: it's not a currency problem, it's a governance/management problem that exhibits itself in currency problems and other things.
BTC will not really help you have a better managed government.
- hertzrat 6y agoThe average person in your neighbour hood is sitting reading the paper, contemplating: “I’m worried about inflation. should I buy some Bitcoin, or should I overthrow the government? I think I’ll try the overthrow option today”
- jariel 6y agoIn those situations, the average person is definitely thinking 'overthrow the government' because everything is crumbling around it. This is what causes they hyper sensitivity, authoritarianism, and 'blame America for Everything'. But yes, BTC is completely unpragmatic. USD, at least in Latin America, has the benefit that it will creep into the system irrespective of what anyone in charge says. Nobody needs to be told that USD's are 'good' the hairdresser, cabbie, landlord, grocer will just take it. I wonder if Euros have the same effect in E. Europe and North Africa. Maybe these days.