Out of control and rising: why Bitcoin has Nigeria’s government in a panic

And Mr. Palmer is out of crypto. Good for him. And the solution to reign in fiat-based crony capitalism is what?

I 100% agree with the premise that the ultra-wealthy are finally getting on board with crypto and will pollute it with the same manipulation they've used in other markets. But that still doesn't mean it can't be used by the average person to build wealth if done correctly.

Provisions were added into the bill that would require "know your customer" type requirements and taxation of crypto exchanges but were written so poorly that the requirements could be extrapolated to crypto miners, staking, etc.

This is what happens when people who don't understand the technology in the first place try to write legislation at the last minute to insert into a bill that has nothing to do with crypto.

Amendments have been proposed to try and clarify the bill, but there are multiple amendments that are "worse" or "better" for crypto. Guess which one Janet Yellen is pushing? (after receiving millions from big banks for "speaking engagements."

Well, we'll need a lot of help from the likes of Elon Musk and Jack Dorsey, but it's totally all about helping the little guy.

What we're saying is that having an alternative to fiat is some people's only hope when the government can close your accounts, inflate the currency, etc.

And it's submission on HN three weeks ago for further discussion on it: https://news.ycombinator.com/item?id=27874794

even the heralded “SEPA” system cross border in Europe is not as reliable as it is a patch work of multiple systems (Instant SEPA, normal SEPA, etc). Ie. A SEPA transaction through Wise/Revolut could be fairly instant or it could be 7 actual days with a customer support query and fingers crossed.

It is better for people to get the asset and convert it in their country with the banking partners or traders that work well for them. Or just invest/spend with that asset alone because it is equally (or more) valid earnings as fiat to many people.

What you might be missing is that many of us arent acquiring crypto at the time to then send it to someone, we already have holdings in crypto because we earn in it too. I may have a few hundred dollars in stablecoins, just like I may also have a few hundred dollars in my Venmo or Wise or Revolut account. I periodically have liquid investments in crypto assets. So when I am choosing how to pay anyone a large amount and they don't accept credit card because they arent really a merchant but just good at something, then its really easy to just say ok give me your wallet address and the liquidity is nearly instantly under their control. Much more practical when you already have it.

so its basically time saving, and what is essentially happening is that higher scrutiny, bank error prone international wires are converted into domestic payments for international commerce and circumvents the interchange bank issues.

Those in developing nations might use crypto to avoid remittance fees, or due to increased accessibility. If the recipient doesn’t have a bank account, you can’t do a wire transfer. If the recipient has a phone, they can get an app to facilitate a crypto transfer.