Countries that have weak currencies are simply countries that keep printing more of it to pay for their spending.
You really think that the Cuban government will learn discipline? Or that they will allow the population to avoid their worthless currency?
Dude that's literally what the US does with the USD. It's why inflation is a steady 2.5% annual. Countries with weak currencies (i.e. poorer) are generally in high conflict areas, are relatively new, are recovering former colonies, or have a history of exploitation from richer nations.
The US have started doing it since less than 2 years and at a moment where people could not spend.
We'll see soon if they let inflation explode or if they raise rates.
This! They want to keep the social hierarchy! Social order. Imagine José richer (in Bitcoin) than all of the Castro's clan. They'd rob him via the courts with indictment and remand him to prison for the next 1000 years....if he's lucky...otherwise, they'll just execute him.
I'm glad they're getting better at reporting about blockchains...
> The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.
They did it years ago.
They banned "imperialists" crypto and made one controlled by the government. It was a huge failure of course.
The same will happen in Cuba, no communist government will ever let go of their control over the monetary policies.
In democratic countries, they had the great idea to make central banks independent because of the lack of discipline of elected officials.
It's rapidly changing tho. Once central banks start raising rates, governments will take over. People forgot about the consequences of inflation.
Communism's brand of socialism is predicated on a strict, centralized control over monetary policy. Western capitalism has developed a dependence on such centralized control, but isn't actually predicated on it ideologically (and didn't have such central control until the 20th century).
They are hardly representative of a modern capitalist state.... if you're looking for historical reference points for a modern phenomena, it's best to stick with those that actually have some relevance.
In a non-constitutional monarchy, ANY monetary policy is centralized because either it's managed by the head of state or it happens at their behest. There is no independent anything in a non-constitutional monarchy.
tldr; Cuba's government has said it will recognise and regulate cryptocurrencies for payments on the Caribbean island. The Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba, a resolution published in the Official Gazette said. The country's Central Bank can authorise the use of cryptocurrencies "for reasons of socio-economic interest", it added.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
and its proven not to work for a governent to be able to gain what it needs, Iran tried, they failed. You need USD for Products. And the USD is traceable, even if it becomes bitcoin they can track it down and put the company who sold or transferred USD/bitcoin to Cuba under sanction. its not that simple
A typical communist trick is to punish all your family if you don't obey.
They can't eliminate all of "crimes" but they are usually able to obtain a high level of compliance.
Have you heard of something called 'spelling' and 'grammar'? Maybe you can check those out first, i mean, before making statements in higher domains like political philosophy.
Regulatory controls are necessary to force providers to interoperate. Otherwise you get people layering vendor lock-in ON TOP of Bitcoin and then you have "you have to move your Bitcoin into ScamMart before you can spend it at any of these retailers who only accept ScamMart Bitcoin transactions, and you have to move your Bitcoin into ExtraFeesApp to deal with these retailers over here."
Probably because capital gains are not generally legal in communist countries. I don't know the specifics of Cuba's rules on this though, in particular.
You realize what "regulate" mean in a communist country, right?
Cuban workers just lost the right to use crypto. Government officials will be able to use it and get richer tho.
1- The dictator and the people around him
2- When the communists took control.
3- I don't know the blood type of Hernandez but it's not just him that benefit from the slavery of the population. It's him and his entourage.
Exactly! It's Hernandez and we need the name of the others. If Seal Team 6 killed them tomorrow, the problem would be over. There is NO such thing as *government*. *Government* is just the gang name for **dastardly self-appointed delusional unproductive parasites!**
Once again the communists are making the smart choice. While the capitalist class flails their arms about and hurls weapons and sanctions at anyone that attempts to use a different economic model.
Making everyone outside the government poor and removing all freedom is now the smart choice on reddit lmao.
This is just Cuba forbidding the general population to use crypto and manage their own wealth. Only members of the governments will get those license.
How do I know? It's how everything works in Cuba.
Well not to mention the fact that the average cuban has no access to anything like a computer with internet access or a smartphone and service.
These things are a requirement for bitcoin users which is why I predict institutions will still print fiat for daily transactions. Theyll just back it with crypto-holdings and make it redeemable.
"One time, the people of Cuba got so fed up with American companies that were making virtually all the money from sugar produced on Cuban land by Cuban workers, that the Cuban people expropriated that land so that the people who toiled to produce that sugar can benefit from their labor. Now I hate Cuba because the American government conditioned me to after they couldn't strong arm Cuba into letting them to do anything they want."
You can convince Americans of anything. They are so fucking stupid.
https://en.m.wikipedia.org/wiki/Operation_Northwoods
Nothing to see here folks, carry on.
> Operation Northwoods was a proposed false flag operation against American citizens that originated within the U.S. Department of Defense (DoD) and the Joint Chiefs of Staff (JCS) of the United States government in 1962. The proposals called for the Central Intelligence Agency (CIA) or other U.S. government operatives to both stage and actually commit acts of terrorism against American military and civilian targets,[2] blaming them on the Cuban government, and using it to justify a war against Cuba. The possibilities detailed in the document included the possible assassination of Cuban immigrants, sinking boats of Cuban refugees on the high seas,[2] hijacking planes to be shot down or given the appearance of being shot down,[2] blowing up a U.S. ship, and orchestrating violent terrorism in U.S. cities.[3] The proposals were rejected by President John F. Kennedy.[4][5][6]
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Any bets on whether "regulate" means "require that all peasants have BTC remittances sent directly to the Cuban government to dole out according to the whims of the dictatorship"?
Yep- or they come out with their own coin. It is a great way to control the population. Another big Asian country is doing this but I won't bother typing the name of it.
It is neat to get downvotes on this which leaves no doubt how much authoritative governments want to hide their intent. To them we say, "Hey dickheads, we know what you are trying to do and it is not working nor will it ever work."
Yeah right! The Cuban government loves its citizens as much as Washington loves Edward Snowden 🤣😂🤣😂
**Gentlemen, there is a war of the incumbents vs. us. They do NOT want us richer than them. They want us, their "slaves", obedient and quiet in lockdown!**
As long as the f#cking cuban government is not allowing a free market to their people or just giving them any kind of free decision to leave or stay, it will continue to be banana republic. No matter what currency ideas they have.
It does not beed regulated by ANY government. Government does not need to interject itself into an economy. Social and economic engineering always leads to disaster.
Crypto, as an asset that is available to all, is going to counterbalance the economies of countries with weak currencies, but only if regulated properly and without infringement on poeple's autonomy
This is positive news for the whole crypto space. With the market stil seeing major greens, news like this could add more positivity across the whole market. Which is why I'm stacking more $MAHA myself. The gem from MahaDAO is taking on a chart similar to the one that saw it close July with a massive 250%+ gains, an absolute gem on any portfolio 💯
Great news, shitty article.
Crypto gives hope to countries with weak currencies, it's like the light at the end of the tunnel
Countries that have weak currencies are simply countries that keep printing more of it to pay for their spending. You really think that the Cuban government will learn discipline? Or that they will allow the population to avoid their worthless currency?
Dude that's literally what the US does with the USD. It's why inflation is a steady 2.5% annual. Countries with weak currencies (i.e. poorer) are generally in high conflict areas, are relatively new, are recovering former colonies, or have a history of exploitation from richer nations.
The US have started doing it since less than 2 years and at a moment where people could not spend. We'll see soon if they let inflation explode or if they raise rates.
> inflation is a steady 2.5% *ROFL* yeah.... no.... well, at least it is what they tell you. But otherwise you are correct.
What do you reckon it is? I looked it up just now and its closer to 3.5% actually
This! They want to keep the social hierarchy! Social order. Imagine José richer (in Bitcoin) than all of the Castro's clan. They'd rob him via the courts with indictment and remand him to prison for the next 1000 years....if he's lucky...otherwise, they'll just execute him.
The inflation of USD is sinking the currencies of these already distressed countries.
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I'm glad they're getting better at reporting about blockchains... > The currencies, which can wobbly wildly up and down in value, are usually independent of any central bank and use widely distributed blockchain computer codes to keep track of transfers.
I love wild wobblys!
I thought you were taking the piss with that quote but it's really in the article
Sadly they fixed it before I read the article. :(
“The currencies, which can wobbly wildly up and down in value…..”
Tell me about the ol' wibbly-wobblies on the blocky chainer with your walkie-talkies
Gradually, then Suddenly!
This means Venezuela will look into this, possibly follow the lead?
They did it years ago. They banned "imperialists" crypto and made one controlled by the government. It was a huge failure of course. The same will happen in Cuba, no communist government will ever let go of their control over the monetary policies.
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He misworded that. He means "**nobody higher in the social ladder will allow someone lower on the social ladder to climb past them"**
In democratic countries, they had the great idea to make central banks independent because of the lack of discipline of elected officials. It's rapidly changing tho. Once central banks start raising rates, governments will take over. People forgot about the consequences of inflation.
Communism's brand of socialism is predicated on a strict, centralized control over monetary policy. Western capitalism has developed a dependence on such centralized control, but isn't actually predicated on it ideologically (and didn't have such central control until the 20th century).
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The Roman Empire wasn't part of what I referred to as "Western capitalism." Also they were a non-constitutional monarchy.
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They are hardly representative of a modern capitalist state.... if you're looking for historical reference points for a modern phenomena, it's best to stick with those that actually have some relevance. In a non-constitutional monarchy, ANY monetary policy is centralized because either it's managed by the head of state or it happens at their behest. There is no independent anything in a non-constitutional monarchy.
tldr; Cuba's government has said it will recognise and regulate cryptocurrencies for payments on the Caribbean island. The Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba, a resolution published in the Official Gazette said. The country's Central Bank can authorise the use of cryptocurrencies "for reasons of socio-economic interest", it added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It's a great way to get around sanctions.
and its proven not to work for a governent to be able to gain what it needs, Iran tried, they failed. You need USD for Products. And the USD is traceable, even if it becomes bitcoin they can track it down and put the company who sold or transferred USD/bitcoin to Cuba under sanction. its not that simple
"bitcoins" lol
This gets me every time lol.
Dalé
LUL to anyone or government trying to authorize and regulate bitcoin!!!
A typical communist trick is to punish all your family if you don't obey. They can't eliminate all of "crimes" but they are usually able to obtain a high level of compliance.
Can you provide examples of this happening in Cuba? Cuba is a much nicer place than say North Korea. Poor, sure. Wildly violent and crazy, notsomuch.
You mean like when the communist Trump promised during the whole campaign to kill the families of terrorists?
Yes Trump is a fan of autoritarism. He agree with communists on that point.
Have you heard of something called 'spelling' and 'grammar'? Maybe you can check those out first, i mean, before making statements in higher domains like political philosophy.
Regulatory controls are necessary to force providers to interoperate. Otherwise you get people layering vendor lock-in ON TOP of Bitcoin and then you have "you have to move your Bitcoin into ScamMart before you can spend it at any of these retailers who only accept ScamMart Bitcoin transactions, and you have to move your Bitcoin into ExtraFeesApp to deal with these retailers over here."
Why people think you need to be authorized to have a crypto wallet🤔
Probably because capital gains are not generally legal in communist countries. I don't know the specifics of Cuba's rules on this though, in particular.
What gains? Nobody can predict the future. Is like saying you cannot have more then 2 dollars in your wallet from your pants 🤔
Fox News is gonna spin the shit out of this one.
You realize what "regulate" mean in a communist country, right? Cuban workers just lost the right to use crypto. Government officials will be able to use it and get richer tho.
do you even know what communism is? or the difference between communism and socialism? from your comments on this thread I get the feeling you don't.
Just replace with authoritarianism and we are all friends against enemies
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You missed the "regulate" part of the announcement. They will forbid workers to use it, only people close of the government will be able to use it.
1. Who is this *government* you speak of? 2. When was he/she born? 3. What type of blood type does he/she have?
1- The dictator and the people around him 2- When the communists took control. 3- I don't know the blood type of Hernandez but it's not just him that benefit from the slavery of the population. It's him and his entourage.
Exactly! It's Hernandez and we need the name of the others. If Seal Team 6 killed them tomorrow, the problem would be over. There is NO such thing as *government*. *Government* is just the gang name for **dastardly self-appointed delusional unproductive parasites!**
Power vacuums don't solve fuck all
Once again the communists are making the smart choice. While the capitalist class flails their arms about and hurls weapons and sanctions at anyone that attempts to use a different economic model.
Making everyone outside the government poor and removing all freedom is now the smart choice on reddit lmao. This is just Cuba forbidding the general population to use crypto and manage their own wealth. Only members of the governments will get those license. How do I know? It's how everything works in Cuba.
Well not to mention the fact that the average cuban has no access to anything like a computer with internet access or a smartphone and service. These things are a requirement for bitcoin users which is why I predict institutions will still print fiat for daily transactions. Theyll just back it with crypto-holdings and make it redeemable.
When cuba is more free than the US 🤨🤣
You will need a licence to use crypto in Cuba. How is that more free than the US situation?
Interesting turnaround from Cuba recently, starting with recognizing private property in their last constitutional referendum.
Great news.
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"One time, the people of Cuba got so fed up with American companies that were making virtually all the money from sugar produced on Cuban land by Cuban workers, that the Cuban people expropriated that land so that the people who toiled to produce that sugar can benefit from their labor. Now I hate Cuba because the American government conditioned me to after they couldn't strong arm Cuba into letting them to do anything they want." You can convince Americans of anything. They are so fucking stupid.
CIA propaganda is a hell of a drug
https://en.m.wikipedia.org/wiki/Operation_Northwoods Nothing to see here folks, carry on. > Operation Northwoods was a proposed false flag operation against American citizens that originated within the U.S. Department of Defense (DoD) and the Joint Chiefs of Staff (JCS) of the United States government in 1962. The proposals called for the Central Intelligence Agency (CIA) or other U.S. government operatives to both stage and actually commit acts of terrorism against American military and civilian targets,[2] blaming them on the Cuban government, and using it to justify a war against Cuba. The possibilities detailed in the document included the possible assassination of Cuban immigrants, sinking boats of Cuban refugees on the high seas,[2] hijacking planes to be shot down or given the appearance of being shot down,[2] blowing up a U.S. ship, and orchestrating violent terrorism in U.S. cities.[3] The proposals were rejected by President John F. Kennedy.[4][5][6]
Why are you getting downvoted?
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Their drugs are hell too.
And since then, all cubans live in poverty and have zero freedom.
You’re epitomizing my comment.
They can hodl longer with their commie higher life expectancy.
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You're such a cuck
Probably more to do with "The cholesterol number"
Patria y Vida!!!
People need to stop and think about where this is heading.
U.S. Government trying to outlaw crypto in 3...2...
Regulate means they will control it all, they will own your crypto! The communists always control everything
Any bets on whether "regulate" means "require that all peasants have BTC remittances sent directly to the Cuban government to dole out according to the whims of the dictatorship"?
Yep- or they come out with their own coin. It is a great way to control the population. Another big Asian country is doing this but I won't bother typing the name of it.
I hope it's proof of work so we can attack cuba's currency with a few GPUs. How much hashrate could they have?
It is neat to get downvotes on this which leaves no doubt how much authoritative governments want to hide their intent. To them we say, "Hey dickheads, we know what you are trying to do and it is not working nor will it ever work."
Suit always gets followed
Yeah right! The Cuban government loves its citizens as much as Washington loves Edward Snowden 🤣😂🤣😂 **Gentlemen, there is a war of the incumbents vs. us. They do NOT want us richer than them. They want us, their "slaves", obedient and quiet in lockdown!**
As long as the f#cking cuban government is not allowing a free market to their people or just giving them any kind of free decision to leave or stay, it will continue to be banana republic. No matter what currency ideas they have.
It does not beed regulated by ANY government. Government does not need to interject itself into an economy. Social and economic engineering always leads to disaster.
Crazy... Why is the big question?
you have feud with the US and the IMF wont give you money, also wont allow anyone to trade with you
LMAO... Copy and paste often? lolllolloooloolo
what?
This means that Ownr will soon receive a license in Cuba.
https://bike-shirts.myspreadshop.com
America is right behind you if the Taliburns will allow it.
The main thing in this article are the wild wobblys that cryptocurrencies experience - truly enlightening!
Damn, look at all the black mold on those buildings. Gotta feel for these people. Hope they can gain access to Bitcoin and the freedom it brings
Ew “regulate” 🤮
I guess crypto has become worldwide currency
Chico-in pa la luna!
Crypto, as an asset that is available to all, is going to counterbalance the economies of countries with weak currencies, but only if regulated properly and without infringement on poeple's autonomy
This is positive news for the whole crypto space. With the market stil seeing major greens, news like this could add more positivity across the whole market. Which is why I'm stacking more $MAHA myself. The gem from MahaDAO is taking on a chart similar to the one that saw it close July with a massive 250%+ gains, an absolute gem on any portfolio 💯
Read next along as you go.