No offense, but "let's give the poor people cryptocurrency" reads a lot like the start of a satire piece, a lampoon of out-of-touch Bay Area tech culture denizens.
Ask HN: How to give cryptocurrency to people in need?
11–20 of 34 posts
Re: Ask HN: How to give cryptocurrency to people in need?
#12Earlier quoted context omitted.
There is no situation in which you have a broken government (i.e., refugee camps) where it is possible that crypto-currency will be useful. In refugee camps, even the doctors and aid workers have minimal access to the internet, and certainly not the type of stable connection you would need to transact crypto. Moreover, you would have extreme difficulty finding counterparties for the crypto-fiat exchange that don't ch…
While I agree that there are a number of challenges around actually utilizing crypto in places like this, you must also agree that some of crypto's unique characteristics are actually very compelling in these situations. For example, it is very expensive to get supplies or money into these 'camps'. The (relatively) immediate and peer-to-peer nature of cryptocurrency is perfect for this kind of help.
Those characteristics are compelling but unrealized. Your approach strikes me as roughly equivalent to premature optimization. The technical aspects of cryptocurrency that make it interesting are (or at least should be) secondary to the primary goal of actually helping in the present. The answer to your question - how to give crypto to people in need - is to convert it to cash and then give it to them.
Re: Ask HN: How to give cryptocurrency to people in need?
#13Earlier quoted context omitted.
There is no situation in which you have a broken government (i.e., refugee camps) where it is possible that crypto-currency will be useful. In refugee camps, even the doctors and aid workers have minimal access to the internet, and certainly not the type of stable connection you would need to transact crypto. Moreover, you would have extreme difficulty finding counterparties for the crypto-fiat exchange that don't ch…
While I agree that there are a number of challenges around actually utilizing crypto in places like this, you must also agree that some of crypto's unique characteristics are actually very compelling in these situations. For example, it is very expensive to get supplies or money into these 'camps'. The (relatively) immediate and peer-to-peer nature of cryptocurrency is perfect for this kind of help.
In the situation where it is prohibitively expensive to get money or supplies into a place what are you expecting these people to spend their cryptocurrency on?
Re: Ask HN: How to give cryptocurrency to people in need?
#14Focus on places that already have good cell network/free wifi penetration and smartphones.
https://en.wikipedia.org/wiki/List_of_countries_by_smartphon...
People aren't going to care much unless they can spend it though. Maybe find places that have a higher concentration of places that accept cryptocurrency and focus on those? Maybe Ghana, China or Nigeria?
Re: Ask HN: How to give cryptocurrency to people in need?
#15Earlier quoted context omitted.
There is no situation in which you have a broken government (i.e., refugee camps) where it is possible that crypto-currency will be useful. In refugee camps, even the doctors and aid workers have minimal access to the internet, and certainly not the type of stable connection you would need to transact crypto. Moreover, you would have extreme difficulty finding counterparties for the crypto-fiat exchange that don't ch…
While I agree that there are a number of challenges around actually utilizing crypto in places like this, you must also agree that some of crypto's unique characteristics are actually very compelling in these situations. For example, it is very expensive to get supplies or money into these 'camps'. The (relatively) immediate and peer-to-peer nature of cryptocurrency is perfect for this kind of help.
I do not have to agree that cryptotokens have any compelling characteristics.
Re: Ask HN: How to give cryptocurrency to people in need?
#16Earlier quoted context omitted.
In Venezuela, only the local currency is a problem. You could still send dollars. And refugee camps, might be better off getting food and medicine directly.
Sending money long distances especially crossing borders is a non-trivial problem.
Is that problem any harder than sending Bitcoin, converting it to real money, and then trying to spend it? Because converting Bitcoin to Venezuelan Bolivars (or USD in Venezuela) is also a non-trivial problem.
Re: Ask HN: How to give cryptocurrency to people in need?
#17I can't think of a situation where a donating cryptocurrency would be better than a donation of fiat cash to the same groups. Honestly, I can only see negatives from going down that route (lack of accountability for fund usage is a major one) and very few, if any, positives. If the concern is volatility of the local fiat currency, make the donation in another more stable currency. Cryptocurrency will only add to that instability.
>There is a growing body of evidence suggesting that the best way to help poor people is to give them cash, rather than traditional support like food, medicine or training.
I've not seen this (but have seen the inverse often); do you have any references or examples?
Re: Ask HN: How to give cryptocurrency to people in need?
#18I can't think of a situation where a donating cryptocurrency would be better than a donation of fiat cash to the same groups. Honestly, I can only see negatives from going down that route (lack of accountability for fund usage is a major one) and very few, if any, positives. If the concern is volatility of the local fiat currency, make the donation in another more stable currency. Cryptocurrency will only add to that…
This is probably the best report on the cash vs. in-kind question - https://www.odi.org/publications/10505-cash-transfers-what-d...
Re: Ask HN: How to give cryptocurrency to people in need?
#19The Steemit community seems to be giving crypto (steem)directly to Venezuelans in need. https://steemit.com/venezuela/@drutter/mission-agua-possible...
Re: Ask HN: How to give cryptocurrency to people in need?
#20Earlier quoted context omitted.
I agree that fiat currency would be more useful if the recipient lives in a place with a functional financial system and/or a competent government. However, in places where money is broken (i.e. venezuela) or government is broken (i.e. refugee camps), it is possible that a crypto-currency might be more useful than fiat.
It's common knowledge that refugees streaming across border regularly bring computers, cell phones, solar panels, and large batteries to keep all those things going. Plus unlike most people in first world countries, most refugees are well versed in cryptocurrency wallets, trading, and the relative value of those coins to the daily needs of life like bread, and vegetables. .... end sarcasm.
I can't seem to find too many sources that speak to the raw percentage, but it appears that many to most refugees from syria (to take one example) have a cellphone and take great lengths to keep it safe & charged.