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I just filmed a small thing with a local videographer in Egypt.

I asked him how he protects his savings from the recent inflation, and he said gold and real estate.

He does local work but tries to also do a lot of freelance gigs for international people paying in dollars online. The dollars get converted to local currency by his bank, but at least his income keeps up. Most Egyptians have income denominated in local currency, and if the local currency gets cut in half relative to the dollar, it is not as though they get big raises to keep up- they just make fewer dollar equivalents going forward. Unit anchoring bias works against them. But people who do foreign work just keep charging the standard dollar rate so their income goes up a lot in local currency and remains basically flat in global terms.

#BrokenMoney

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Discussion

Camilo 2y ago

Same in Argentina. But with ARS inflation around 150% annually

Camilo 2y ago

So, as long as you earn in other currency, your purchasing power always goes up.

Thats why we are building alephcitadel.com here

a source familiar with the matter 2y ago

Didn't you post previously that it was impossible (or very difficult) for Egyptians to use gold to protect their wealth from inflation? Have I mis-remembered that claim?

Lyn Alden 2y ago

No I have not said it like that.

The challenge is that most gold shops will sell gold at the black market rate (eg 40 egp per usd, not 31), and as with physical gold in general, retail investors have to buy it above spot and then if they resell it, sell it below spot. So anything other than quite long term holdings (or a big price jump in a short period of time) doesn’t make sense.

Dissident Sound 2y ago

BTC is glorified colored glass beads that Europeans used to buy gold from Native Americans.

and Gold itself is the same.

currency should be tied to something real, like energy. nuclear power plants should issue currency and the unit of currency should be kilowatt-hour. the power plant would be the reserve.

other units of currency could be gallon of gas, pound of sugar.

you wouldn't carry around gas canister with you but rather the currency should be issued by somebody in power to make it redeemable in that physical asset without any fractional bullshit.

Dollar is Toilet paper while BTC is a casino. Neither are money or investment.

Real currency should be tied to an asset and real investment to means of production, such as land.

Brunswick 2y ago

My goodness, I never saw it like that before. Will you please take this bitcoin off my hands at half price?

Dissident Sound 2y ago

why do you think bitcoin accounts have the largest number of scammers replying ? because bitcoiners are the most gullible of morons on average. your success is due to your greed - stop trying to credit it to "intelligence" ...

Dissident Sound 2y ago

one more thing - Lyn knows you are all idiots. Lyn knows the way you make money is by investing into the most viral delusions and the most viral delusions are the ones that appeal to those with the lowest intelligence.

Dissident Sound 2y ago

it is exactly like in the IQ curve meme - scams like Bitcoin and Tesla attract both the lowest and highest intelligence people but for the opposite reasons.

the lowest IQ people are attracted because they believe the narrative. the highest IQ people are attracted because they know it doesn't matter the narrative is a lie - all that matters is that the idiots believe it.

it is also the same with religion and most other things.

I'm just trying to work up to Lyn's level where i can look down on people like you as cockroaches that you are.

Brunswick 2y ago

Go on trying to lift your nose to a sufficient elevation, you will not find yourself unique. Your opinion, nor whether Lyn is a grifter, will change bitcoin.

Mark Camper 2y ago

Do you keep your savings in the sugar bricks? 👀

Joe 2y ago

Are the IMF-mandated devaluations a restructuring or refinancing event of a loan to the Egyptian Central Bank?

Those two spikes seem insane when you see the trend line of the EPs exchange rate for $1.

Lyn Alden 2y ago

These are restructuring+refinancing events. Egypt needs dollars to service its debts, and the IMF offers them under certain conditions, including a major currency devaluation. Egypt also has to privatize a few billion dollars worth of assets to raise some funds.

Kamo Weasel 2y ago

Well hello IMF... 🥒🇦🇷

Bird1984 🦜 2y ago

🤯

Cyber Seagull 2y ago

Dollars get worse , but bitcoin is getting better everyday

t4es5ter5 2y ago

🤷

https://nostrcheck.me/media/t4es5ter5/nostrcheck.me_333575e3d084de4080302579c734ecbeb511191be23b6fe7.webp

Cyber Seagull 2y ago

Now look at m1 & m2

t4es5ter5 2y ago

Does not matter

Cyber Seagull 2y ago

you dob't know what you're talking about then

t4es5ter5 2y ago

Actually I do. Every fiat shitcoin including dollar is in fact already a database entry. So m1m2 can be also adjusted with the press of a button. Not saying it happens soon, but it can.

Erik Hersman 2y ago

Does Egypt have any issues with people having local bank accounts both in USD and Egyptian Pounds?

We see this same thing in Kenya (for those who can do international work), but they can also keep it in a local USD account. In places like Malawi that is not the case, so it makes it a lot more complicated.

Lyn Alden 2y ago

It’s possible to get dollar accounts but it is hard. The wealthier you are, the less hard it becomes.

And then of course there is a risk of the government deciding it needs those dollars and taking them.

GameBoyBTC 2y ago

Something similar to what happens here in Venezuela.

Here opening accounts in dollars in national banks is a whole process and also with certain disadvantages. The exchange rate is that of the central bank, which is always a percentage lower than the real street price.

In addition, there is the big problem that by order of the State, it is not possible to make transfers between the same national banks. In addition, most banks have no connection with the international system.

And it has been about two years since the State allowed the opening of accounts in dollars because it was forbidden even in the midst of hyperinflation.

A total absurdity the control of the State over private banks in Venezuela.

Erik Hersman 2y ago

That sounds bad. Very.

GameBoyBTC 2y ago

Hehehe during the 4 years of hyperinflation everything was much worse.

Just fucking crazy 🥲

Mark Camper 2y ago

Why does IMF mandate the devaluations?

Just to make the local labor cheaper for exports and INTL investors?

Lyn Alden 2y ago

Yes.

In theory it is to help the country establish a positive trade balance, but alas.

Dissident Sound 2y ago

so mandatory poverty enforcement counts as "help" now.

why i am shocked, shocked i tell you LOL.

MAstr 2y ago

Hi,

thank you for sharing your experience Lyn.

I see a lot of similarities to western countries nowadays.

Right now my thought experiment is to change to a job paid in Bitcoin where i would exchange my income to fiat for living cost and save the rest on the chain. This is exactly the same situation in a developed country.

Think through it a lot of times and cannot find a reason not to do.

What are your thoughts on this strategy to get resilient of fiat devaluation?

All the Best

Mateusz

mattaroo 2y ago

Are you finding a good list of BTC payment job options? Where are you looking? I like your line of thought here.

MAstr 2y ago

Hi,

thank you!

For now it is just a thought experiment.

So no need to search urgently. But had a look at bitcoinerjobs. Maybe interesting and helpfull for you?

I'm unfortunately not a developer and work more on strategy. Most jobs are for developers.

Have a good day.

https://bitcoinerjobs.com/

DataNostrum 2y ago

If bitcoin were more widely known in Egypt, do you think most people would heed scholarly judgments whether bitcoin is halal, before deciding to use it?

Lyn Alden 2y ago

Most people are skeptical of it due to its intangibility and don’t know much about it. Some highly religious people look to scholarly opinions but many people just approach it pragmatically or skeptically.

But I do think the work that Saifedean and others are doing to bring more awareness to bitcoin being halal money is valuable work to be doing.

Capt Stab 2y ago

The sooner we begin pricing things in sats the better.

It feels like the real change will come from knowledge/internet based workers in these weak currency locations. If they start pricing there outsource work and demanding sats instead of $USD….. we could see significant momentum in my humble opinion.

Toby McMann 2y ago

Egypt scores terribly for human rights, which breeds societal fear, and retards free speech.

Do we really expect #bitcoin to flourish in areas without free speech?