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Say you're a Ukrainian fleeing refuge and you want store your life's savings somewhere safe. Pretty damn useful there. If you don't want to deal with the price

by abi 5y ago

Say you're a Ukrainian fleeing refuge and you want store your life's savings somewhere safe. Pretty damn useful there. If you don't want to deal with the price fluctuations of BTC or ETH, buy stablecoins instead.

pfooti 5y ago
there's also banks.
- nmilo 5y ago
  But which bank are you trusting in a time of war? We've seen countries have the power to subvert savings accounts, e.g. Greece limited bank withdrawls to £5000/month. Do you trust these banks more than a distributed ledger? This is a question that needs real thought and evaluation, and crypto might be a useful option. Diversification is important.
- esosac 5y ago
  i don't know about ukraine, but i live in venezuela and i can't do an international wire transfer here. so some people can't rely on banks, but i probably can rely on someone around here wanting to take my cash or car or house and give me bitcoin if i needed to go away. i use localbitcoins a lot of buy local currency in exchange for bitcoin... and i'm not a "crypto person", but it happened to be super useful for me here in that way
- rosndo 5y ago
  My Ukrainian bank card still works, but yesterday when I had to send a friend 40k UAH I had to split it into 8 transfers.
  - loyl 5y ago
    What bank are you using I am trying to send money to my family and no transaction works
    - rosndo 5y ago
      My account is with first Ukrainian.
IgorPartola 5y ago
Right so other crypto is just as good if not better for this?
- rosndo 5y ago
  Yes.
PragmaticPulp 5y ago
> Say you're a Ukrainian fleeing refuge and you want store your life's savings somewhere safe. Doesn’t make sense. Why would anyone wire your bank account money to a crypto exchange, convert it to crypto, transfer the crypto to a different bank in another country, then withdraw it when they could just wire the money directly to the other country’s bank? If you can’t wire money out of your bank account to somewhere else, you probably can’t exchange it for crypto either.

by abi 5y ago

pfooti 5y ago

there's also banks.

nmilo 5y ago
But which bank are you trusting in a time of war? We've seen countries have the power to subvert savings accounts, e.g. Greece limited bank withdrawls to £5000/month. Do you trust these banks more than a distributed ledger? This is a question that needs real thought and evaluation, and crypto might be a useful option. Diversification is important.
esosac 5y ago
i don't know about ukraine, but i live in venezuela and i can't do an international wire transfer here. so some people can't rely on banks, but i probably can rely on someone around here wanting to take my cash or car or house and give me bitcoin if i needed to go away. i use localbitcoins a lot of buy local currency in exchange for bitcoin... and i'm not a "crypto person", but it happened to be super useful for me here in that way
rosndo 5y ago
My Ukrainian bank card still works, but yesterday when I had to send a friend 40k UAH I had to split it into 8 transfers.
- loyl 5y ago
  What bank are you using I am trying to send money to my family and no transaction works
  - rosndo 5y ago
    My account is with first Ukrainian.

IgorPartola 5y ago

Right so other crypto is just as good if not better for this?

rosndo 5y ago
Yes.

PragmaticPulp 5y ago

> Say you're a Ukrainian fleeing refuge and you want store your life's savings somewhere safe. Doesn’t make sense. Why would anyone wire your bank account money to a crypto exchange, convert it to crypto, transfer the crypto to a different bank in another country, then withdraw it when they could just wire the money directly to the other country’s bank? If you can’t wire money out of your bank account to somewhere else, you probably can’t exchange it for crypto either.