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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.

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/

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/