And how does your Kenyan/North Korean/Syrian person buy gasoline/rice/paper with this asset?
Meanwhile, drug cartels, first world millenials and financial investors are in possession of ~100% of this technology. They are shaping it to further their gains, scamming the naive, and undercutting legitimate sanctions and laws.
> And how does your Kenyan/North Korean/Syrian person buy gasoline/rice/paper with this asset?
Ideally, the seller would accept the cryptocurrency directly, that is what is happening on Venezuela that the country currency is completely worthless. Another not ideal option is to have local gateways that convert to local currency.
> Meanwhile, drug cartels,
They are still using dollars maybe Monero, but if the technology is good enough that the goverments can get informations on the transactions or censor it, offcourse bad actors will use it, technology is not inherently good or bad is what people do with it. Personaly I am worried with the 3 Billion that don't have financial services not a small minority bad actors that already does their business using Fiat currencies.
> first world millenials and financial investors are in possession of ~100% of this technology. They are shaping it to further their gains, scamming the naive, and undercutting legitimate sanctions and laws.
That is a really problem and personally I think that the solution will be the creation of new blockchain protocols that have the genesis on developing countries.
Meanwhile, drug cartels, first world millenials and financial investors are in possession of ~100% of this technology. They are shaping it to further their gains, scamming the naive, and undercutting legitimate sanctions and laws.