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You should read up on the last decade in Venezuela, which used to be the richest country in Latin America, and having wealthy professionals see their savings ev

You should read up on the last decade in Venezuela, which used to be the richest country in Latin America, and having wealthy professionals see their savings evaporate due to 1,000,000% inflation because of the actions of a government they democratically elected. Belief is the only thing holding together a lot of the things that we rely on to keep society functioning the way it does. I'm guessing (though not assuming) you're posting from one of the most historically stable countries in human history, but that isn't how most people experience planet earth, and it isn't guaranteed that that's the wya you'll always experience it either.

cinquemb 5y ago
> Belief is the only thing holding together a lot of the things that we rely on to keep society functioning the way it does. Which is why alot of people feel threatened by the ever shifting sands in the global financial landscape
- MathYouF 5y ago
  Indeed, never seen so many people on HN be so reactionary and emotional about a simple technology. The demographics of the crowd: wealthy, living in the most stable country in history, with access to digital forms of banking worldwide, ability to emigrate wherever they'd like, able to transfer money as they see fit, and holding their savings in the global reserve currency for a country which they're a citizen of. Doesn't help many empathise with why many people around the world can't trust their governments centrap bank, or open a bank account elsewhere, or convert their savings to a stable currency and assume it won't be seized or banned locally. It's best to just build cryotocurrency and not bother explaining to Americans who aren't willing to listen why it's necessary. It's like explaining public transportation to people at a country club.
  - cinquemb 5y ago
    > It's best to just build cryotocurrency and not bother explaining to Americans who aren't willing to listen why it's necessary. > It's like explaining public transportation to people at a country club. That's a good way to put it, and that's me saying that as some one who left the US 6 years ago, worked in finance as a dev (consumer and derivatives markets, emerging/developing and developed) and actively helping to build defi protocols and blockchain research/development.
fock 5y ago
The people of Venezuela elected the US government? That's news to me!
lottin 5y ago
It's not like if hyperinflation could be avoided everything else should be fine. No, hyperinflation is a sign that the economy is grossly mismanaged, and that in turn is likely the result of desperate, incompetent government facing all sorts of economic, social and political problems. Switching to a different currency isn't going to fix a failed state, sorry.
- MathYouF 5y ago
  It's an individual citizen's hedge against a poorly managed government in a country they have little choice but to be in (immigration isn't so easy if you're not born into an already prosperous, stable country to begin with). My friend from Venezuela certainly would've benefited from owning a currency that wasn't regulated by his government, which made exchanging Bolivars for external currency illegal except for those with government connections. Are you saying one should only be concerned about the state itself, that citizens ought to go down with the ship and be victims of the government they were born into? I'm hoping you're simply ignorant of the very real personal problems of people born into corrupt and unfortunate countries have that are mitigated or solved by crypto currencies (even if it doesn't solve the problems of the state) rather than simply uncaring for their plight and unwilling to care about solitons for them that don't involve also fixing the entire corrupt nation they were born into.
  - lottin 5y ago
    Cryptocurrencies are not used as currency anywhere in the world, because they have properties that make them highly undesirable as money. People who live in countries facing monetary problems will use a foreign currency if they can, but the thing is, using a foreign currency and avoiding some of the problems of hyperinflation is just a marginal improvement, it doesn't solve 99% of the problems that these people are having.
    - MathYouF 5y ago
      My knowledge of the usage and value and improvement on quality of life for people using cryotocurrency in nations experiencing massive hyperinflation come from one of my closest friends from Venezuela, who I talk to every week for hours (I'm sitting next to him right now as I type this). Where does yours come from? Because what you're saying directly contradicts his reported experiences for both him and relatives and friends of his. I'm sure you have an equally credible source on the ground of at least a comparable market that informs your view on what does and doesn't affect the lives of people in those countries? To your point, many Venezuelans do store their wealth in Crypto, and only convert the amount they need to spend that day to Bolivars. That is the use case.
tablespoon 5y ago
> You should read up on the last decade in Venezuela, which used to be the richest country in Latin America, I'm well aware of the last decade in Venezuela. Hasn't cryptocurrency been so helpful there? > and having wealthy professionals see their savings evaporate due to 1,000,000% inflation because of the actions of a government they democratically elected. It's kinda weird that you focus on the fortunes of "wealthy professionals" in that disaster.
- MathYouF 5y ago
  Alternative currencies to the Bolivar have been the only way for Venezuelan citizens to protect themselves from losing their entire life savings because of the actions of their governments cental bank. Digital forms of currency which aren't regulated by the state control of the banking system are the only safe way to get an alternative currency, since the Venezuelan government made exchanging Bolivars for stabler currencies like the USD illegal. Im talking about solving the problems of individual Venezuelans, not the government or state. And if people with savings can't rely on them, then a country has no hope of attracting or retaining high talent professionals. Hence why it's so hard to find people left in Venezuela with highly sought after talents anymore.

cinquemb 5y ago

> Belief is the only thing holding together a lot of the things that we rely on to keep society functioning the way it does. Which is why alot of people feel threatened by the ever shifting sands in the global financial landscape

MathYouF 5y ago
Indeed, never seen so many people on HN be so reactionary and emotional about a simple technology. The demographics of the crowd: wealthy, living in the most stable country in history, with access to digital forms of banking worldwide, ability to emigrate wherever they'd like, able to transfer money as they see fit, and holding their savings in the global reserve currency for a country which they're a citizen of. Doesn't help many empathise with why many people around the world can't trust their governments centrap bank, or open a bank account elsewhere, or convert their savings to a stable currency and assume it won't be seized or banned locally. It's best to just build cryotocurrency and not bother explaining to Americans who aren't willing to listen why it's necessary. It's like explaining public transportation to people at a country club.
- cinquemb 5y ago
  > It's best to just build cryotocurrency and not bother explaining to Americans who aren't willing to listen why it's necessary. > It's like explaining public transportation to people at a country club. That's a good way to put it, and that's me saying that as some one who left the US 6 years ago, worked in finance as a dev (consumer and derivatives markets, emerging/developing and developed) and actively helping to build defi protocols and blockchain research/development.

fock 5y ago

The people of Venezuela elected the US government? That's news to me!

lottin 5y ago

It's not like if hyperinflation could be avoided everything else should be fine. No, hyperinflation is a sign that the economy is grossly mismanaged, and that in turn is likely the result of desperate, incompetent government facing all sorts of economic, social and political problems. Switching to a different currency isn't going to fix a failed state, sorry.

MathYouF 5y ago
It's an individual citizen's hedge against a poorly managed government in a country they have little choice but to be in (immigration isn't so easy if you're not born into an already prosperous, stable country to begin with). My friend from Venezuela certainly would've benefited from owning a currency that wasn't regulated by his government, which made exchanging Bolivars for external currency illegal except for those with government connections. Are you saying one should only be concerned about the state itself, that citizens ought to go down with the ship and be victims of the government they were born into? I'm hoping you're simply ignorant of the very real personal problems of people born into corrupt and unfortunate countries have that are mitigated or solved by crypto currencies (even if it doesn't solve the problems of the state) rather than simply uncaring for their plight and unwilling to care about solitons for them that don't involve also fixing the entire corrupt nation they were born into.
- lottin 5y ago
  Cryptocurrencies are not used as currency anywhere in the world, because they have properties that make them highly undesirable as money. People who live in countries facing monetary problems will use a foreign currency if they can, but the thing is, using a foreign currency and avoiding some of the problems of hyperinflation is just a marginal improvement, it doesn't solve 99% of the problems that these people are having.
  - MathYouF 5y ago
    My knowledge of the usage and value and improvement on quality of life for people using cryotocurrency in nations experiencing massive hyperinflation come from one of my closest friends from Venezuela, who I talk to every week for hours (I'm sitting next to him right now as I type this). Where does yours come from? Because what you're saying directly contradicts his reported experiences for both him and relatives and friends of his. I'm sure you have an equally credible source on the ground of at least a comparable market that informs your view on what does and doesn't affect the lives of people in those countries? To your point, many Venezuelans do store their wealth in Crypto, and only convert the amount they need to spend that day to Bolivars. That is the use case.

tablespoon 5y ago

> You should read up on the last decade in Venezuela, which used to be the richest country in Latin America, I'm well aware of the last decade in Venezuela. Hasn't cryptocurrency been so helpful there? > and having wealthy professionals see their savings evaporate due to 1,000,000% inflation because of the actions of a government they democratically elected. It's kinda weird that you focus on the fortunes of "wealthy professionals" in that disaster.

MathYouF 5y ago
Alternative currencies to the Bolivar have been the only way for Venezuelan citizens to protect themselves from losing their entire life savings because of the actions of their governments cental bank. Digital forms of currency which aren't regulated by the state control of the banking system are the only safe way to get an alternative currency, since the Venezuelan government made exchanging Bolivars for stabler currencies like the USD illegal. Im talking about solving the problems of individual Venezuelans, not the government or state. And if people with savings can't rely on them, then a country has no hope of attracting or retaining high talent professionals. Hence why it's so hard to find people left in Venezuela with highly sought after talents anymore.