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Replying to Avatar Lyn Alden

Currently chilling at a cafe at midnight in some Red Sea coastal town five hours south of Cairo.

A doctor from Syria recognizes me and comes to talk. He is briefly here in Egypt but works in Syria treating people.

He and his colleagues use the informal Hawala system to move money for legitimate purposes, because Syria is sanctioned by the US. The Hawala system is ancient, stretching back to the medieval Silk Road and prior, but is still used today in many regions. He’s a fan of Bitcoin obviously.

So many people in the developed world take money for granted. But people in developing regions or conflict regions often have a better appreciation of permissionless money, undebaseable money, etc.

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dfa94a58... 1y ago

Hawala is neccesary in a gold based system, where transferring physical gold is a huge risk. Portability and verification are the downfall of gold. Hawala gave birth to the goldsmiths and that gave birth to fractional reserve banking. And we've been debt slaves ever since.

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frphank 1y ago

Hawala transmits money, not gold.

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Lyn Alden 1y ago

It used to transmit gold. Now it’s fiat.

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