Lebanon’s underground cryptocurrency market
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Lebanon’s underground cryptocurrency market
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Re: Lebanon’s underground cryptocurrency market
#2I 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?
Re: Lebanon’s underground cryptocurrency market
#3Biggest question -- can ETH/BTC completely operate under the table?
Re: Lebanon’s underground cryptocurrency market
#4I 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?
Think of it as a remmitance system, relatives overseas send money to family in lebanon in bitcoin, these individuals but it off them for cash, they also sell bitcoin to anyone who liquidates local assets for cash and wants to gtfo of Lebanon. Crypto is basically keeping the market somewhat liquid at this point.
Re: Lebanon’s underground cryptocurrency market
#5Being 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.
Re: Lebanon’s underground cryptocurrency market
#6Biggest question -- can ETH/BTC completely operate under the table?
There are two things that one needs (in addition to the software, which is free and open source) to connect to the bitcoin peer-to-peer network - Electricity and Internet Connectivity.
Unless states start interrupting either/both, there is no table to be operating under. It just is. It is the table and the chair and the entire economy.
Re: Lebanon’s underground cryptocurrency market
#7Biggest question -- can ETH/BTC completely operate under the table?
There are two things that one needs (in addition to the software, which is free and open source) to connect to the bitcoin peer-to-peer network - Electricity and Internet Connectivity. Unless states start interrupting either/both, there is no table to be operating under. It just is. It is the table and the chair and the entire economy.
Technically you don't even need an internet connection: https://blockstream.com/satellite/
Re: Lebanon’s underground cryptocurrency market
#8Earlier quoted context omitted.
There are two things that one needs (in addition to the software, which is free and open source) to connect to the bitcoin peer-to-peer network - Electricity and Internet Connectivity. Unless states start interrupting either/both, there is no table to be operating under. It just is. It is the table and the chair and the entire economy.
Technically you don't even need an internet connection: https://blockstream.com/satellite/
How are you going to transmit transactions though?
Re: Lebanon’s underground cryptocurrency market
#9Earlier quoted context omitted.
There are two things that one needs (in addition to the software, which is free and open source) to connect to the bitcoin peer-to-peer network - Electricity and Internet Connectivity. Unless states start interrupting either/both, there is no table to be operating under. It just is. It is the table and the chair and the entire economy.
Technically you don't even need an internet connection: https://blockstream.com/satellite/
That's for sending messages, not money
Re: Lebanon’s underground cryptocurrency market
#10Earlier quoted context omitted.
Technically you don't even need an internet connection: https://blockstream.com/satellite/
How are you going to transmit transactions though?
Transactions are pretty small, as long as you have some way to relay data to a party that has an internet connection, you can submit a transaction. The party you submit the transaction to does not need to be fully trusted, worst they could do is not submit it to the network.