I know nothing about crypto, but wasn't one if its selling points that its "digital gold" for people without stable fiat currencies?
You send aid to a drought-stricken farmer to some sub-saharan region with ample cheap data but no (stable) banks, how...are they supposed to store the money?
Crypto has been sold many many ways, but most of it is not a stable store of value.
Stablecoins are what are supposed to be stable sources of value, but Zeke Faux's book Number Go Up points out how opaque and unaccountable the companies managing these currencies are. From his reporting, their "tractor app" appears to be not so much farmers in sub-saharan Africa receiving aid payments but criminals looking for anonymous ways to transfer lots of money.
pj_mukh · · focus · HN ↗
You send aid to a drought-stricken farmer to some sub-saharan region with ample cheap data but no (stable) banks, how...are they supposed to store the money?
phlakaton · · focus · HN ↗
Stablecoins are what are supposed to be stable sources of value, but Zeke Faux's book Number Go Up points out how opaque and unaccountable the companies managing these currencies are. From his reporting, their "tractor app" appears to be not so much farmers in sub-saharan Africa receiving aid payments but criminals looking for anonymous ways to transfer lots of money.