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> so far crypto has enabled 'I encrypted your data!' scams These scams existed long before crypto. But, crypto currencies are a better solution to internationa
by bonestamp2 5y ago
> so far crypto has enabled 'I encrypted your data!' scams
These scams existed long before crypto. But, crypto currencies are a better solution to international money transfers so of course they became the preferred currencies for these scams.
- varjag 5y agoIt took crypto to make them Web scale.
- lottin 5y agoIf cryptocurrencies were a better solution, they would have been widely adopted. Instead, they have been adopted by people who can't use real money for one reason or another, e.g. criminals. Which tells us they are a poor substitute for real money.
- exdsq 5y agoOr those without decent banking access
- lottin 5y agoI don't know that one can use crypto without a bank account. Is there a black market where you can buy/sell crypto with/for cash?
- exdsq 5y agoIn several African countries people use their phone credit as a currency to barter and there are trials to use crypto instead with on/off cash ramps in the same way as the phone credit works but with the additional benefit of things like financial records to start building credit scores
- lottin 5y agoCan you provide a link? None of this makes any sense. Why would anybody buy phone credit and then use that to barter instead of just buying whatever they need directly? How do you build a credit score from a record of transactions? Why do Africans that don't have access to banking are so worried about building a credit score? So many questions...
- exdsq 5y agoI can give a more complete answer later but here’s a link that looks relevant https://www.google.com/amp/s/amp.economist.com/finance-and-economics/2013/01/19/airtime-is-money https://www.google.com/amp/s/amp.economist.com/finance-and-e... Credit scores help introduce micro loans which help with social mobility and is key to bringing communities out of poverty