r/CryptoCurrency IMF and World Bank are now threatening Central African Republic, but the President explains why Bitcoin is the only option for his country, “An impenetrable bureaucracy keeps us stuck in systems that don’t give us the opportunity to be successful. Bitcoin opens a new path to a bright future.”

posted by u/KAX1107 on 03 Jun 2022
https://cryptoslate.com/why-the-central-african-republic-intends-to-press-ahead-with-bitcoin/
posted by u/Inside-Effective-353 on 03 Jun 2022 166▲

I don't know how this all works, but I bet the IMF and WB will have the US go in there and give them some freedom

posted by u/Dormage on 03 Jun 2022 63▲

They may not need as much freedom due to the lack of oil.

posted by u/maconstate on 03 Jun 2022 65▲

The book economic hitman lays it out. They don’t need oil.

The imf comes through with predatory loans that 3rd world nations can’t repay*. As collateral, these nations auction off natural resource access to corporate bidders to pay off the debt. That’s why we see Nestle controlling water supplies all over the world in these poor countries.

posted by u/hear4theDough on 03 Jun 2022 29▲

The West:we just can't seem to understand why these countries are so in favor of China's belt and road when they could do the same with us, without any roads

posted by u/Razno_ on 03 Jun 2022 9▲

Nor belts

posted by u/Scat_fiend on 03 Jun 2022 2▲

Says the man who clearly was never given the belt as a kid.

posted by u/riisen on 03 Jun 2022 2▲

Nor favors

posted by u/JuiceColdman on 03 Jun 2022 13▲

Fucking evil. Although they do make my daily nutritional drink that I love so much. Fucking evil though

posted by u/Abernathy999 on 03 Jun 2022 16▲

If everyone stopped purchasing Nestle products today, right now, Nestle would be out of business by the end of the year.

Please pause for a moment and realize that you do have the personal power to change the world. I dare you to do something about it.

Edit: Boycotting DOES work folks: (1) Boycott is literally the last name of the "first" guy to do it in 1880, Charles Boycott. He's cool, look him up. (2) In 1984 Nestle agreed to meet new internal standards for infant formula marketing following a successful 7 year boycott.

posted by u/How_To_Liberty on 03 Jun 2022 8▲

I haven't bought a Nestle product in years. The hard part is convincing other people to stop buying them as well, especially since they have their hands on countless other brands. Ethical consumerism won't cut it here.

posted by u/Abernathy999 on 03 Jun 2022 6▲

Maybe, maybe not. Good on you though. Be the change you want to see in others.

posted by u/FewMagazine938 on 03 Jun 2022 2▲

Problem is the majority of people here in the states have no idea what is going on, so they continue to buy nestle..

posted by u/JuiceColdman on 03 Jun 2022 2▲

I have a very specialized diet and the only nutritional drink I could find that’s low in sugar is made by nestle. It sucks but I need it to live.

posted by u/Abernathy999 on 03 Jun 2022 2▲

Fair enough. That's a little different perspective than "evil, delicious!, evil" isn't it? All the best, friend.

posted by u/JuiceColdman on 03 Jun 2022 1▲

What?

posted by u/RotgutFeng on 03 Jun 2022 1▲

Boycotts don’t work. Sadly

posted by u/tukatu0 on 03 Jun 2022 3▲

The one thing that moves companies is money. Boycotts do work. You just need enough people to join

posted by u/RotgutFeng on 03 Jun 2022 2▲

Name a time that a boycott has “worked” im not agains the idea or moral behind them they just historically haven’t had much of an effect well ever

posted by u/riisen on 03 Jun 2022 1▲

Or to not join, depending on how you see it..

posted by u/FewMagazine938 on 03 Jun 2022 1▲

Sure it does..it brings attention and stops the flow of money..when money stops coming in, then and only then will they take action.

posted by u/RotgutFeng on 03 Jun 2022 1▲

Please tell me one time they have worked?

posted by u/Abernathy999 on 03 Jun 2022 1▲

Baby formula. 1977. NESTLE.

posted by u/Everythings on 03 Jun 2022 1▲

Drinking from evil.

You may want to think long and hard about that one and your options

posted by u/JuiceColdman on 03 Jun 2022 1▲

Show me another low sugar nutritional drink and I’ll switch

posted by u/Everythings on 04 Jun 2022 1▲

Huel

posted by u/JuiceColdman on 04 Jun 2022 1▲

Soylent green?

posted by u/Everythings on 04 Jun 2022 1▲

What

posted by u/teamed209 on 03 Jun 2022 3▲

I dont know about that but I have seen the imf bail out alot of corrupt governments, who then complain about losing control over the purse strings.

posted by u/FewMagazine938 on 03 Jun 2022 3▲

Facts

posted by u/RubbishHodler on 03 Jun 2022 3▲

That’s true. And if they don’t give up their resources, we conveniently send in drones like clock work. Take a look at the IMF website. There’s links to loan defaults. You can view meeting minutes where Congress discusses action against countries who don’t pay us back and line the dates up with the news we bombed Somalia or Kenya. It’s truly disgusting.

posted by u/maconstate on 03 Jun 2022 1▲

Jesus. Fucking. Christ.

posted by u/Everythings on 03 Jun 2022 2▲

It’s nice seeing this on subreddits outside of where I learned it.

posted by u/Inside-Effective-353 on 03 Jun 2022 7▲

Yeah, don't need the big guns. Probably just a UN peace keeping mission

posted by u/Splycr on 03 Jun 2022 2▲

Their lack of water is going to be the bigger problem

posted by u/riisen on 03 Jun 2022 2▲

Yea to drive out the banks that auction out their watersupplies and rainforest is a good start to gain clean water, except if they respond with war.. Then they havent driven out shit, but let bombs in.

posted by u/scalabitano on 03 Jun 2022 1▲

yes, yes, no can do, without the freedom juice

posted by u/CoronaryAssistance on 03 Jun 2022 10▲

Nah they can hire contractors to administer the freedom, this is known as proxy freedom

posted by u/il-est-la on 03 Jun 2022 8▲

Gaddafi wanted to create an african central bank and a currency, look where that got him. BTC is the way.

posted by u/wargio on 03 Jun 2022 7▲

Either freedom or sudden heart attack.

posted by u/mammoth61 on 03 Jun 2022 3▲

If you equate freedom with lead and guns, then yes, we have a lot of freedom in the US.

posted by u/azoundria2 on 03 Jun 2022 3▲

More freedom?

But you haven't repaid the freedom with interest we gave you last time?

posted by u/riisen on 03 Jun 2022 2▲

Shut up and take my freedom

posted by u/Mammoth_Brah on 03 Jun 2022 1▲

The US might not be able to afford or sustain another venture like this. Not to mention that African military groups might give invading American twinks a pretty good run for their money

posted by u/redditgatekeeps on 03 Jun 2022 86▲

Gee what a surprise, the people in power don't like alternatives to their racket..

posted by u/Dwaas_Bjaas on 03 Jun 2022 13▲

First they ignore you, then they ridicule you, then they fight you, and then you win

posted by u/evomed on 03 Jun 2022 5▲

Elizabeth Holmes is that you?

posted by u/FragrantKnobCheese on 03 Jun 2022 1▲

I'm pretty sure it's Gandhi

posted by u/OceanSlim on 03 Jun 2022 2▲

PMs people saying this about goldbacks. The majority of them still don't seem to understand the fundamental difference between gold and silver.

Bullish on Gold and BTC.

Watching a ney sayer yesterday. "why would you use a goldback when you can just use silver. Can someone explain the difference and why there's any reason to change the way we currently do things and why constitutional silver can't fulfil that same role or buying things at lower fractions."

Well ya see... the difference would be that Silver is not Gold....

posted by u/mammoth61 on 03 Jun 2022 4▲

This is the case for decentralized finance.

posted by u/Tiny-Pay6737 on 03 Jun 2022 3▲

Wait till more countries follow their lead.

Not saying it'll all work out fine, but when you are backed into a corner, you desperately look at options available to you.

posted by u/BakedPotato840 on 03 Jun 2022 2▲

Of course they don't, how else would they maintain control?

posted by u/redditgatekeeps on 03 Jun 2022 3▲

Men with guns I assume

posted by u/ThelomenToblokai on 03 Jun 2022 73▲

Fuck the IMF and WB. FUCKING SCUMBAGS.

posted by u/ProcastinateIsLife on 03 Jun 2022 16▲

Fuck them

posted by u/partymsl on 03 Jun 2022 10▲

I would not even like to fuck them.

posted by u/crillin19 on 03 Jun 2022 5▲

I would fuck them with a railway sleeper

posted by u/Bunker_Beans on 03 Jun 2022 4▲

Depends on what you’re using to fuck 'em.

Revs chainsaw.

posted by u/TitaniumDragon on 03 Jun 2022 -2▲

Ah yes, of course. How dare people lend struggling nations money when no one else will. rolls eyes

posted by u/Blooberino on 03 Jun 2022 61▲

The IMF has had Jamaica indebted for decades with predatory lending practices. The World Bank is no better. They only exist to keep poor countries poor and to enrich themselves.

posted by u/KAX1107 on 03 Jun 2022 32▲

Gangster banksters. They use the predatory lending agreements to exploit and rob all the natural resources from these countries to enrich global elites wealth, power and influence.

posted by u/Rokey76 on 03 Jun 2022 1▲

I'm curious how you define predatory? I don't see the CAR getting a loan with good terms, considering they are an economic basket case.

I'm not really familiar with the loans the CAR has taken from the IMF. Could you explain a little more, please?

posted by u/TitaniumDragon on 03 Jun 2022 -8▲

No, they don't. That's not how it works at all. In fact, these countries don't even have useful collateral.

These countries produce very little value. The idea that people are going to "rob" them of their natural resources is farcical. In fact, they are almost always very resource poor.

posted by u/KAX1107 on 03 Jun 2022 12▲

You're right. That's why France has been stealing their mineral resources. I don't think you have any idea about French colonialism in central africa that's been going on with full support of the US.

posted by u/TitaniumDragon on 03 Jun 2022 1▲

The GDP of the CAR is $4.262 billion.

This is about the same GDP as Corvallis, Oregon, a town of 50,000 people.

The reality is that there's very little TO steal there. The notion that this is what is going on is farcical.

What's actually going on is that there's a long-term civil war there and large swaths of the country are under the control of armed groups.

posted by u/Pnutyones on 03 Jun 2022 1▲

So that’s the 3rd time I’ve seen you copy paste this comment, good for you for googling this stat.

Now use those same skills to look into the numerous other examples of other countries that this applies to, not all of them are in the midst of civil wars.

A tip while you’re googling the what is maybe start thinking about the why

No one is saying that every person in every poor country is a saint whose only problem is the IMF holding them down lol. You’d be surprised, but global politics is actually pretty complex

posted by u/TitaniumDragon on 03 Jun 2022 -1▲

Because the sociopolitical culture of those places is not suited for economic development. They fell way, way behind Eurasia thousands of years ago and have never caught up.

You have to completely change your way of life if you want to achieve a modern standard of living. There's many places in Africa where slavery is still a thing.

posted by u/LegacyAngel on 03 Jun 2022 1▲

sociopolitical culture of those places is not suited for economic development

An African king once brought down the price of gold globally just because he had so much. You literally have no idea what you are talking about.

Asia itself fell behind Europe during the 1200 to 1500. The European mass development of technology from war and trade in that era was unprecedented. You have no idea of what historians say nowadays.

posted by u/TitaniumDragon on 03 Jun 2022 1▲

Yeah, that's actually a flat-out lie. Sorry! The people who told you that were just lying to you.

First off, the claim is that it devalued gold in Egypt, not globally.

Secondly, there's actually no evidence that it caused price fluctuations out of the ordinary. See Warren Schultz's research on this in History and Historiography of Post-Mongol Central Asia and the Middle East: Studies in Honor of John E. Woods (Now isn't that a mouthful of a title?); he compiled a lot of historical evidence about gold price fluctuations in Mamluk Egypt and the fluctuation in price was not actually outside of the ordinary bounds of variance in the era.

A lot of the claims about him are literally Malian propaganda; he spread rumors that gold grew on plants in Mali and threw around gold to try and give the impression of vast wealth, but actually went broke as a result and had to sell off a lot of stuff on the way back to Mali because he ran out of money.

Moreover, gold was pretty worthless industrially until very recently in human history, which is why it was used as currency in the first place - it was pretty, shiny, and rare, but not very useful for stuff, so it was fine to use for jewelry and decoration. Countries aren't wealthy because of gold; they're wealthy because of deposits of industrially useful materials, like copper, tin (used in the production of bronze), iron, coal, and oil. These materials are used to produce things that generate more value, which allows a country to build itself up industrially and increase its per capita productivity. The Native Americans had quite a bit of gold and platinum, but they were poor compared to Europeans materially because neither of those things are useful for increasing per capita productivity in pre-modern times.

posted by u/LegacyAngel on 03 Jun 2022 1▲

So you are telling they had a thriving economy with leaps of development before Europeans. K. I will take the L on the gold claim.

Continue ->
posted by u/[deleted] on 03 Jun 2022 2▲

[deleted]

posted by u/TitaniumDragon on 03 Jun 2022 0▲

The entire Central African Republic has about the same GDP as Corvallis, Oregon, a town of 50,000 people.

posted by u/TitaniumDragon on 03 Jun 2022 3▲

No.

https://www.hbs.edu/faculty/Pages/item.aspx?num=40390

Jamaica would have gone completely bankrupt without the IMF, which would have had profoundly negative effects on the country. People complained about the IMF's conditions, but when they finally went away, Jamaica's economy cratered again within a few years and they went begging to the IMF for money again.

It's not "predatory lending practices". The IMF doesn't make money, it's a non-profit international organization. The entire idea is farcical.

They do not "only exist to keep poor countries poor", they exist to help poor countries not collapse entirely economically.

It's an attempt to deflect the blame from bad local economic policies to "those people".

It's just nonsense.

Countries could choose to not be a part of the IMF, and not get loans from them - but they don't, because they need them.

posted by u/dima054 on 03 Jun 2022 0▲

ok kristalina

posted by u/ChartMelodic5326 on 03 Jun 2022 0▲

farcical 😂😂

posted by u/wargio on 03 Jun 2022 1▲

Conspiracy theory: freedom fighters "suddenly" start popping up. Political violence, guns just randomly appear 🤔 ...in a country that doesn't make guns, drugs, etc.

Very similar to what's happening today, but without the internet.

most of the riches in wealthy nations came from the poorest ones... Y'all think Blood Diamond was only a movie? Just one of many examples throughout history.

And then lend out money and start giving advice on how to run a country. Satan has a seat for them in hell.

posted by u/didyoueatyesterday on 03 Jun 2022 -11▲

So why can't these countries just run themselves without foreign handouts and loans?

posted by u/babynutzz on 03 Jun 2022 19▲

Well, it sounds like that’s what they’re trying to do here. Don’t ya think??

posted by u/didyoueatyesterday on 03 Jun 2022 3▲

Let's check back later to see how it works out!

posted by u/babynutzz on 03 Jun 2022 1▲

Yup, that’s how it works

posted by u/Sofa-king-high on 03 Jun 2022 6▲

One they can, two, they could’ve better taken care of their nation if they weren’t colonized, three, they even then could’ve if after colonization step were taken to actually develop the nation beyond being a resource export colony

posted by u/jzia93 on 03 Jun 2022 2▲

I think colonization and slavery and might have hindered that somewhat bud

posted by u/didyoueatyesterday on 06 Jun 2022 1▲

I'm sure this area was doing just great before all that!

posted by u/coinfeeds-bot on 03 Jun 2022 22▲

tldr; Central African Republic (CAR) President Faustin-Archange Touadéra is pressing ahead with plans to adopt Bitcoin as legal tender. This is despite concerns raised by the International Monetary Fund (IMF), which has threatened to cut off fiat lifelines in response to the move. The CAR is one of the world's poorest nations, with 79% of the population living in poverty.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

posted by u/this____is_bananas on 03 Jun 2022 18▲

Doesn't sound like the IMF has actually helped them out of poverty, so what would they really be losing?

posted by u/cancerpirateD on 03 Jun 2022 17▲

Nothing, the answer is nothing. They will be gaining financial independence which the IMF is staunchly against. It's so fun watching the old gaurd lose their grip on control of the global financial system. Fuck them all and eat the rich.

posted by u/LongConFebrero on 03 Jun 2022 7▲

The irony of arrogance.

To give so little and then threaten to take that away, as if it was originally a plentiful offering, is pathetic.

posted by u/TitaniumDragon on 03 Jun 2022 5▲

No outside agency can help you out of poverty, you have to build up your infrastructure and increase per capita productivity.

All these international organizations try to engage in ecodevo but it doesn't really work if the people there can't produce the value needed.

posted by u/LegacyAngel on 03 Jun 2022 4▲

It is because foreign nations keep taking the natural resources on the existence of decade old predatory trade agreement.

posted by u/TitaniumDragon on 03 Jun 2022 1▲

Ahahahahaha no.

The Central African Republic is an impoverished hellhole because it is in civil war; there are multiple armed groups that regularly rape and murder people and control large swaths of the country.

It's not because people are stealing their natural resources, it's because no one in their right mind invests money in the CAR. It's not really a functional country; the 2020 election didn't have voting in large portions of the country because they weren't under the control of the central government.

It's not like they have much anyway; they aren't even in the top 100 globally for oil, despite oil being listed as one of their top resources.

It's literally one of the worst places on the planet.

The idea that somehow international corporations are plundering the country is farcical. The GDP is $4.262 billion.

This is about the same GDP as Corvallis, Oregon, a town of 50,000 people.

posted by u/LegacyAngel on 03 Jun 2022 1▲

Why do you think it has been in civil war since the inception of the country? When do you think imperialism ended?

posted by u/TitaniumDragon on 03 Jun 2022 0▲

Why do you think it was conquered in the first place?

The reality is that Africa was conquered by Europe very easily because Africa was destitute and full of infighting and ethnic conflict,

Indeed, this is how Europe colonized the world; they took over all the poor places because those were the places that couldn't defend themselves.

Places that were colonized were richer after the Europeans left than before the Europeans came.

posted by u/LegacyAngel on 03 Jun 2022 1▲

Europe conquered the world because they had guns. You are quite ignorant of history lol. It is quite established that the European wars between 1200 and 1500 set up Europe perfectly technology wise for conquering. Regardless, how the region was conquered doesn't matter; what matters is the state it was in once the Europeans left.

The answer to my question is baffling country boundaries after the Europeans left btw. That is why all these countries have huge amounts of civil war. Africa had long standing empires before imperialism.

posted by u/TitaniumDragon on 03 Jun 2022 1▲

Europe conquered the world because they had guns.

Europe conquered the world because it had vastly higher per capita productivity. The technological sophistication and superiority of Europe both fueled and was produced by this productivity. This is what allowed them to produce better armed and supplied armies.

Europe started seeing significant per capita productivity gains starting somewhere in medieval times. Improvements in farming techniques led to farmers producing significantly more food on a per capita basis. This in turn allowed for there to be more people working as specialist laborers doing other things, because instead of people just barely scraping by, as subsistence farmers do, they were producing enough food for multiple people.

A higher percentage of specialist workers allowed for more work to be done on improvements in technology, and chronic labor shortages pushed for higher efficiency in manufacturing. Technology improved in Europe at an ever increasing rate. China and Europe had been fairly even up until that point, but after that point, European technology began improving at a much higher rate than anywhere else in the world, and the economy was growing like crazy.

By the start of the age of exploration, Europe had 2x or more higher per capita GDP than other regions. By the time of the Scramble for Africa, it was an order of magnitude more productive. The difference was stark. Many places in Africa lacked writing or the wheel when they were conquered. The same applied to the Americas. When you have stone/bronze/iron age people going up against modern armies, it isn't even close.

It is quite established that the European wars between 1200 and 1500 set up Europe perfectly technology wise for conquering.

You do realize that Guns, Germs, and Steel is bullshit, right? It's a common punching bag for popsci books that contain all sorts of garbage that is outright wrong and contradicted by evidence.

Regardless, how the region was conquered doesn't matter; what matters is the state it was in once the Europeans left.

Yes it does. The region was poor before the Europeans got there. The Europeans improved it, but they only improved it by so much before they left.

The reality is that non-colonized places like Nepal, Bhutan, and Ethiopia are all extremely poor as well. The poor countries that weren't worth conquering didn't do any better than the poor countries that were worth conquering. The only non-colonized countries outside of Europe that aren't poor are China, Japan, and Saudi Arabia - China and Japan were both colonial powers themselves while Saudi Arabia is rich because of insane amounts of oil and the country managing to be stable.

The entire narrative is simply false. These areas aren't poor because they were colonized - they were colonized because they were poor.

posted by u/LegacyAngel on 03 Jun 2022 1▲

Wasn't referencing that book. And interesting way to measure GDP in that era.

It is quite obvious that you are pulling off euro centric historians and no amount of facts will pull your head out of your ass

And no they were colonized because Europeans got better at extracting wealth post 1860s. Europeans were happy with just trading before then. How do you trade with people without socioeconomic development?

Between 1865 and 1890, the war differential between Europe and the rest of the world was at its maximum.

And Europeans got that military productivity because they got the technology first, not the other way around. It is absurd to think it is the other way around. You think Europeans would have had those leaps if it weren't for the trade routes with Asia? There is a difference between military and economic potential.

Now answer this, if Africa had guns (let's say out of thin air), would they have been able to defend themselves from total conquest? Yes. Again that difference between military and economic potential.

Btw mesoamerica was far more advanced than Europe in astronomy, maths and agriculture but that didn't mean shit because they didn't have guns.

Btw the book I was referencing was ecological imperialism which is still somewhat flawed.

posted by u/this____is_bananas on 03 Jun 2022 1▲

When I was in university, we studied some micro-loan organisations. They had just started to get traction then. The idea is to give small loans (like $50, to start) directly to working class people, since they're the ones who best know what the next steps are for them to make more money. When they pay that back, then they qualify for a larger amount.

From what I remember, they were a little hit or miss in their effectiveness, but I think the approach is more correct.

posted by u/TitaniumDragon on 03 Jun 2022 2▲

The problem with microfinancing is that it has ridiculously high transactional costs because the overhead is huge compared to the size of the loan. As a result a significant fraction of people who take out microloans actually end up poorer as a result.

It gets hyped a lot because it seems really clever but the reality is that it doesn't really seem to help a whole lot; most studies on it find no positive impact on poverty rates, and it seems that a lot of the money goes to buy stuff instead of actually being business investments.

Even if you restrict it to existing businesses, it has questionable benefits.

The problem is that the best way to get people out of poverty is to crank up their productivity, and that's hard to do with $50. Building a factory or a mine to modern standards can lead to much better results because of the high per capita productivity - but it's hard to justify doing that in the poorest places, especially places with poor stability.

posted by u/tortoiseterrapinturt on 03 Jun 2022 1▲

Was it Kiva?

posted by u/noicenoice9999 on 03 Jun 2022 2▲

Good bot.

posted by u/Acceptable_Novel8200 on 03 Jun 2022 14▲

The people running these institutions acting like bunch of criminals

posted by u/ThelomenToblokai on 03 Jun 2022 18▲

It’s not an act

posted by u/thehandicapper on 03 Jun 2022 3▲

Ha. And who do you think is involved in cryptocurrencies?

posted by u/Bunker_Beans on 03 Jun 2022 1▲

The people running these institutions acting like bunch of criminals they care about the welfare of the Central African Republic.

FTFY

posted by u/Trans-on-trans on 03 Jun 2022 13▲

KuCoin is based in Africa, shouldn't be too much of a surprise that a largely isolated African country can get up to shady business practices. Same goes for Binance in the Cayman Islands, operating just outside Cuba. FTX operating out of The Bahamas. Gate.io, Cayman Islands. Huobi operating out of Seychelles, just like KuCoin. Bitfinex operating out of the British Virgin Islands, aka Puerto Rico.

All the largest main exchanges, aside from a small few American-based exchanges operate largely outside of any financial law jurisdictions.

posted by u/Vonsoo on 03 Jun 2022 1▲

What about Binance.us, Kraken, Gemini, Coinbase? Where can I check it?

posted by u/Trans-on-trans on 03 Jun 2022 1▲

Kraken/Coinbase/Binance.us are San Francisco based. Gemini is NY/NYC based.

You can input "x crypto exchange location" into Google and they should pop up pretty easily.

posted by u/RookieRamen on 03 Jun 2022 1▲

According to Google kucoin is based in Hong kong

posted by u/Trans-on-trans on 03 Jun 2022 1▲

Originally based in Hong Kong, but obviously they moved Headquarters after China annexed Hong Kong.

posted by u/RookieRamen on 03 Jun 2022 1▲

That should be updated then lol

posted by u/ImnotasuglyasIlook on 03 Jun 2022 12▲

Of course the IMF and World Bank don't like this move by the CAR lol. It's a move away from their control. Their entire purpose for existence is maintaining the status quo of global finances and pushing Western corporate interests.

I'm cheering for the CAR.

posted by u/eudezet on 03 Jun 2022 10▲

WB, IMF, WEF, all satan spawns, get fucked

posted by u/agnosticautonomy on 03 Jun 2022 9▲

Africa has been plegued by this forever. Right now the USA is drumming up war for Ethiopia because they have built the GERD. The west and the banks want to control Africa by any means.

posted by u/Rokey76 on 03 Jun 2022 1▲

Right now the USA is drumming up war for Ethiopia because they have built the GERD.

Gastroesophageal reflux disease?

posted by u/agnosticautonomy on 03 Jun 2022 1▲

Gastroesophageal reflux disease?

grand ethiopian renaissance dam

posted by u/kirtash93 on 03 Jun 2022 9▲

TLDR; Central African Republic President shows middle finger to IMF and World Bank.

I really think Bitcoin can help them more than the current system.

posted by u/sQtWLgK on 03 Jun 2022 2▲

So just like Bukele. It's pretty neat to see how global south leaders are resisting those bullies

posted by u/TitaniumDragon on 03 Jun 2022 -5▲

Bitcoin is a ponzi scheme.

So... no, it won't.

Being in charge of your own currency is valuable. Being able to issue currency is important.

posted by u/ImaginaryMarsupial38 on 03 Jun 2022 -8▲

What about using Solana or cardano? that way the president can help the members of this community get a pump?

posted by u/Plastic_Feedback_417 on 03 Jun 2022 7▲

Would be great if solana worked even 10% of the time

posted by u/ImaginaryMarsupial38 on 03 Jun 2022 0▲

Yeah, but all this community cares is for a pump right? Bitcoin is trying to disrupt money as we know, but most folks here I guess do not care about that and have high time preference.

posted by u/CymandeTV on 03 Jun 2022 8▲

Basically the country wants to be his own bank and not have to contract debt at high prices.

posted by u/OldPathBlackClouds on 03 Jun 2022 4▲

The article doesn't actually point to any comments from the IMF and World Bank. 🤷‍♂️

posted by u/ReallyOrdinaryMan on 03 Jun 2022 4▲

Bullshit because poor implemented bitcoin system will cause more damage than gold or dollar based reserves.

posted by u/PatrickBaeman on 03 Jun 2022 4▲

IMF and the World Bank : Bad guys

Satoshi Nakamoto : The guy who slaps bad guys

posted by u/KAX1107 on 03 Jun 2022 3▲

The guy who bad guys can't slap back.

Arrive. Give common man the power to fix the world. Leave.

Ultimate Sigma grindset.

posted by u/Cecilia_Wren on 03 Jun 2022 4▲

An entire nation wants to adopt BTC as its sole currency... A currency that only supports 7 transactions per second.

Such a smart decision.

posted by u/KAX1107 on 03 Jun 2022 4▲

Satoshi should have gone down Solana route for bazillion TPS. He would not even have needed to solve BGP. Why go to all that trouble?

Here's an ELI5 on lightning network.

Edit: Oh, you're from buttcoin subreddit, the flat earthers of Bitcoin. My bad!

posted by u/Cecilia_Wren on 03 Jun 2022 5▲

You are aware that it's 100% possible for both Bitcoin and Solana to be bad at being a currency right?

posted by u/Bumper_Duc on 03 Jun 2022 3▲

Translation: our currency is going down the drain so we need bitcoin to go tits up to save our corrupted asses

posted by u/niktemadur on 03 Jun 2022 3▲

IMF: but... but... muh economic neoliberalism!

posted by u/azoundria2 on 03 Jun 2022 2▲

“For us, the formal economy is no longer an option. An impenetrable bureaucracy keeps us stuck in systems that don’t give us the opportunity to be successful. Bitcoin opens a new path to a bright future.”

posted by u/MrFatwa on 03 Jun 2022 2▲

This is pure signal

posted by u/Tahoeclown on 03 Jun 2022 2▲

He’s right

posted by u/IHaventEvenGotADog on 03 Jun 2022 1▲

Rule 9 - Suitable Titles and Flairs


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posted by u/AblePaleontologist0 on 03 Jun 2022 1▲

Even if the country wants to be at its own, it should focus on its bureaucratic problems now, that's what the people need right now. They started planning on tokenizing their mineral deposits.
That's good, but there are more pressing issues at hand

posted by u/Plastic_Feedback_417 on 03 Jun 2022 -1▲

Funny how you think you know better than their actual president.

Tell me again how much time you’ve spent in their country to know so much more than them?

posted by u/k3surfacer on 03 Jun 2022 1▲

“An impenetrable bureaucracy keeps us stuck in systems that don’t give us the opportunity to be successful. Bitcoin opens a new path to a bright future.”

Well said. Thanks.

posted by u/TimeCrabs on 03 Jun 2022 1▲

Based African Republic.

posted by u/El_Criptoconta on 03 Jun 2022 1▲

Tell them!

posted by u/Fine-Artichoke-7485 on 03 Jun 2022 1▲

IMF Mafioso

posted by u/Walking-Pancakes on 03 Jun 2022 1▲

Remember this before they get overthrown in order to "preserve democracy"

posted by u/TitaniumDragon on 03 Jun 2022 0▲

CAR is in a civil war and large areas of the country are controlled by various groups of armed militants.

posted by u/thehandicapper on 03 Jun 2022 1▲

Yes, the president of CAF has it figured, lucky he didn't transfer sovereign wealth into bitcoin, etherium or an other 'stable' coin a few months ago, just for it to be stolen.

posted by u/Storm_Asleep on 03 Jun 2022 1▲

All the power to them.

posted by u/[deleted] on 03 Jun 2022 1▲

Amen! Another nation giving the IMF and World Bank the finger is another win for humanity!

posted by u/TacticalCatz420 on 03 Jun 2022 1▲

I have so much respect for this man.

posted by u/JuiceColdman on 03 Jun 2022 1▲

Stand up to those evil jerks, CAR!!!

posted by u/jabootiemon on 03 Jun 2022 1▲

IMF/WB: “why are the sheep starting to think for themselves? Why aren’t they letting us continue to fuck them over. Don’t they know that we have complete control over the currency they use?”

posted by u/CointestAdmin on 03 Jun 2022 1▲

Bitcoin pros & cons and related info are in the collapsed comments below. Pros and cons will change for every new post.

posted by u/CointestAdmin on 03 Jun 2022 2▲

Bitcoin Pro-Arguments

Below is an argument written by debeezneez which won 1st place in the Bitcoin Pro-Arguments topic for a prior Cointest round.

Once it is more widely accepted, Bitcoin will be the first complete currency human beings have ever had. Fiat doesn't have limited supply, gold doesn't have portability, proof of stake coins don't have durability. Bitcoin is only missing acceptability as a key component in a currency, and that is rapidly changing with increased adoption.

Even with a market cap of nearly 1 trillion dollars, bitcoin is extremely low in market cap compared to its potential. Some people expect that a sub billion dollar marketcap is the only way to make 100x, but that only relevant to coins that will top out in the billions. With the probable future of bitcoin being the worlds strongest currency, its value in TODAYS society is upwards of 100 trillion dollars (more on this later). In a future society that has had the benefit of using history's best monetary network, the potential market cap of bitcoin is indescribable.

Despite often being called 'slow' when compared to other crypto based networks, Bitcoins development is optimized. You don't need to have layer one staking or smart contracts to fulfill the purpose of bitcoin. All that needs to happen is flawless protocol defence and network uptime. The tech is simple but the importance is vast, replicate the factors of hard money in a digital space, forever.

Doing so in a decentralized manner ensures that Bitcoin is strengthened with every blow. The network is so reliable that it pays more to support it than it does to attack it. So when China bans mining, America buys asiics. When someone tries to acquire all the coins, the price chases them up. There are no individuals to prosecute so you have to attack the network head on, and market participates are enticed to learn from each attack.

This is why regulation will hurt everything else but help the bitcoin network. No matter what the technology is or who uses it, if the government has a point of attack they will exploit it. Ethereum currently won't succeed without the vast changes being implemented by the ethereum foundation. That is a vulnerability. Fiat won't succeed without the federal government. That is a vulnerability. Bitcoin won't succeed if 51% of a largely spread group of financially successful people are somehow coerced to all betray themselves at the same time. That is not a serious vulnerability.

BUT HEY! You made a lot of assumptions! What if Bitcoin doesn't become widely accepted? Bitcoin is superior at all the other aspects of money. (Durability, Portability, Divisibility, Uniformity, Limited supply). People are going to want to own it and eventually want to spend some. If you don't accept it as payment but it is popular, your competition will.

How is 100 trillion even a real number? There is more than just the money in everyones savings account. People already know that fiat can be outpaced with superior assets, and the equity market is estimated at around 300 trillion dollars today. None of those options have as many monetary aspects covered as bitcoin does.

Why would anyone new buy it if you can't yield farm shit coins? Jokes aside, the purpose of bitcoin is to preserve purchasing power, which is does almost flawlessly. Everyone is going to want this ability for a large portion of their capital eventually. Other protocols are acting sort of like a bank when they run defi. Its really you lending your purchasing power to an actor for credit. Its pretty neat but not revolutionary just because its on blockchain.

How is it decentralized when michael saylor owns it all? Two part answer. The network is secured not just by holders but by nodes and miners. Microstrategy will get large returns for taking a large risk if bitcoins price goes up, and that is perfectly fair. But as they buy more and more, it is going to cost more and more, where every other financial system in history has had some sort of corruption in its growth from unequal opportunity. As of today and as of 10 years ago, you and apple have the same purchase price.

Don't hate on ETH, why can't something newer take Bitcoins place? Other blockchain technologies are cool, and may create super awesome internet, banking and ownership applications. But none of these things could ever replace bitcoin without copying its protocol. Its set up just right for maintaining integrity over time as a currency. If ETH did so, it would just be bitcoin #2 with a lower market cap and thus less security. So other coins are not a threat at all to bitcoins future utilization/ceiling. They do take some of the speculative dollars away from bitcoin, which I think is why alts are more volatile in price.


Would you like to learn more? Click here to be taken to the original topic-thread or you can scan through the Cointest archive to find arguments on this topic in other rounds.

posted by u/CointestAdmin on 03 Jun 2022 2▲

Bitcoin Con-Arguments

Below is an argument written by idevcg which won 2nd place in the Bitcoin Con-Arguments topic for a prior Cointest round.

  1. Slow transaction times; each block takes ~10 minutes to mine, and for a transaction to go through, it would take roughly 6 blocks to confirm.

  2. Because bitcoiners rejected an increase in block size back during the great forking event, it is unlikely they will ever agree to a block size increase, thereby significantly limiting bitcoin's scalability. Even if L2s can increase scalability, it brings in more potential attack vectors and centralization, and if we had to depend on L2s, it's uncertain why we would use bitcoin's blockchain over another L1 that is scalable and secure by itself.

  3. Another result from the above point, is that bitcoiners have shown they are unwilling to make significant changes to the protocol. As technology improves exponentially, bitcoin will far further and further behind newer technologies.

  4. Bitcoin was not designed for smart contracts, and so again, any complicated transactions would have to happen on L2s, but then, why use bitcoin and not a safe and scalable L1 instead?

  5. PoW is highly energy intensive, and while I disagree with the assertion that bitcoin is wasting too much energy today, if bitcoin becomes a truly global currency, there will be a day where it will consume "too much energy", because the cost of securing a PoW chain is directly proportional to the total value of the network. So if bitcoin was worth 100 trillion marketcap, the amount of energy needed to secure the network would also increase significantly.


Would you like to learn more? Click here to be taken to the original topic-thread or you can scan through the Cointest archive to find arguments on this topic in other rounds.

Since this is a con-argument, what could be a better time to promote the Skeptics Discussion thread? You can find the latest thread here.

posted by u/CointestAdmin on 03 Jun 2022 1▲
posted by u/UpetraorUdie on 03 Jun 2022 1▲

Well now isnt a bad time to buy in, it could work out okay for them.

posted by u/maconstate on 03 Jun 2022 1▲

Lol the IMF loans only benefit the elite - and that’s how they’re intended.

posted by u/Huego_bose on 03 Jun 2022 1▲

Incoming assassination

posted by u/stilllookingforone on 03 Jun 2022 1▲

This means they hate democracy US must invade and give them freedom asap

posted by u/D33N5 on 03 Jun 2022 1▲

Don't they know what happens to African countries that start talking about using a different type of currency.... they should crack out the ouija board and ask Gaddafi

posted by u/nosoanon on 03 Jun 2022 1▲

If the IMF and World Bank are against it I am likely for it.

posted by u/Swedbone on 03 Jun 2022 1▲

He’s the man

posted by u/Repulsive_Aspect_819 on 03 Jun 2022 1▲

And they talk about freedom!

posted by u/Schwickity on 03 Jun 2022 1▲

This MF Spittin!

posted by u/Vaginosis-Psychosis on 03 Jun 2022 1▲

Wouldn’t be surprised if he is assassinated soon.

posted by u/HoldUpHoldMyBeer on 03 Jun 2022 0▲

I'm no fortune teller but please do one of those remind me things. The Central African Republic (CAR) will definitely use BTC. Maxis and noobs alike will rejoice at this adoption. However this will be a case of BTC's lack of fungibility failing the movement once again. Governments and other big players will sanction any wallets associated with CAR. BTC will be considered tainted and once again we see news like this swept under the rug.

Smells like trucker rally. Smells like NFTs being touted as currency. But hey idk shit about fuck so goodluck.

posted by u/Myxologyst666 on 03 Jun 2022 0▲

Well, this guy just shot himself twice in the back of the head.

posted by u/RashoRash on 03 Jun 2022 0▲

He will be epsteined soon I think or rebellion in his country sponsored by the west

posted by u/DonDove on 03 Jun 2022 0▲

Now's the time to buy, good for them!

posted by u/Eluchel on 03 Jun 2022 0▲

Honestly at this point it is starting to sound like if the IMF or world bank tell you to do something then do the opposite

posted by u/TXSTBobCat1234 on 03 Jun 2022 0▲

Even the name of CAR just shows how artificial and unnatural the country is. I don’t blame the president for trying to climb out of the mess the powers that be made.

posted by u/thealluring on 03 Jun 2022 0▲

And yet another African president they will make disappear smh

posted by u/-Skald on 03 Jun 2022 0▲

Good for him and the Central African Republic for standing up to these bullies.

posted by u/Cantstandyuh on 03 Jun 2022 0▲

The world bank and the IMF have created a system of modern day colonialism that make the people of the developing world poorer and the multi-national corperations richer and take the power away from all of us. It's time to take back control of our lives and tear down these monuments to greed and build our new world from the broken peices.

  • Super Tuesday by Leftover Crack
posted by u/heyhihowyahdurn on 03 Jun 2022 0▲

You know you’re a scumbag when you have to start threatening someone doing something non violent.

posted by u/Trashcinema on 03 Jun 2022 0▲

Yes all enlightened bitcoins defenders can now trade El Salvador for CAR...I am sure you will love a place where on average stable eletricity and internet work an hour per day (in the capital)....

posted by u/KAX1107 on 03 Jun 2022 1▲

So up only?

Do you mock poor people who are victims of a corrupt financial system as beneath you as well?

Poor is a state of mind. By showing the courage to take control of its future, CAR is already richer than all the IMF slaves.

posted by u/Trashcinema on 03 Jun 2022 1▲

I audited that government and was in Banjul for a while...the problem is in fact him and the other leaders of the country. They need things like potable water...not a cryptocurrency. Only idiots that live in developed countries will say that this is a brave act...get out of your bubble

posted by u/KAX1107 on 03 Jun 2022 1▲

They don't have those things because of Francafrique. They've been robbed by France for decades and forced to peg their own currency to Franc. They absolutely need Bitcoin to gain independence from economic colonialism. Same for other central african nations in the franc zone.

posted by u/Trashcinema on 03 Jun 2022 0▲

Yes they dont have potable water because of the XOF/XAF...right, keep being an idiot

posted by u/soomld on 03 Jun 2022 0▲

The president gets it. ✊

posted by u/trancephorm on 03 Jun 2022 0▲

He will soon have SHUM moment.

posted by u/BallySchwa on 03 Jun 2022 0▲

THANK YOU

posted by u/Jaykazen on 03 Jun 2022 0▲

While this is interesting… these countries currently on the BTC train are some of the worst and most corrupt of the bunch. I’m not advocating or supporting IMF and WB. But let’s call this what it is… an attempt for many of these leaders to further rob their nations and able to hide it from the eyes of the rest of the world. That’s just my theory….

posted by u/fjortisar on 03 Jun 2022 0▲

The comments in here just make me want to get out of this space completely. It's basically r/conspiracy now, probably the same users

posted by u/[deleted] on 03 Jun 2022 0▲

[deleted]

posted by u/ImaginaryMarsupial38 on 03 Jun 2022 -4▲

Why don't the poor african countries use a coin like Solana? Atleast it will pump our bags.

posted by u/Hot_Situation_9374 on 03 Jun 2022 -7▲

Bitcoin is the wrong crypto to bet on. Personally I would have used a mix of XRP and XLM.

posted by u/ImaginaryMarsupial38 on 03 Jun 2022 3▲

Yeah, along with a dash of Cardano, solana, Hex etc They need to feel the pain this community feels?

posted by u/Mrs-Lemon on 03 Jun 2022 3▲

Why would a country choose XRP or XLM, both of which gave free/cheap coins under the table to early VCs and founders as a currency or legal tender?

They would be beholden to these same powers that run these chains. The whole point of them moving to bitcoin is that no one is running bitcoin, there is no foundation behind the scenes.

Bitcoin is the only smart choice to choose for this context.