Hacker News Reader

Forbidding folks in these countries (Turkey, Lebanon, Argentina, Venezuela) from holding a crypto alternative to their native currency is sentencing them to a guaranteed loss of 90%+ of their purchasing power, versus weathering crypto volatility.

View on HN

I agree with this statement but the solution is not solely crypto nor does that provide any inherent value to residents outside of those nations.

There does need to be a solution for countries that do this - that is to say indulge in radical devaluation; but it is clearly not BTC or ETH. It could be a properly backed and regulated crypto currency, one that also could be used without burning barrels of oil. There is no such crypto currency though, and there may never be one.

In aforementioned countries the established financial system becomes a tool of theft by the government. Just listen to news reports or podcasts from normal folks who have to survive under these conditions. Thought you had a dollar denominated savings account? It's Liras now. Want to withdraw your money? Limited to $40US a day.

Crypto is one compelling alternative. Note, I lump a reputable USD stablecoin in here too. It's all software after all.

> ...a tool of theft by the government.

How is theft by grifters (whatever we're calling crypto-bros) better?

Reply on news.ycombinator.com