Topic: Those that think Bitcoin will help developing Countries are in a fallacy (Read 347 times)

Sometimes i read stuff in this forum, so ridiculous but completely wrong, what so many people think, because they simply have a very small portion of awareness how the world works and only do quick assumptions on few information

Thinking Bitcoin will help developing Countries is absolutely wrong, situation for developing countries might even get worse.

firstly: mining Bitcoin is happening mostly in developd countries and in developing countries where there are already electricity shortages the mining of bitcoin makes it even worse, leading to higher expenses for electricity which is needed there for educating children, or building schools.

secondly:
Bitcoin increases costs for electricity in the developed world which then makes prices higher for the industrial production of investment goods like machines for farming and many moore, which the people in the developing countries need to develop their country.

thirdly:
Bitcoin changes what the youth in the developed world is doing where bitcoin and cryptocurrencies are more likely to be created mined and earned towards not developing poor countries but now towards fullfilling the greed of those that are running the mining and crypto infrastructure.

Lambo memes are a very good example of that. it represents the greed the pump and dump schemes

and much more.

these crazy falacities come from a curse of life, which comes from the need to do decisions and asumptions based on very few information.

but you know what the biggest joke of all this is?

the people in the developing countries can't do anything about that, they have to accept that.

regards

Where does your information on South Korea come from? The World Bank data lists no outstanding loans in 1960, 1970, 2014, or 2016. But, poor countries? I see $52 billion in outstanding loans from Sub-Saharan Africa alone. This and this explains how that contributes to wealth extraction from poor countries:

How does that address what I said? One member country being able to repay their loans says nothing about my point, that the lending infrastructure is used to extract wealth:

Seriously? Your answer is that "Koreans buy tractors and start farms but Africans use their money for hookers and booze"? What possible evidence do you have for these comparisons?

I gave you two well-sourced links that give much more compelling explanations than that.

Next, are you going to say that Africans have smaller brains, too?

Your answer is that "Koreans buy tractors and start farms but Africans use their money for hookers and booze"? What possible evidence do you have for these comparisons?

And regarding Africa, more than half of the countries are authoritarian regimes, and even if there are elections, there's very difficult for people to change something via voting.

I think it is not only about Bitcoin but the whole blockchain technology which can make a great change in the working and development of the country. Bitcoin is just a successful example of what the power of crypto and blockcahin can do in the world.

Of course there are no outstanding loans, because SK has paid them all back.
Even the 3 billion they've received in 1997 during the Asian crisis they've repaid it in less than 3 months!!!!

http://pubdocs.worldbank.org/en/754261483515257926/Korea-Timeline.pdf

Oh, but it is!!!!

It's like a guy takes a loan, buys a tractor, starts a farm and is doing great while 10 others use their money for hookers and booze and the fault lies with the bank lending them money. Legit!!!!

How did SK manage to build all its infrastructure with the WB and the Sub-Saharian states not?
Probably the problem is not with the one lending money but with the ones getting those loans?

Where does your information on South Korea come from? The World Bank data lists no outstanding loans in 1960, 1970, 2014, or 2016. But, poor countries? I see $52 billion in outstanding loans from Sub-Saharan Africa alone. This and this explains how that contributes to wealth extraction from poor countries:

Note the difference between "poor countries" and "poor governments." Governments come to power with varying levels of popular participation and mandate, but coercion and violence are always involved. Anyway, that's not relevant here.

There is a limit on how much energy we can produce, if things were so simple we would all be paying 01.cents (10% of a cent) per kw and we would have 10TW hair dryers.

Thre is a limit how many hydro plants we can build, there is a limit how much ga we can burn and even how many windmills you can put up.



Yeah? Do they?
It's pretty interesting to hear that people who live on a wage worth 5$ a month are doing transactions over BTC and paying each time 5-10 cents for a tx.

And I'm pretty sure they do a lot of mining, with power failures every hour and days with no power at all, what could be better to ROI.

Prety funny a lot of those articles promoting how Venezuelans are using bitcoin started in December and January when the average bitcoin tx fee was twice to four times the monthly wage in Venezeuala...




Those "poor" governments, how did they come in power? Not with the help of their own people?
You know what country took one of the biggest loans from the WB? It was South Korea!!! How are they doing? Poor? Flooded by US exports?

Those "poor" governments, how did they come in power? Not with the help of their own people?
You know what country took one of the biggest loans from the WB? It was South Korea!!! How are they doing? Poor? Flooded by US exports?

In 2012, the last year of recorded data, developing countries received a total of $1.3tn, including all aid, investment, and income from abroad. But that same year some $3.3tn flowed out of them. In other words, developing countries sent $2tn more to the rest of the world than they received. If we look at all years since 1980, these net outflows add up to an eye-popping total of $16.3tn – that’s how much money has been drained out of the global south over the past few decades.

[...]

What do these large outflows consist of? Well, some of it is payments on debt. Developing countries have forked out over $4.2tn in interest payments alone since 1980 – a direct cash transfer to big banks in New York and London, on a scale that dwarfs the aid that they received during the same period.

To understand what’s going on, we have to begin with the international debt system. Ravaged by colonialism and in desperate need of capital, particularly after the oil crisis of 1973, countries in the global South had to seek out loans from the World Bank and the International Monetary Fund (IMF). But there was a catch: these loans gave the donor agencies the power to determine economic policy in the recipient countries, overriding the will of local elected leaders.

By leveraging debt, the World Bank and the IMF – which are controlled by rich countries – force developing countries to liberalise their markets, sell off their public assets, and open their doors to multinational corporations. Western economists once assured us that these policies, known as “structural adjustment programs,” would stimulate development. But in reality they have done exactly the opposite, cutting income growth rates in half[3] and causing mass poverty.

I disagree with that. If power companies are selling more power, generally they can afford to do so at a cheaper rate. That's why people buy things wholesale for cheaper than an individual unit.
If you have any proof that bitcoin is raising the cost of electricity for other people, I'd love to see it shared.

Blockchain technology helps developing countries to develop their economies! The BTC is also playing some role!
For example, in Venezuela, their legal currency has collapsed and they conduct daily transactions through BTC. There are also many BTC mines in Venezuela!

Take the World Bank, for example. It makes high-interest USD-denominated loans to poor governments. That USD is necessarily used to buy US exports, fueling US growth while saddling developing countries with usurious debt. Bitcoin as a global reserve could help alleviate the current debt bondage relationship between rich and poor countries.

Blockchain technology helps developing countries to develop their economies! The BTC is also playing some role!
For example, in Venezuela, their legal currency has collapsed and they conduct daily transactions through BTC. There are also many BTC mines in Venezuela!