Hacker News new | ask | show | jobs
by Danidada 1495 days ago
I disagree. As someone from Argentina which has a high percentage of crypto owners I can say poor people in poor countries aren't literate enough or don't have the resources (ie: liquidity, bank account) to get cryptos. It's more of a middle class thing here. Real estate isn't cheap in the big cities if you take into consideration the average salary and barely any financial aid to buy property. Besides, being a landlord isn't profitable enough given the initial investment because rental prices are heavily regulated. Also not good for reselling because price have been going down in the last years and it looks like it will keep going like that. Stocks options are heavily limited and also (obviously) regulated. A lot of people here are afraid to invest in stocks here anyway. with an estimated inflation rate of 60% people save money by buying dollar cash, crypto and classic bank instruments (fund investments and fixed term investments)
1 comments
onlyrealcuzzo 1495 days ago
IIUC, it's quite easy in Argentina to convert pesos to dollars and store them in an Argentine bank with a US correspondent bank - ditto for Euros and Yen.

There are many downsides to Tether. Why is it worth the risk in comparison?

Additionally, there's simply not enough money in Tether compared to the $80B to talk about. It's a distraction.

link
Danidada 1495 days ago
Again, it's a matter of resources. Not everyone can travel to US and have the money to open a bank account there. Anyway to "easily" convert from pesos to US dollars (which you have to use some financial instruments which aren't trivial for the average citizen) you need to justify all your earnings which not everyone can do because people try to avoid taxes as much as possible.

For instance, most devs I know that work remote jobs for companies abroad, they ask for them to pay in crypto because if you try to get paid in the legal way you get 50% less off the bat in the forceful conversion from usd to pesos and then you get an additional 20-30% less due to taxes

link
onlyrealcuzzo 1495 days ago
It sounds like it would be worth it to get a US bank account and be paid in USD at that point - assuming developers are making $50k+ USD per year. Virtually all non-small employers would prefer that as well.
link