alt Hacker NewsI’m ignorant of this but it seems wrong.
30% lost in fees??
Can they not manage to open a dollar-backed account somewhere?
Also:
> being stored in a currency that might lose a majority of its value overnight
I for sure put crypto in this same category. “Stablecoin” or not.
Replies
Roughly 10% of humanity is without papers and excluded from the banking system for life, also because western coutries enforce KYC/AML rules.
> Can they not manage to open a dollar-backed account somewhere?
If you want to do financial crimes and fraud, you can't (or at least, shouldn't) really do this.
Unspoken by the parent poster is that in practice these people are usually using crypto to break the law in some way, which is why it's valuable to them.
Yeah no, I it is really really bad where I live and it is similarly bad in places outaide of western financial network as far as I can understand.
Another way to mitigate this scam is wise revolut etc. But they are also mostly western
Sounds more like social security avoidance, or general taxation avoidance.
Which country will take 30% cut from incoming foreign transaction? The highest combined fees I could find are for Sub-Saharan Africa and those are below 10%, supporting tax/social evasion claim.
Could be completely legal but when folks don't provide details its often safe to assume the worse scenario when it comes to money, taxation and screwing the government.
> Can they not manage to open a dollar-backed account somewhere?
It's harder, if not impossible, if you've been got the wrong set of papers, or are missing them.
> this same category. “Stablecoin” or not.
Like it or not, USDC and USDT do seem to actually be stable. They've been pegged to the dollar for a while now, with increased scrutiny.
> Can they not manage to open a dollar-backed account somewhere?
Outside the West, the answer is quite often "no". And trying to open an account in the US from outside will run into ID+residency requirements.