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Here's me. I use crypto to help my relatives. Btw, your stats apparently should have a source, and definition of what "investment" is in the context. Why not to

Here's me. I use crypto to help my relatives. Btw, your stats apparently should have a source, and definition of what "investment" is in the context. Why not to show it?

onlyrealcuzzo 4y ago
The vast majority of inflows into crypto happen in USD (>85%). So - ballpark - a max of 15% of crypto inflows can come from people without access to dollars. JPY, EUR, and KRW aren't much easier to access and make up almost all of the missing 15%. The amount of inflows from North Korean Won, Zimbabwean Dollars, etc are virtually zero. Sure, maybe people like you are using crypto as a way to transfer money to people somewhere like North Korea (which would be illegal in dollars). That's a tiny, tiny insignificant portion of crypto usage & investment. It's almost like saying - Elon Musk donated $X billion dollars in stock to charity (mostly to avoid taxes). Don't tell me stocks exist to invest in companies! Other people are using stocks to transfer money to charities! The vast majority is of fiat inflow is coming from the US, Japan, and the EU - and it's mainly for speculation (or, as crypto people claim "investment").
- brokenkebaby 4y ago
  Your reasoning seem to be based on a very wrong assumption that people from poorer countries, or sending to poorer countries would not buy BTC with dollars or euro. Just for starters, USD is the first currency of choice for major (relative to relevant economy, buying a small fridge can fall in such category) operations in such regions, with EUR being second. Inhabitants of poorer countries do a lot of cash transactions in USD, EUR, and I'm not even sure what do you mean by "access to USD" in such context. And majority of those shadowed migrant remittances comes from US/EU, not vice versa. So there's no inflow in Zimbabwean dollars, and many other unstable currencies because they are unsuitable, at times to the point of being useless.

Here's me. I use crypto to help my relatives. Btw, your stats apparently should have a source, and definition of what "investment" is in the context. Why not to show it?

onlyrealcuzzo 4y ago

The vast majority of inflows into crypto happen in USD (>85%). So - ballpark - a max of 15% of crypto inflows can come from people without access to dollars. JPY, EUR, and KRW aren't much easier to access and make up almost all of the missing 15%. The amount of inflows from North Korean Won, Zimbabwean Dollars, etc are virtually zero. Sure, maybe people like you are using crypto as a way to transfer money to people somewhere like North Korea (which would be illegal in dollars). That's a tiny, tiny insignificant portion of crypto usage & investment. It's almost like saying - Elon Musk donated $X billion dollars in stock to charity (mostly to avoid taxes). Don't tell me stocks exist to invest in companies! Other people are using stocks to transfer money to charities! The vast majority is of fiat inflow is coming from the US, Japan, and the EU - and it's mainly for speculation (or, as crypto people claim "investment").

brokenkebaby 4y ago
Your reasoning seem to be based on a very wrong assumption that people from poorer countries, or sending to poorer countries would not buy BTC with dollars or euro. Just for starters, USD is the first currency of choice for major (relative to relevant economy, buying a small fridge can fall in such category) operations in such regions, with EUR being second. Inhabitants of poorer countries do a lot of cash transactions in USD, EUR, and I'm not even sure what do you mean by "access to USD" in such context. And majority of those shadowed migrant remittances comes from US/EU, not vice versa. So there's no inflow in Zimbabwean dollars, and many other unstable currencies because they are unsuitable, at times to the point of being useless.