Biggest question -- can ETH/BTC completely operate under the table?
yes, you could trade crypto for cash. there are some trust issues though (will they run off with the crypto AND the cash?) and the fees are high
Lebanon’s underground cryptocurrency market
11–20 of 90 posts
Re: Lebanon’s underground cryptocurrency market
#12There’s always that one guy:
> “That’s my reputation,” Baasiri said. “Gravity fucks the market.”
5% commissions on transactions though, that’s really steep!
Re: Lebanon’s underground cryptocurrency market
#13Let's say you build the perfect monetary policy into a cryptocurrency. Okay, now the basic institution of money is working again but what about everything else?
>Over the last two years, Lebanon has been gripped by an economic death spiral, the culmination of years of government corruption and mismanagement. The electricity supply has collapsed, pharmacies and gas stations are empty,
The article mentions infrastructure. First, how do you use cryptocurrencies with limited access to electricity? Second, how does cryptocurrency help with physical infrastructure? Have there been successful cases of countries with private infrastructure? Has there ever been an ICO to pay for a cell phone tower or a solar farm?
Re: Lebanon’s underground cryptocurrency market
#14I guess that a similar story could have happened to Greece. Nice to hear that crypto is helping people in such dire need of economic stability, although it was not clear from the article what happens to the lebanese cash that was used to purchase USDT. Someone must be left holding the bag, there must be some FX liquidity that they tap into?
If I were to summarize the Greek situation it is a story about two countries that hate each other but share the same currency. Unfortunately there is no more nuance to be had. It really is that simple.
Re: Lebanon’s underground cryptocurrency market
#15Lebanon has a pretty large diaspora outside of the country (and with income in real currencies). And the current government is pretty corrupt.
I wonder if the best strategy here isn't for the diaspora to just buy back the country for pennies on the dollar during the current collapse.
Re: Lebanon’s underground cryptocurrency market
#16Crypto supporters will talk about how great this is. But is this what we want the world to look like? It's effectively a network of little mafiosi (complete with thugs) providing tenuous bridges to the US economy.
In a cynical moment, despite the idealist beginnings, it's almost like Satoshi was the NSA and global fiscal integration beyond conventional reach of multinationals and the world bank was the objective. Sigh.
Re: Lebanon’s underground cryptocurrency market
#17I guess that a similar story could have happened to Greece. Nice to hear that crypto is helping people in such dire need of economic stability, although it was not clear from the article what happens to the lebanese cash that was used to purchase USDT. Someone must be left holding the bag, there must be some FX liquidity that they tap into?
If I were to summarize the Greek situation it is a story about two countries that hate each other but share the same currency. Unfortunately there is no more nuance to be had. It really is that simple.
What a terrible, and dare I say, wrong summary. It's more like politicians staying on irrational positions because changing it would mean things like political suicide (by low-information populist voter outrage)/admission of being wrong.
Re: Lebanon’s underground cryptocurrency market
#18There’s always that one guy: > “That’s my reputation,” Baasiri said. “Gravity fucks the market.” 5% commissions on transactions though, that’s really steep!
Businesses in the developed world pay visa and mc and amex close to 3%.
Re: Lebanon’s underground cryptocurrency market
#19Let's say you build the perfect monetary policy into a cryptocurrency. Okay, now the basic institution of money is working again but what about everything else? >Over the last two years, Lebanon has been gripped by an economic death spiral, the culmination of years of government corruption and mismanagement. The electricity supply has collapsed, pharmacies and gas stations are empty, The article mentions infrastructu…
>Have there been successful cases of countries with private infrastructure?
The US's energy infrastructure was originally private.
Re: Lebanon’s underground cryptocurrency market
#20Being in a third-world country and part of the crypto community feels so liberating. You can feel the difference between you and a non-crypto person.
How would you describe that difference?