110 sats \ 1 reply \ @pi 18 Jul 2022
Great article.
The information asymmetry significantly contributes to the cancerous spread of shitcoins in Africa. It's terrible, folks.
Africans are so desperate to flee monetary systems that have failed them repeatedly and systematically that they fall for all sorts of dumb scams.
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Indeed and the information asymmetry is criminal, I see it all the time, it's a first come first scam cash grab, making bag holders of people who literally can't afford to lose it.
While I can still understand the growth in stablecoin use because it's so much better than African fiat currencies and getting dollars is such a pain on the continent but these chains are forcing people to buy them so they can use the stablecoins to pay the fees
Then people get exposed to them, see price appreciation and fall into the rabbit hole of lies
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