It’s time to visit Oslo once again. Bitcoinist continues mining the Human Rights Foundation’s Oslo Freedom Forum for the content of all those other bitcoin sites not of interest. We’re talking about real life here, and we’ve already been to the well several times – One, Two, three, four, Five – and came out with gem after gem. All credit goes to Alex Gladstein, who took the time to cut and post these phenomenal one-minute clips.
This time, a Venezuelan tells us about hyperinflation, a Nigerian paints a picture of our hyperbitcoinized future, and another presents the US dollar as a worldwide necessity on the Lightning Network.
BTC price chart for 07/09/2022 on FX | Source: BTC/USD on TradingView.com
Oslo FF: What hyperinflation does Mauricio Di Bartolomeo do
Laydon’s co-founder, Mauricio Di Bartolomeo, is from Venezuela. He lived and breathed hyperinflation, and described it in unimaginable numbers.
“You mentioned money, money started falling. And a lot of people think this abstract idea. What does it look like? What does that look like? Who does that effect? And going back to Venezuela. So just reference to people To give. In my lifetime, the Venezuelan government has eliminated 14 zeros from the currency. That is, the number of zeros in a trillion. And so one bolivar today is a trillion bolivar 20 years ago. And that’s how much it has grown.”
However, how does this affect the average person? Di Bartolomeo describes the circumstances of the Oslo Freedom Forum using day-to-day situations that seem far-fetched to so-called First World citizens.
“You need more and more cash to do the exact same transaction. A couple strange things start to happen. So one, Venezuela is a very cash society. A lot of places, especially small towns, accept debit cards. Therefore, most transactions must be done in cash. Cash which is not available because when it overflows, when you are buying this glass of water with 1 bolivar, it now costs 500 bolivar and you have to find the number of bills required to buy this thing.
And so, everyone starts hoarding cash for small things. Your ATM withdrawal limit goes from $100 to $1, and so you find yourself pulling out five times to buy a can of Coke or whatever. And the people of these remote villages don’t even have the means to sell or can’t because they can’t take digital payments.
Of course, the 1% is not only immune to inflation, they actually benefit from it. how do they do it? Here’s an example:
“And pricing is literally something that changes multiple times every day or even every hour at extreme hyperinflation. And that is just a huge pain for the lower and middle class. The rich borrow during hyperinflation. They can borrow Bolivar from the government and then buy a condo in Miami, and then pay off the loan. It wasn’t worth anything. They have the kind of means, as in the world There’s 1% everywhere. It’s everyone who gets screwed in this scenario.”
— Alex Gladstein (@gladstein) 22 June 2022
Oslo FF: Abubakar Nur Khalil on our bitcoinized future
Another BTrust board member appears. Abubakar Noor Khalil, CEO of Recursive Capital, uses his Nigerian roots to explain that bitcoin is a powerful tool for so-called third world countries.
“It’s all about building bridges that we’re talking about. And the thing is, with bitcoin, it’s really solved a lot of these things on day one. So, you have Financial freedom is a choice of tools, which is unbelievable for individuals who are under intense governments, whether authoritarian or simply those that are stricter in terms of currency controls. So, to give you an example.
In Nigeria, what’s up if you’re trying to make dollars and get a domicile account, even through the app, you can’t really send any money. And there are limits on cards and things like that as well.”
From this perspective, Noor Khalil explains to the Oslo Freedom Forum why bitcoin will win the currency war.
“So, what happens is that individuals start flocking to bitcoin because they realize that bitcoin is the only way they are not discriminated against, they don’t get sanctions that aren’t necessary. So, I think the future is definitely going to be bitcoinized, unlike the dollar. Where individuals are not only saving in bitcoin, but they are also using bitcoin remittances as well as local trading.”
— Alex Gladstein (@gladstein) 22 June 2022
Oslo FF: Elizabeth Stark on the Tarot
Lightning Labs CEO and co-founder, Elizabeth Stark, uses her time to plug her company’s new proposition: Taro,
“If anyone, like they can get access to the internet, get access to information, access fiat currencies and dollars using the bitcoin network. Now that is what we are working on as a community. So, my company, Lightning Labs, recently proposed a technique and protocol called Tarot.”
Are we working on that as a community? Or is Lightning Labs just pushing its agenda? To be able to answer this properly, let’s let Stark finish his pitch.
“So, Tarot is a new protocol that we propose to enable people to issue assets on top of both Bitcoin and Lightning. And this means that anyone can issue a dollar then. You have a dollar. is, you know, in a bank account. You can have one of these institutions in the US, and people can issue euros, pesos, kronor, etc., and then people can transact and receive with bitcoin Huh.”
It sounds too good to be true so far. what’s the catch? As the Oslo Freedom Forum will learn, a big stinker.
“Now, as Lin mentioned, there are going to be different trade-offs. It’s going to be a more regulated approach, but it provides far more access. And that means globally Anyone who wants to transact using bitcoin can now send fiat currency over bitcoin using both the bitcoin monetary network. Transacting in dollars.
So, you are now using bitcoin as this monetary glue, actually a central clearing point for transacting through all of the world’s currencies. Globally now, anyone with access to a mobile phone can use bitcoin as their rail, much like the US dollar, which is incredibly powerful for financial access.
he took a page From the book of Jack Mallers There in the end, but that’s okay. There is nothing wrong with using bitcoin as a rail for bitcoin. Now, for bitcoin to be used as a rail for lesser coins like the US dollar, that’s another story. However, this is not the place to state this or discuss the matter. Our Oslo Freedom Forum coverage is all about offering ideas, we will leave the discussion to everyone reading these lines.
Featured Image: Abubakar Nur Khalil, screenshot from this video | Charts by TradingView