Sorry, long comment, I hope I don’t embarrass myself.
I spoke to my family in Lebanon, after the banking system collapsed and stole regular ppls money, the distrust in the system is irreparable. As a result ppl ran to crypto which is unfortunate, it’s like running away from a thief and into the hands of Jason from Halloween.
I despise crypto bros, and feel sorry that they don’t understand it’s use, which is minimal at best like in smart contracts and needs decades to possibly materialize.
Having said all that, I do see value in country backed crypto, like a digital Yen or the dollar as a complimentary form of currency.
The Chinese and US wars are fought in global currency, I think.
The Chinese already said they are working on a digital currency, if they do so they can spread their power in countries like Lebanon, by passing the failed banks ,Cc companies and other financial institutions. Lebanon and other failed nations including South America are starved of a stable currency. Even if the government cracks down on such use, VPN and lack of resources to enforce a ban on digital Yen would fail.
The Chinese will lead the US on that front because of the strong banking lobby in the US. US might cut a deal with banks and we could see BOA or Chase digital dollar wallets in the future.
I think Digital crypto govt backed currency on virtual wallets has a future, but there is no quick Rich-scheme in it, unless you own a bank already, which means you’re already rich.
I still argue this is an overly US centric recollection of history. Bitcoin adoption was all China initially (china to Moscow "trade"). Its one persistent use case is money transfer across borders. With a closed economy, it was a major way to extract fiat out of China without govt approval. Its why all the major exchanges were adjacent to China. It wasn't until later that English speaking people found it and began to speed run all the financial crimes throughout history.
"the feral chad" - Can't unhear Sir David Attenborough saying this
If only SBF had picked up a book on wildcat banks...
Sorry, long comment, I hope I don’t embarrass myself.
I spoke to my family in Lebanon, after the banking system collapsed and stole regular ppls money, the distrust in the system is irreparable. As a result ppl ran to crypto which is unfortunate, it’s like running away from a thief and into the hands of Jason from Halloween.
I despise crypto bros, and feel sorry that they don’t understand it’s use, which is minimal at best like in smart contracts and needs decades to possibly materialize.
Having said all that, I do see value in country backed crypto, like a digital Yen or the dollar as a complimentary form of currency.
The Chinese and US wars are fought in global currency, I think.
The Chinese already said they are working on a digital currency, if they do so they can spread their power in countries like Lebanon, by passing the failed banks ,Cc companies and other financial institutions. Lebanon and other failed nations including South America are starved of a stable currency. Even if the government cracks down on such use, VPN and lack of resources to enforce a ban on digital Yen would fail.
The Chinese will lead the US on that front because of the strong banking lobby in the US. US might cut a deal with banks and we could see BOA or Chase digital dollar wallets in the future.
I think Digital crypto govt backed currency on virtual wallets has a future, but there is no quick Rich-scheme in it, unless you own a bank already, which means you’re already rich.
End.
I still argue this is an overly US centric recollection of history. Bitcoin adoption was all China initially (china to Moscow "trade"). Its one persistent use case is money transfer across borders. With a closed economy, it was a major way to extract fiat out of China without govt approval. Its why all the major exchanges were adjacent to China. It wasn't until later that English speaking people found it and began to speed run all the financial crimes throughout history.