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Except that's not really what's happening. In Venezuela the only people using crypto to any extent is people who already are tech savvy and have the skills to w

Except that's not really what's happening. In Venezuela the only people using crypto to any extent is people who already are tech savvy and have the skills to work around these limitations. The "unbanked" however still don't use crypto and hardly any shops are using it because of the volatility and the long times to approve transactions. It's good for payments of services (e.g. utilities) I hear, however. But I think more crucially is that what's increasingly looking like "the only good use of crypto" is really a consequence of social issues a similar way to how cars are very popular in countries with poor infrastructure (e.g. USA). If the country gets its act together, this aspect of crypto's value add vanishes and will just be seen as a slow and poor quality volatile payment system.

nyolfen 4y ago
if the existence of cryptocurrency uhh, solves central banking then i think it will have achieved its purpose regardless
- achow 4y ago
  That's not the point OP is making. "If the country gets its act together".. you know by fair elections, good governance and you know by similar such 'non-crypto' things.
  - deleted 4y ago
    [deleted]
- imtringued 4y ago
  Ok but the only one that even attempts to "solve" central banking is RAI. So according to your hypothesis, the vast majority of cryptocurrencies don't serve any purpose.
RestlessMind 4y ago
> Except that's not really what's happening. Or maybe you are just ignorant? Here are some examples I have compiled (took me <5 min): https://news.ycombinator.com/item?id=32406095 https://news.ycombinator.com/item?id=32406095
- JofArnold 4y ago
  I've been in crypto a long time. I chose specifically Venezuela as I know that is a good case of Bitcoin not achieving its objectives and was called out specifically as an example of it supposedly being successful. And I very much stand by this and my related points.
  - RestlessMind 4y ago
    > And I very much stand by this and my related points. You say - "If the country gets its act together...". I think crypto will get its act together and get around the adoption blockers before despot regimes of the world get their act together. Just a gut feeling based on our history so far. I also agree that there will be multiple crypto scams along the way. Such is the allure of the new tech.
  - RestlessMind 4y ago
    Since I cannot edit my other reply to this comment anymore, here is one more counterpoint: Nigeria is 11th in terms of Crypto adoption [1] while its government is hostile to Crypto [2]. A great example of how Crypto can help ordinary people fight shitty regimes with unstable currencies. [1] https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/ https://blog.chainalysis.com/reports/2022-global-crypto-adop... [2] https://www.bloomberg.com/news/articles/2022-11-27/nigeria-sec-to-avoid-cryptocurrencies-in-digital-assets-push https://www.bloomberg.com/news/articles/2022-11-27/nigeria-s...

nyolfen 4y ago

if the existence of cryptocurrency uhh, solves central banking then i think it will have achieved its purpose regardless

achow 4y ago
That's not the point OP is making. "If the country gets its act together".. you know by fair elections, good governance and you know by similar such 'non-crypto' things.
- deleted 4y ago
  [deleted]
imtringued 4y ago
Ok but the only one that even attempts to "solve" central banking is RAI. So according to your hypothesis, the vast majority of cryptocurrencies don't serve any purpose.

RestlessMind 4y ago

> Except that's not really what's happening. Or maybe you are just ignorant? Here are some examples I have compiled (took me <5 min): https://news.ycombinator.com/item?id=32406095 https://news.ycombinator.com/item?id=32406095

JofArnold 4y ago
I've been in crypto a long time. I chose specifically Venezuela as I know that is a good case of Bitcoin not achieving its objectives and was called out specifically as an example of it supposedly being successful. And I very much stand by this and my related points.
- RestlessMind 4y ago
  > And I very much stand by this and my related points. You say - "If the country gets its act together...". I think crypto will get its act together and get around the adoption blockers before despot regimes of the world get their act together. Just a gut feeling based on our history so far. I also agree that there will be multiple crypto scams along the way. Such is the allure of the new tech.
- RestlessMind 4y ago
  Since I cannot edit my other reply to this comment anymore, here is one more counterpoint: Nigeria is 11th in terms of Crypto adoption [1] while its government is hostile to Crypto [2]. A great example of how Crypto can help ordinary people fight shitty regimes with unstable currencies. [1] https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/ https://blog.chainalysis.com/reports/2022-global-crypto-adop... [2] https://www.bloomberg.com/news/articles/2022-11-27/nigeria-sec-to-avoid-cryptocurrencies-in-digital-assets-push https://www.bloomberg.com/news/articles/2022-11-27/nigeria-s...