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Millions of people in nations with severe currency and asset issues (inflation, access, or otherwise, often in third world countries) disagree. But yes, I am g

Millions of people in nations with severe currency and asset issues (inflation, access, or otherwise, often in third world countries) disagree. But yes, I am glad to see these shady institutions taken down. Only once they are gone, and SEC puts proper regulations in place, the industry will likely thrive.

colesantiago 4y ago
No. We don't need crypto to thrive at all. We already have Pix (Brazil), UPI (India), M-Pesa (Africa) and now the US is beginning to roll out FedNow in the US. The legitimate and regulated solutions are already being built and have been proven as it has been in India at scale to the tune of hundreds of millions of users. Crypto or blockchain cannot and can never scale at all.
- idiotsecant 4y ago
  We don't need crypto if we're OK with permissioned currency systems being the only ones that are allowed to exist. I'm not sure I'm OK with that.
- rmbyrro 4y ago
  Pix is 100% controlled by the Brazilian government, which does not have a trustworthy track record in taking care of its citizens' money. Buy they do apologize... 30 years later [1]. [1] https://www.riotimesonline.com/brazil-news/brazil/politics-brazil/former-brazilian-president-collor-apologizes-for-seizing-savings-30-years-later/ https://www.riotimesonline.com/brazil-news/brazil/politics-b...
  - colesantiago 4y ago
    > Pix is 100% controlled by the Brazilian government... I would argue this is still better than losing your money completely in crypto or getting your money hacked by connecting your wallet. There are thousands of examples of people losing hundreds of millions of their money in crypto and the criminals who are going this are not sorry. https://web3isgoinggreat.com/?theme=hack%2CrugPull%2Cshady%2Ccollapse https://web3isgoinggreat.com/?theme=hack%2CrugPull%2Cshady%2...
  - deleted 4y ago
    [deleted]
  - TheOtherHobbes 4y ago
    If you held crypto on an exchange that imploded you don't even get an apology.
- super256 4y ago
  > No. We don't need crypto to thrive at all. I know two people from Argentina and Colombia, and both of them use USDC to get their hands on US Dollars. Apparently, crypto dollars are popular among countries with massive inflation. I really have no idea about the countries you mentioned (Brazil, India, Africa), but I assume those apps introduced there don't offer the option for foreign exchange? When a currency is under massive inflationary pressure, policymakers will introduce heavy restrictions on FX. This would happen to any app like those you mentioned in countries like Argentinia and Colombia, rendering those apps worthless like Pesos. And this is also the very reason, why those countries have a parallel black market currency like Dólar Blue [1]. Edit: ok, I got the crypto part wrong. Apparently, they only use USD paper money. I always assumed they are using crypto for this for some reason. I apologize. [1] https://bluedollar.net/ https://bluedollar.net/
comte7092 4y ago
Crypto hasn’t changed the reality on the ground all that much in any of those places. In all instances I’m aware of, what matters is the ability to get your hands on dollars. Crypto, at best, ends up being an intermediary for that exchange, and at worst ends up being a scam for people who aren’t technical enough to understand how it actually works.
- deleted 4y ago
  [deleted]
- washedup 4y ago
  "In all instances I'm aware of..." It helps to research this stuff in depth a bit. USD is definitely still very much desired in many many parts of the world, but there are many instances where people still need to send "value" across borders. Bitcoin is, in a lot of places, the only way to do this. That's just one of many use-cases for people where there are massive asset and currency restrictions.
  - comte7092 4y ago
    I’m speaking from directly reported experiences of people I know who live in such countries. They’ve dabbled in crypto, gotten scammed, successfully used it for a bit, but now moved away from it entirely. At the end of the day, the only reason why you’d _need_ to use Bitcoin for this is to evade the law, which, if you’re living under an unstable government with a collapsing currency, may not be the best course of action.
LastTrain 4y ago
Lol "...and that is what crypto is all about Charlie Brown.."
root_axis 4y ago
> Millions across the world in nations with severe currency and asset issues (inflation, access, or otherwise, often in third world countries) disagree. Oft repeated but not actually true. The people living in the places you describe often don't have the luxury of access to stable electricity, internet, capable technology, technical knowledge etc. More importantly, people living in these places can't afford to tie up their money in useless crypto tokens, they need real money they can use to buy goods and services. Cryptocurrency is a game for the affluent.
- onlyrealcuzzo 4y ago
  Also - if regulations don't allow them to have stocks & dollars - then either the regulations are there for good reason, or we should change the regulations - not just skirt them.
  - lazide 4y ago
    Nuking KYC/AML rules (the biggest issues) would certainly help bank large swathes of the population that currently are excluded. If you think that is a good thing or a bad thing depends a lot on various highly polarizing religious and political discussions that are unlikely to be solved... well, at all, frankly. Maybe ever. Based on the human history I've been able to find and read, anyway.
    - notch898a 4y ago
      I like to tell the story of the time I was moving from one state to another and did not have housing yet. The bank refused to open an account. With a passport, plus license with outdated address. Said it violates KYC w/ no proof of address. Meanwhile, with no documentation (no id, passport, etc) I could legally conceal carry a gun in the bank. I can't believe it's gotten to the point where you can be trusted to legally have a gun in the bank but considered too dangerous to hand over $5.
      - lazide 4y ago
deleted 4y ago
[deleted]

colesantiago 4y ago

No. We don't need crypto to thrive at all. We already have Pix (Brazil), UPI (India), M-Pesa (Africa) and now the US is beginning to roll out FedNow in the US. The legitimate and regulated solutions are already being built and have been proven as it has been in India at scale to the tune of hundreds of millions of users. Crypto or blockchain cannot and can never scale at all.

idiotsecant 4y ago
We don't need crypto if we're OK with permissioned currency systems being the only ones that are allowed to exist. I'm not sure I'm OK with that.
rmbyrro 4y ago
Pix is 100% controlled by the Brazilian government, which does not have a trustworthy track record in taking care of its citizens' money. Buy they do apologize... 30 years later [1]. [1] https://www.riotimesonline.com/brazil-news/brazil/politics-brazil/former-brazilian-president-collor-apologizes-for-seizing-savings-30-years-later/ https://www.riotimesonline.com/brazil-news/brazil/politics-b...
- colesantiago 4y ago
  > Pix is 100% controlled by the Brazilian government... I would argue this is still better than losing your money completely in crypto or getting your money hacked by connecting your wallet. There are thousands of examples of people losing hundreds of millions of their money in crypto and the criminals who are going this are not sorry. https://web3isgoinggreat.com/?theme=hack%2CrugPull%2Cshady%2Ccollapse https://web3isgoinggreat.com/?theme=hack%2CrugPull%2Cshady%2...
- deleted 4y ago
  [deleted]
- TheOtherHobbes 4y ago
  If you held crypto on an exchange that imploded you don't even get an apology.
super256 4y ago
> No. We don't need crypto to thrive at all. I know two people from Argentina and Colombia, and both of them use USDC to get their hands on US Dollars. Apparently, crypto dollars are popular among countries with massive inflation. I really have no idea about the countries you mentioned (Brazil, India, Africa), but I assume those apps introduced there don't offer the option for foreign exchange? When a currency is under massive inflationary pressure, policymakers will introduce heavy restrictions on FX. This would happen to any app like those you mentioned in countries like Argentinia and Colombia, rendering those apps worthless like Pesos. And this is also the very reason, why those countries have a parallel black market currency like Dólar Blue [1]. Edit: ok, I got the crypto part wrong. Apparently, they only use USD paper money. I always assumed they are using crypto for this for some reason. I apologize. [1] https://bluedollar.net/ https://bluedollar.net/

comte7092 4y ago

Crypto hasn’t changed the reality on the ground all that much in any of those places. In all instances I’m aware of, what matters is the ability to get your hands on dollars. Crypto, at best, ends up being an intermediary for that exchange, and at worst ends up being a scam for people who aren’t technical enough to understand how it actually works.

deleted 4y ago
[deleted]
washedup 4y ago
"In all instances I'm aware of..." It helps to research this stuff in depth a bit. USD is definitely still very much desired in many many parts of the world, but there are many instances where people still need to send "value" across borders. Bitcoin is, in a lot of places, the only way to do this. That's just one of many use-cases for people where there are massive asset and currency restrictions.
- comte7092 4y ago
  I’m speaking from directly reported experiences of people I know who live in such countries. They’ve dabbled in crypto, gotten scammed, successfully used it for a bit, but now moved away from it entirely. At the end of the day, the only reason why you’d _need_ to use Bitcoin for this is to evade the law, which, if you’re living under an unstable government with a collapsing currency, may not be the best course of action.

LastTrain 4y ago

Lol "...and that is what crypto is all about Charlie Brown.."

root_axis 4y ago

> Millions across the world in nations with severe currency and asset issues (inflation, access, or otherwise, often in third world countries) disagree. Oft repeated but not actually true. The people living in the places you describe often don't have the luxury of access to stable electricity, internet, capable technology, technical knowledge etc. More importantly, people living in these places can't afford to tie up their money in useless crypto tokens, they need real money they can use to buy goods and services. Cryptocurrency is a game for the affluent.

onlyrealcuzzo 4y ago
Also - if regulations don't allow them to have stocks & dollars - then either the regulations are there for good reason, or we should change the regulations - not just skirt them.
- lazide 4y ago
  Nuking KYC/AML rules (the biggest issues) would certainly help bank large swathes of the population that currently are excluded. If you think that is a good thing or a bad thing depends a lot on various highly polarizing religious and political discussions that are unlikely to be solved... well, at all, frankly. Maybe ever. Based on the human history I've been able to find and read, anyway.
  - notch898a 4y ago
    I like to tell the story of the time I was moving from one state to another and did not have housing yet. The bank refused to open an account. With a passport, plus license with outdated address. Said it violates KYC w/ no proof of address. Meanwhile, with no documentation (no id, passport, etc) I could legally conceal carry a gun in the bank. I can't believe it's gotten to the point where you can be trusted to legally have a gun in the bank but considered too dangerous to hand over $5.
    - lazide 4y ago

deleted 4y ago

[deleted]