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With regards to cryptocurrencies, which the standard HN anti-crypto groupthink is bashing in full swing, let me just point out that most bashings I've seen on h
by quantdev 9y ago
With regards to cryptocurrencies, which the standard HN anti-crypto groupthink is bashing in full swing, let me just point out that most bashings I've seen on here are US-consumer-centric and don't consider the needs of countries with oppressive governments that aim to control the wealth and labor of their citizens. In these countries, cyrptocurrencies allow the movement of wealth to your family overseas, allow the store of wealth in the face of 30% inflation (Venezuela, Zimbabwe, etc.), and allow privacy and economic freedom. If your central bank wants to lower interest rates so that yields are even more negative, you can take yourself out of that system in which you have no vote or control. If you oppressive ruler wants to track every transaction and stop funding to political opponents, you can take yourself out of that system and do so if you wish.
Yes, it's not easy and not for everyone, but people in these countries go through enormous risk and effort to accomplish economic freedom.
- deleted 9y ago[deleted]