4 ms·

>How can we create a more equitable financial system, where everyone has access to banking services? I don't think Crypto is a "more equitable financial system

>How can we create a more equitable financial system, where everyone has access to banking services? I don't think Crypto is a "more equitable financial system" but it is a more equal one.

ulzeraj 5y ago
I've never heard of a bitcoin or Ethereum deterministic wallet being canceled because someone found out its owner is from Iran or Venezuela. That's a huge improvement over the crap that is the current financial system.
- bluescrn 5y ago
  Which is also a reason for warmongers and organised criminals to love crypto
  - ulzeraj 5y ago
    Do they? https://www.bbc.com/news/business-59689581 https://www.bbc.com/news/business-59689581 Also have you thought about the novel idea of old school policing to catch criminals instead of collaterally damaging the lives every single human in the world other than the 13% privileged who happen to be citizens of stable democracies?
    - bluescrn 5y ago
      I was more positive about crypto before the big NFT grift came along. But even then, hardly anybody seemed to care about making crypto work as a currency. It was all about the speculation/gambling, get-rich-quick schemes, and memecoin pump+dumps. Nobody bought their groceries or paid their rent with crypto, it was just the currency of darknet drugs and cybercrime. And multi-million-dollar exchange hacks seemed to be almost weekly headlines. Crypto wasn't going well, even before NFTs came along, and before the environmental opposition to mining ramped up.
      - ulzeraj 5y ago
        That's our western perspective. Apparently NFTs and financialization are an ethereum and clones thing. Bitcoin has placed a ton of focus on cheap payments on the Lightning Network. Monero is focusing on privacy. Our media is hyper focused on tech bros getting rich on monkey pictures but out there people in Nigeria and Sudan are using Bitcoin and Tether as their life line. Ucranians did it too and that's the only option for Russian content creators who are mostly against Putin's regime. Yeah yeah scammy tether but for them its leagues better than the hyper inflated money they have available.
- rntrg 5y ago
  Or Russia? Seems the ability to freeze the assets of a tyrannical regime can come in handy from time to time, no?
  - ulzeraj 5y ago
    I guess its time for a reality check: Putin oligarchs are still filthy rich, the ruble has come back to pre-war levels while average Russian citizens who have been excluded from the rest of the world. https://developers.slashdot.org/story/22/04/18/016252/is-github-suspending-the-accounts-of-russian-developers-at-sanctioned-companies https://developers.slashdot.org/story/22/04/18/016252/is-git...
    - sofixa 5y ago
      The ruble's course doesn't matter because it's close to unusable. The Russian economy is cut off from vital supplies, and will soon have all sorts of shortages of all sorts of high tech/quality things - vehicles, phones, computer parts, sensors for their precious resource extractions. China and India cannot fill all the gaps, there's too many of them. As for the oligarchs, they're still rich, but much less so, and they've lost many precious toys ( yachts, villas, football clubs). Yes, the average Russian citizen is excluded from the rest of the world, and will bear the brunt of the impact. As they should, because they're the ones who mostly sat idly and allowed all of this to happen. I have zero sympathy for the average Russian whose inaction made them unable to purchase a new phone or car. They won't starve to death, and they won't be bombes to pieces, which are the prospects facing Ukrainian citizens suffering from the invasion which brought all of this on.
      - ulzeraj 5y ago
        > Yes, the average Russian citizen is excluded from the rest of the world, and will bear the brunt of the impact. As they should, because they're the ones who mostly sat idly and allowed all of this to happen. Speaking for a point of privilege right here aren't we?
      - OGWhales 5y ago
- TrackerFF 5y ago
  Any state with sufficient laws can enforce exchanges, businesses, etc. to blacklist wallets which have been identified as foreign owned - if there are sanctions / embargos against said country/countries. Of course, there are ways to obfuscate the money trail, but if they start handing out hard prison time and fines, that alone will probably deter most. So while you still have a "bank", so to speak, you're still limited to whom you can do business with.
tgv 5y ago
I really don't see how it could ever be a financial system. It would require regulation, control and identification. It requires a central and powerful supervisor per country. It would render the system at most equally accessible, possibly less. If you want a bank with a publically accessible ledger, fine, build it, or have your government publish all banking transactions. But don't pretend bitcoin can be an alternative to the current banking system.
- k__ 5y ago
  I talked to people from Argentinia, Nigeria, and Venezuela. They have all this tradfi regulation, and it's shit. I think, some people are just a bit blinded by living in the handful of countries that have systems which actually work.
  - tgv 5y ago
    My point is: you won't be able to avoid "tradfi" regulation. It's there for a reason, and it will be implemented. It's one of the government's sources of income.

>How can we create a more equitable financial system, where everyone has access to banking services? I don't think Crypto is a "more equitable financial system" but it is a more equal one.

ulzeraj 5y ago

I've never heard of a bitcoin or Ethereum deterministic wallet being canceled because someone found out its owner is from Iran or Venezuela. That's a huge improvement over the crap that is the current financial system.

bluescrn 5y ago
Which is also a reason for warmongers and organised criminals to love crypto
- ulzeraj 5y ago
  Do they? https://www.bbc.com/news/business-59689581 https://www.bbc.com/news/business-59689581 Also have you thought about the novel idea of old school policing to catch criminals instead of collaterally damaging the lives every single human in the world other than the 13% privileged who happen to be citizens of stable democracies?
  - bluescrn 5y ago
    I was more positive about crypto before the big NFT grift came along. But even then, hardly anybody seemed to care about making crypto work as a currency. It was all about the speculation/gambling, get-rich-quick schemes, and memecoin pump+dumps. Nobody bought their groceries or paid their rent with crypto, it was just the currency of darknet drugs and cybercrime. And multi-million-dollar exchange hacks seemed to be almost weekly headlines. Crypto wasn't going well, even before NFTs came along, and before the environmental opposition to mining ramped up.
    - ulzeraj 5y ago
      That's our western perspective. Apparently NFTs and financialization are an ethereum and clones thing. Bitcoin has placed a ton of focus on cheap payments on the Lightning Network. Monero is focusing on privacy. Our media is hyper focused on tech bros getting rich on monkey pictures but out there people in Nigeria and Sudan are using Bitcoin and Tether as their life line. Ucranians did it too and that's the only option for Russian content creators who are mostly against Putin's regime. Yeah yeah scammy tether but for them its leagues better than the hyper inflated money they have available.
rntrg 5y ago
Or Russia? Seems the ability to freeze the assets of a tyrannical regime can come in handy from time to time, no?
- ulzeraj 5y ago
  I guess its time for a reality check: Putin oligarchs are still filthy rich, the ruble has come back to pre-war levels while average Russian citizens who have been excluded from the rest of the world. https://developers.slashdot.org/story/22/04/18/016252/is-github-suspending-the-accounts-of-russian-developers-at-sanctioned-companies https://developers.slashdot.org/story/22/04/18/016252/is-git...
  - sofixa 5y ago
    The ruble's course doesn't matter because it's close to unusable. The Russian economy is cut off from vital supplies, and will soon have all sorts of shortages of all sorts of high tech/quality things - vehicles, phones, computer parts, sensors for their precious resource extractions. China and India cannot fill all the gaps, there's too many of them. As for the oligarchs, they're still rich, but much less so, and they've lost many precious toys ( yachts, villas, football clubs). Yes, the average Russian citizen is excluded from the rest of the world, and will bear the brunt of the impact. As they should, because they're the ones who mostly sat idly and allowed all of this to happen. I have zero sympathy for the average Russian whose inaction made them unable to purchase a new phone or car. They won't starve to death, and they won't be bombes to pieces, which are the prospects facing Ukrainian citizens suffering from the invasion which brought all of this on.
    - ulzeraj 5y ago
      > Yes, the average Russian citizen is excluded from the rest of the world, and will bear the brunt of the impact. As they should, because they're the ones who mostly sat idly and allowed all of this to happen. Speaking for a point of privilege right here aren't we?
    - OGWhales 5y ago
TrackerFF 5y ago
Any state with sufficient laws can enforce exchanges, businesses, etc. to blacklist wallets which have been identified as foreign owned - if there are sanctions / embargos against said country/countries. Of course, there are ways to obfuscate the money trail, but if they start handing out hard prison time and fines, that alone will probably deter most. So while you still have a "bank", so to speak, you're still limited to whom you can do business with.

tgv 5y ago

I really don't see how it could ever be a financial system. It would require regulation, control and identification. It requires a central and powerful supervisor per country. It would render the system at most equally accessible, possibly less. If you want a bank with a publically accessible ledger, fine, build it, or have your government publish all banking transactions. But don't pretend bitcoin can be an alternative to the current banking system.

k__ 5y ago
I talked to people from Argentinia, Nigeria, and Venezuela. They have all this tradfi regulation, and it's shit. I think, some people are just a bit blinded by living in the handful of countries that have systems which actually work.
- tgv 5y ago
  My point is: you won't be able to avoid "tradfi" regulation. It's there for a reason, and it will be implemented. It's one of the government's sources of income.