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What's "deserved" is subjective, but I'll bite. People from countries that are fiscally irresponsible and have tight capital controls "deserve" access to an ass
by neither_color 5y ago
What's "deserved" is subjective, but I'll bite. People from countries that are fiscally irresponsible and have tight capital controls "deserve" access to an asset that, while volatile, gives them a better hedge than hyperinflation and can't effectively be blocked by their dysfunctional government. See Zimbabwe, Venezuela, and citizens of any country that has a black market exchange rate for dollars/euros(Argentina, Lebanon, Turkey). You could make the case that this is something for international organizations like the UN/IMF to solve, but, they don't on any timescale that's meaningful to the person whose weekly paycheck buys less bread every week. They already have access to the same information and websites we do(with a VPN), accessing a globally distributed and decentralized ledger is as fundamental as their right to access twitter/facebook.
Americans and Europeans have very limited experience with hyperinflation and volatile currencies, plus we have robust banking/fin-tech sectors so of course we're more prone to scoff at the problems cryptos will solve.
- malermeister 5y agoAre you sure crypto will solve the problem of volatile currencies? BTC crashes on around a yearly basis [0], it's to find any currency more volatile than that. [0] https://www.yahoo.com/video/7-biggest-bitcoin-crashes-history-180038282.html https://www.yahoo.com/video/7-biggest-bitcoin-crashes-histor...
- TimJRobinson 5y agoYes, they're called stablecoins. Dai is a decentralized stablecoin that is always pegged to $1 USD. Rai is a stablecoin that is pegged to itself (using a feedback mechanism). Both are on Ethereum and if you keep wealth in them that wealth cannot be confiscated or censored (except with a physical wrench attack).