4 ms·

Hmm curious to hear more about this, do you have any examples?

rglullis 5y ago
El Salvador? How else would you explain an authoritarian leader of a narco-sponsored state and paramilitary groups being so interested in promoting Bitcoin?
- NicoJuicy 5y ago
  Crypto doesn't fix the failed state. There are a lot more problems there then: "bought the dip" lol
  - rglullis 5y ago
    Evolution does not work by "fixing" anything, just by removing what is not suitable for the environment. Crypto is not going to "fix" anything. Crypto is just an alternative for those who live on places that the institutions are broken, and the more the institutions are broken the more compelling crypto will become.
    - NicoJuicy 5y ago
      The problem in the first place was internet access to rural areas to enable easy banking.
      - rglullis 5y ago
        This is the type of comment that could've been taken out of an episode of Silicon Valley. It's like what happens when techbros who never left their homes think they can solve social issues with tech. To have "easy banking", first you need to live in a place with healthy financial and banking institutions. To have that, you need to have a government that is able to give confidence to investors that the money is not going to be misused or appropriated. To have that, you need solid political institutions, corruption can not be systemic, and leadership needs to have a sense of stability in regards to social-economic policy. El Salvador has none of that. Farmers can have smartphones and even good data connectivity, they still won't be able to get credit to invest on their work, they still will depend in large landowners for their livelihood, they will still be coerced to vote for the local baron who has the connection with higher officials and with the drug traffickers, etc. Internet access is the lowest hanging-fruit and the least of the concerns.
        NicoJuicy 5y ago
        Going to a bank requires a drive of 4 hours with public transport in El Salvador and is one of the many issues for rural areas. But yeah, eg. Africa uses sms for lending and transferring money. Which is also perfectly fine and it works there. Lookup 'mobile payment banking' and it works there, even with corrupt governements. ( I'm not saying the situation is perfect. But for access to money, borrowing, saving and banking, it's a solution)

El Salvador? How else would you explain an authoritarian leader of a narco-sponsored state and paramilitary groups being so interested in promoting Bitcoin?

NicoJuicy 5y ago
Crypto doesn't fix the failed state. There are a lot more problems there then: "bought the dip" lol
- rglullis 5y ago
  Evolution does not work by "fixing" anything, just by removing what is not suitable for the environment. Crypto is not going to "fix" anything. Crypto is just an alternative for those who live on places that the institutions are broken, and the more the institutions are broken the more compelling crypto will become.
  - NicoJuicy 5y ago
    The problem in the first place was internet access to rural areas to enable easy banking.
    - rglullis 5y ago
      This is the type of comment that could've been taken out of an episode of Silicon Valley. It's like what happens when techbros who never left their homes think they can solve social issues with tech. To have "easy banking", first you need to live in a place with healthy financial and banking institutions. To have that, you need to have a government that is able to give confidence to investors that the money is not going to be misused or appropriated. To have that, you need solid political institutions, corruption can not be systemic, and leadership needs to have a sense of stability in regards to social-economic policy. El Salvador has none of that. Farmers can have smartphones and even good data connectivity, they still won't be able to get credit to invest on their work, they still will depend in large landowners for their livelihood, they will still be coerced to vote for the local baron who has the connection with higher officials and with the drug traffickers, etc. Internet access is the lowest hanging-fruit and the least of the concerns.
      - NicoJuicy 5y ago
        Going to a bank requires a drive of 4 hours with public transport in El Salvador and is one of the many issues for rural areas. But yeah, eg. Africa uses sms for lending and transferring money. Which is also perfectly fine and it works there. Lookup 'mobile payment banking' and it works there, even with corrupt governements. ( I'm not saying the situation is perfect. But for access to money, borrowing, saving and banking, it's a solution)