[Ab]

Originally Posted by Lightspeed

I wonder.

I see what you're saying. We have the current set of "early adopters", largely just people buying in. Leveraging the platforms beyond currency handling is nearly non-existent. However this white, male, monied crowd in the best position to buy in are going to be stymied by traditional systems they're already bought into.

On the flip-side the bulk of people do not enjoy the benefits of robust, transparent, corruption free financial and legal systems. They will have strong incentive to develop and use these new systems. And there is so much untapped potential to be unleashed. I'm anticipating developing nations leap frogging past Western institutions.

Today:

https://techcrunch.com/2021/01/24/ho...aching-crypto/

How emerging markets are approaching crypto

From Brazil to Nigeria, people turn to Bitcoin for different reasons than most of their speculating counterparts in North America. Namely, because it’s the most advantageous way for them to conduct international transactions.

Such is the case with a 28-year-old poker player in Brazil who simply goes by Felipe, for safety. Poker is a legal form of gambling in Brazil, so Felipe can use Brazilian banks and regulated exchanges to earn income from home. He dropped out of law school because playing poker against foreigners with Bitcoin to spend was more profitable than becoming a partner at a local law firm. Felipe said he now outearns his brother, a middle-tier executive at one of Brazil’s top corporations.

“Bitcoin is the best medium of money exchange in the poker community,” Felipe said. “I withdraw earnings as Bitcoin, or as Tether, to a Brazilian crypto exchange and sell it there.”

Felipe said he is wary of his government because he believes the Brazilian economy will experience a catastrophic shock in the next few years. Back in 1992, President Fernando Collor de Mello was impeached after confiscating millions of civilian savings accounts to offset national debts. Felipe doesn’t want his bank account forcibly emptied when the next crisis hits. This inspires him to accumulate Bitcoin, avoiding more traditional options stocks.