7 ms·

"Nothing" is not true. Many in failed states are using it.

markdown 4y ago
- vosper 4y ago
  I vouched for your comment, because GP's claim that "many in failing states are using it" has just as little evidence behind it as your claim that "the rich %1 in failing states are using it".
  - markdown 4y ago
    Thank you. IMO it's self-evident that only the rich in these "failing states" have access to both the tech and the education required to understand crypto enough to use it.
- mantenpanther 4y ago
  FTFY is not truth.
tinalumfoil 4y ago
> Two days after the invasion began, the Ukrainian government posted addresses to its bitcoin, ethereum and tether wallets on social media. The Ministry of Digital Transformation of Ukraine now accepts donations in 14 cryptocurrencies. “Crypto really helped during the first few days because we were able to cover some immediate needs,” says Alex Bornyakov, one of Ukraine’s deputy ministers for digital transformation. The government has raised the equivalent of $100m so far. Non-government organisations are raising funds too. Come Back Alive, a Ukrainian NGO that since 2014 has collected money for military equipment and training, relies on crypto after it was kicked off Patreon, a fund-raising platform that accepts donations in fiat currency but does not allow them to be spent on military apparatus. UkraineDAO, a crypto collective, auctioned a non-fungible token (NFT) of a Ukrainian flag for $6.5m-worth of Ethereum. It is the tenth most expensive NFT ever sold according to Elliptic, an analytics firm. The proceeds will be spent on humanitarian aid. https://www.economist.com/the-economist-explains/2022/04/05/how-is-ukraine-using-crypto-to-fund-the-war https://www.economist.com/the-economist-explains/2022/04/05/...
- iancmceachern 4y ago
  Thank you for posting this. I've been searching for an example of a net positive use of crypto, this is it. Thank you
  - munk-a 4y ago
    If you'd prefer to donate using conventional currencies that is still quite available. I'm not sure if it really counts as a big positive when governments just incur additional overhead trying to process strange currencies instead of letting banks handle the exchange and just ending up with useful and liquid local currency. And countries at war often use auctions of memorabilia or other objects to raise funds - selling an NFT is just a shift in medium.
  - itsoktocry 4y ago
    >I've been searching for an example of a net positive use of crypto, this is it. A corrupt[0] government collecting money through opaque organizations to use for military purposes and "humanitarian aid" is the best we've got? [0] https://tradingeconomics.com/country-list/corruption-index https://tradingeconomics.com/country-list/corruption-index
    - iancmceachern 4y ago
      Yeah, crypto isn't awesome in my view, but I've been trying to play devils advocate for myself to challenge my opinion. Thus far no dice until this. It's not much, but it atleast helps me confirm my view that crypto isn't living up to it's value prop.
- donthellbanme 4y ago
dilyevsky 4y ago
All that burned electricity so that oligarchs can safely drain some third world country’s economy that really warms my heart
- toolz 4y ago
  I know many poor country citizens who have had their families lifted into middle class even by american standards because companies were able to pay them in bitcoin whereas USD wasn't possible. You aren't alone, though. There are many in their first-world bubble that don't see the benefits of crypto because their fiat fulfills all their needs. The same way you've never gone hungry, that doesn't mean food scarcity doesn't exist.
  - dilyevsky 4y ago
    If someone robs a bank and $100 falls out while they get away that you later find, that makes robbing banks noble by your logic?
    - toolz 4y ago
      I'm struggling to understand your connection at all. There's a difference between legality and ethics. Something can be illegal and it would be immoral for someone to obey that law. Similarly something can be illegal and it wouldn't be immoral for someone to ignore that law.
      - dilyevsky 4y ago
        The point is just bc someone happened to benefit from it doesn’t make it good overall. Im sure some people must make money off various mlm schemes
        toolz 4y ago
        and who exactly is harmed when two people engage in free trade with resources they own? In your example the bank robber does not own the money, it was stolen and the robber has no claim, only possession.

vosper 4y ago
I vouched for your comment, because GP's claim that "many in failing states are using it" has just as little evidence behind it as your claim that "the rich %1 in failing states are using it".
- markdown 4y ago
  Thank you. IMO it's self-evident that only the rich in these "failing states" have access to both the tech and the education required to understand crypto enough to use it.
mantenpanther 4y ago
FTFY is not truth.

> Two days after the invasion began, the Ukrainian government posted addresses to its bitcoin, ethereum and tether wallets on social media. The Ministry of Digital Transformation of Ukraine now accepts donations in 14 cryptocurrencies. “Crypto really helped during the first few days because we were able to cover some immediate needs,” says Alex Bornyakov, one of Ukraine’s deputy ministers for digital transformation. The government has raised the equivalent of $100m so far. Non-government organisations are raising funds too. Come Back Alive, a Ukrainian NGO that since 2014 has collected money for military equipment and training, relies on crypto after it was kicked off Patreon, a fund-raising platform that accepts donations in fiat currency but does not allow them to be spent on military apparatus. UkraineDAO, a crypto collective, auctioned a non-fungible token (NFT) of a Ukrainian flag for $6.5m-worth of Ethereum. It is the tenth most expensive NFT ever sold according to Elliptic, an analytics firm. The proceeds will be spent on humanitarian aid. https://www.economist.com/the-economist-explains/2022/04/05/how-is-ukraine-using-crypto-to-fund-the-war https://www.economist.com/the-economist-explains/2022/04/05/...

iancmceachern 4y ago
Thank you for posting this. I've been searching for an example of a net positive use of crypto, this is it. Thank you
- munk-a 4y ago
  If you'd prefer to donate using conventional currencies that is still quite available. I'm not sure if it really counts as a big positive when governments just incur additional overhead trying to process strange currencies instead of letting banks handle the exchange and just ending up with useful and liquid local currency. And countries at war often use auctions of memorabilia or other objects to raise funds - selling an NFT is just a shift in medium.
- itsoktocry 4y ago
  >I've been searching for an example of a net positive use of crypto, this is it. A corrupt[0] government collecting money through opaque organizations to use for military purposes and "humanitarian aid" is the best we've got? [0] https://tradingeconomics.com/country-list/corruption-index https://tradingeconomics.com/country-list/corruption-index
  - iancmceachern 4y ago
    Yeah, crypto isn't awesome in my view, but I've been trying to play devils advocate for myself to challenge my opinion. Thus far no dice until this. It's not much, but it atleast helps me confirm my view that crypto isn't living up to it's value prop.
donthellbanme 4y ago

dilyevsky 4y ago

All that burned electricity so that oligarchs can safely drain some third world country’s economy that really warms my heart

toolz 4y ago
I know many poor country citizens who have had their families lifted into middle class even by american standards because companies were able to pay them in bitcoin whereas USD wasn't possible. You aren't alone, though. There are many in their first-world bubble that don't see the benefits of crypto because their fiat fulfills all their needs. The same way you've never gone hungry, that doesn't mean food scarcity doesn't exist.
- dilyevsky 4y ago
  If someone robs a bank and $100 falls out while they get away that you later find, that makes robbing banks noble by your logic?
  - toolz 4y ago
    I'm struggling to understand your connection at all. There's a difference between legality and ethics. Something can be illegal and it would be immoral for someone to obey that law. Similarly something can be illegal and it wouldn't be immoral for someone to ignore that law.
    - dilyevsky 4y ago
      The point is just bc someone happened to benefit from it doesn’t make it good overall. Im sure some people must make money off various mlm schemes
      - toolz 4y ago
        and who exactly is harmed when two people engage in free trade with resources they own? In your example the bank robber does not own the money, it was stolen and the robber has no claim, only possession.