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Cider9986today at 2:28 AM2 repliesview on HN

Accept crypto for those countries, it doesn't have chargebacks and helps those vulnerable to the financial system.


Replies

epestrtoday at 3:12 AM

I went down a bit of a search looking for counter evidence that crypto is likely less available to them, and it turns out both perspectives are true depending on the scale you look at. At the micro-level, survey data from emerging markets[0] confirms that crypto offers immunity against institutional failure and inflationary currency.

But this QJE article[1] argues there's a ceiling to how far things scale. Concluding that the cost to keep a decentralized network secure scales with its total economic value. So while there is immediate value to it's user, it might not scale well, and can't replace a country's financial system anyway because securing it at a sovereign scale would just be more expensive.

[0]: https://www.mdpi.com/1911-8074/17/10/467 [1]: https://academic.oup.com/qje/article/140/1/1/7824430

shimmantoday at 2:59 AM

Man people are still using the "it's a currency" grift when discussing crypto, did the El Salvador failure really teach you nothing?

https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador

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