Come on, this is cryptocurrency. The whole point is to con people into thinking a fake thing is real because blockchain and cash in; with the off chance that if enough people believe, then their belief will make the fake thing real.
Belief is the only thing holding together a lot of the things that we rely on to keep society functioning the way it does.
I'm guessing (though not assuming) you're posting from one of the most historically stable countries in human history, but that isn't how most people experience planet earth, and it isn't guaranteed that that's the wya you'll always experience it either.
Which is why alot of people feel threatened by the ever shifting sands in the global financial landscape
The demographics of the crowd:
wealthy, living in the most stable country in history, with access to digital forms of banking worldwide, ability to emigrate wherever they'd like, able to transfer money as they see fit, and holding their savings in the global reserve currency for a country which they're a citizen of.
Doesn't help many empathise with why many people around the world can't trust their governments centrap bank, or open a bank account elsewhere, or convert their savings to a stable currency and assume it won't be seized or banned locally.
It's best to just build cryotocurrency and not bother explaining to Americans who aren't willing to listen why it's necessary.
It's like explaining public transportation to people at a country club.
> It's like explaining public transportation to people at a country club.
That's a good way to put it, and that's me saying that as some one who left the US 6 years ago, worked in finance as a dev (consumer and derivatives markets, emerging/developing and developed) and actively helping to build defi protocols and blockchain research/development.
My friend from Venezuela certainly would've benefited from owning a currency that wasn't regulated by his government, which made exchanging Bolivars for external currency illegal except for those with government connections.
Are you saying one should only be concerned about the state itself, that citizens ought to go down with the ship and be victims of the government they were born into?
I'm hoping you're simply ignorant of the very real personal problems of people born into corrupt and unfortunate countries have that are mitigated or solved by crypto currencies (even if it doesn't solve the problems of the state) rather than simply uncaring for their plight and unwilling to care about solitons for them that don't involve also fixing the entire corrupt nation they were born into.
Where does yours come from? Because what you're saying directly contradicts his reported experiences for both him and relatives and friends of his. I'm sure you have an equally credible source on the ground of at least a comparable market that informs your view on what does and doesn't affect the lives of people in those countries?
To your point, many Venezuelans do store their wealth in Crypto, and only convert the amount they need to spend that day to Bolivars. That is the use case.
For posterity, I have a github profile of this same name, and my venezuelan friend and I are doing a hackathon project to allow Venezuelans to use crypto in the exact way I've described. In one month that project and a youtube video will be uploaded for it.
The person above who assumes that people argue in bad faith and that first hand reports are meaningless is not someone you should emulate or consider reliable. He's lost to his ego and dogma, please safely ignore him.
Privileged people have no idea what struggles others face and don't have much to lose by being wrong about their bad assumptions anyway. Let the way he thinks serve as a cautionary tale.
I doubt the person above (lottin) would be willing to share his identity, and have the foul temper and bad faith arguments of his associated with his real persona. This should tell you all you need to know if true.
Anyway, I won't be responding to the above poster anymore, you know what Twain said about arguing with fools.
If you're really arguing in good faith you should start by disclosing your conflicts of interest. You didn't mention you were involved in a bitcoin project. You probably own bitcoin as well. For the record, I don't have conflicts of interest. I don't have any financial stake in bitcoin or in other crypto-currencies.
To summarise, and going back to the topic of the conversation... your entire claim is that a number of Venezuelans (don't know how many) invest their savings in bitcoin and this improves their quality of life because they're able to combat the effects of hyperinflation in this way.
Okay, so what? Does that contradict my original point? No, it doesn't. My point is that, considering the situation as a whole, having the opportunity to avoid the effects of hyperinflation by using a foreign currency, for example, is only a marginal improvement for these people. Even assuming that bitcoin can fulfil the role of an actual solid currency, which in my opinion it can't.
I'm well aware of the last decade in Venezuela. Hasn't cryptocurrency been so helpful there?
> and having wealthy professionals see their savings evaporate due to 1,000,000% inflation because of the actions of a government they democratically elected.
It's kinda weird that you focus on the fortunes of "wealthy professionals" in that disaster.
Digital forms of currency which aren't regulated by the state control of the banking system are the only safe way to get an alternative currency, since the Venezuelan government made exchanging Bolivars for stabler currencies like the USD illegal.
Im talking about solving the problems of individual Venezuelans, not the government or state. And if people with savings can't rely on them, then a country has no hope of attracting or retaining high talent professionals. Hence why it's so hard to find people left in Venezuela with highly sought after talents anymore.