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The typical central bank scam in developing countries is to make them ostensibly independent, but in reality they print new money and hand it to politically fav
by seibelj 5y ago
The typical central bank scam in developing countries is to make them ostensibly independent, but in reality they print new money and hand it to politically favored industries and entities. It allows the ruling class to loot their citizens very efficiently. Furthermore their stranglehold on remittances, where dollars are sent back by emigres and then converted into the local fiat scam coin, then enables them to centrally control what gets imported as they have the bulk of dollars.
Bitcoin and other cryptos fix this scam and enable people to not lose 5 to 90% of their money per year to inflation. It’s really not hard to understand and why hacker news can’t wrap their heads around why crypto has utility is a lack of awareness of how the average government operates.
- pjc50 5y agoCrypto certainly doesn't offer price stability when it can go up or down by 5%. And, although you find the idea of defunding the Nigerian government appealing, what would replace it would be far more deadly.
- JanisL 5y agoPrice stability compared to what though? I think this is an important question because currency risks are going to be relative to your other options. If you live in a place where the local currency fluctuates like crazy anyway, or worse debases substantially each and every year, there's a lot less to lose from crypto instability compared to if you live somewhere with a stable local currency.
- deleted 5y ago[deleted]