4 ms·
"Rule of law" isn't a thing in much of the world. Not understanding is one thing but what's with the arrogance of many living in more stable economies? In a pla
by trompetenaccoun 2y ago
"Rule of law" isn't a thing in much of the world. Not understanding is one thing but what's with the arrogance of many living in more stable economies? In a place like Nigeria, holding funds in self custody as USD-pegged stablecoins for example is one of the safest and most conservative ways to save. People would rather the US Federal Reserve take that seignorage, because they don't trust their own government.
https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria
Or look at Zimbabwe just two days ago. There goes 40% of your savings in that new supposedly gold-backed fiat currency...
https://www.bbc.com/news/articles/c8el4kgk98eo https://www.bbc.com/news/articles/c8el4kgk98eo
- FabHK 2y agoThe introduction of blockchain does not strengthen, or replace, the rule of law; it weakens it. Do you think that the fact that the Yahoo boys in Nigeria and the Black Axe in Nigeria are getting rich with crypto scams contributes positively to Nigerian society, or negatively? The fact that the elite in Nigeria (those that can self-custody private keys safely, e.g. on multiple electronic devices, or a safe in their house) can now also hold unregulated USD-like funds, will that increase or decrease the pressure on the government in Nigeria to provide proper money?