| This is ridiculous crypto pumping. None of this works unless the world already runs on crypto. And not even El Salvador actually does that, because the populace hate the bitcoin system, the official payment network is completely unreliable, and the unofficial wallets don't have the fees subsidised. The most common issue with "banking the unbanked" is a lack of sufficient documentation. This is not a problem in El Salvador, because they have a national ID card, and you can get a basic bank account with that. And yet, only 30% in El Salvador have a bank account. What does crypto do about that? What need does crypto fill that the existing basic accounts are failing to? I wrote a book chapter about this crypto marketing buzzphrase. It's been a common buzzphrase in bitcoin and other cryptos since 2013 - and zero of these people have ever given a joined-up account of how this is supposed to work in practice. Not even Facebook, when they put banking the unbanked as a key advantage of their proposed Libra cryptocurrency. https://davidgerard.co.uk/blockchain/2021/02/12/libra-shrugg... "Banking the unbanked" is a complex problem, and crypto addresses none of the hard bits. |
It's just people shilling left and right to pretend that cryptocurrencies will be a thing. They aren't and the will never be, because they can't.
Cryptocurrencies will make few people rich, but most people, the ones too ashamed to admit it, will lose it all and then some.
Ask yourself: where does the money come from?
Answer: that lambo is paid with other people's money.
For every 'lambo driver', there are a thousand suckers who lost. And had to lose to pay for that lambo.
I write all of this because I think cryptocurrencies are asinine in every possible way. They play on every weakness humans may have and they undermine our environment and our societies, without anything in return.
And let's be totally honest about this: it was never about banking the unbanked. It was always about one thing, and one thing only: getting rich, no matter the consequences (for others).