Actually, my understanding is that cryptocurrencies are having impact in developing countries. They can address hyperinflation, access to financial services, general friction in exchanging money etc.
For example, Erdogan flat out banned businesses from accepting cryptocurrency when he saw that people were putting their money in cryptos because of the inflation of the Turkish Lira.
It's not like cryptos are a stable currency, either. Question: Wouldn't it make more sense for people in develping countries to buy more stable assets or currencies, or is it not possible to that because of a lack of access?
I think access is a major problem here, although I haven't dug into the issue enough to know for sure.
these tech people are in such a myopic bubble
Which country specifically would be a good example of this? If there are in fact any examples of this.
Paper USD is a lot easier to hide than a Bitcoin transaction on a public ledger
Or over 1000% in Venezuela.
These same people then mine coins in those countries, utilising cheap or subsidised electricity, resulting in power shortages.
As we have seen in Turkey, these exchanges can be easily shut down, or the founder can simply disappear with all the cash.
These are not really long term solutions, and the existence of cyrptocoins is probably making the individual lives of people in the 3rd world worse.
I think its more likely that if these grey-market coins didn't exist, the local tech bros in the 2nd/3rd world would actually be pushing Governments to improve general financial regulation and stability, and building a proper series of banking companies themselves.