I was about to make a comment asking how viable this could be in poor nations due to btc transaction fees, but apparently they are way down compared to a few months ago. Average fee now is about 2$ compared to 10-20$ several weeks ago. I'm glad the Nigerians are actually using btc for its intended function!
The typical central bank scam in developing countries is to make them ostensibly independent, but in reality they print new money and hand it to politically favored industries and entities. It allows the ruling class to loot their citizens very efficiently. Furthermore their stranglehold on remittances, where dollars are sent back by emigres and then converted into the local fiat scam coin, then enables them to centrally control what gets imported as they have the bulk of dollars.<p>Bitcoin and other cryptos fix this scam and enable people to not lose 5 to 90% of their money per year to inflation. It’s really not hard to understand and why hacker news can’t wrap their heads around why crypto has utility is a lack of awareness of how the average government operates.
Crypto can be effectively stopped - but it will take the application of violence. No one should be any illusion though - nation states who's cohesion is threatened (read : ability to raise tax) will not hesitate to use violence to preserve themselves.
Those in power fear anything out of their control. See what's happening with the infrastructure bill and crypto as the latest example.<p>On the other hand, us little people should support anything that gives the average person a fighting chance against the rich and powerful.
Things are not looking good for Bitcoin<p><a href="https://www.youtube.com/watch?v=c_tcg9kOfkg" rel="nofollow">https://www.youtube.com/watch?v=c_tcg9kOfkg</a>
I’m glad the guy’s Chinese suppliers accepted bitcoin<p>Ive been paying for a lot of contractor work internationally with stablecoins over the last several years<p>It annoys me how much Tether is often people’s only stablecoin option at the exchanges in their country, and that education is much lower on how to do stuff onchain without exchanges (so they could accept many more assets and convert to whatever they wanted)<p>But its way better than western union/paypal/wise/revolut/wire, or when it’s not better it’s nice it’s an option
Vulnerable people losing vital wealth when Tether pops would be tragic. A "stablecoin" with <4% liquid reserves... <a href="https://www.coindesk.com/tether-first-reserve-composition-report-usdt" rel="nofollow">https://www.coindesk.com/tether-first-reserve-composition-re...</a>