[overthrow]

The fun part about such bombastic claims is they can be disproven with just one counterexample.

https://www.nasdaq.com/articles/us-government-enlists-usdc-f...

> US Government Enlists USDC for ‘Global Foreign Policy Objective’ in Venezuela: Circle CEO

Even the US government is willing to admit there are situations where crypto is the best option available.

[mjburgess]

Indeed -- all that's required is a single example.

> USD Coin (USDC) is a digital stablecoin pegged to the United States dollar.

Nothing is denominated in USDC, it isnt a currency (indeed, no cryptocurrency is a currency, since none are a https://en.wikipedia.org/wiki/Unit_of_account ).

The USD is the currency here.

So the mechanism here is that people in Venezuela have a route to obtaining USD without having to use the banking system because they can sell their USDC electronically.

What in this process requires (or even benefits from) blockchain exactly, or cryptocurrency?

Venezuela already has extensive digital payment systems, and there's lots of ways of getting money directly to people today. This USDC project was just a lobbied-for newspaper story.

The story above, as all of them, is a result of intense lobbying by shysters who use these throwaway-projects to pump the value of their assets. Stories like this come out all the time, usually within 5 years there's an embarrassing write up of all those involved.

I have no doubt a huge amount of money was wasted using the UDSC "option", enriching many of those involved. Articles like the above do not tell you about the alternatives, they're written to hype crypto.

This is what i mean about the "ideas market" in crypto being as fake as the prices market: it's all manipulated. All these stories are written and released by people profoundly invested in lying to you.

[overthrow]

> Venezuela already has extensive digital payment systems

Sure, but those systems had been sabotaged by a politican/dictator named Nicolás Maduro who rejected the results of an election.

> What in this process requires (or even benefits from) blockchain exactly, or cryptocurrency?

A decentralized payments system is one that cannot be shut down by Nicolás Maduro.

Do you think the Venezuelan crisis was just a big conspiracy theory?