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4 Lessons from Oslo Freedom Forum: BTC – Cross, Aderinokun, Ardonino, Rauda


4 Lessons from Oslo Freedom Forum: BTC – Cross, Aderinokun, Ardonino, Rauda

Let’s wrap the Bitcoinist coverage of the Oslo Freedom Forum with controversy. In this latest edition, two stablecoin advocates and an extremely confused journalist make their case. Alex Gladstein, director of strategy at the Human Rights Foundation, has been a strong advocate for stablecoins on the Lightning Network. His case is that dissidents need a less volatile currency than bitcoin. Did the Oslo Freedom Forum panelists explain why? Read on to find out.

And speaking of reading, if you’re interested in the other side of bitcoin, check out these true stories straight from the Oslo Freedom Forum: one, two, three, four, five, six, seven.

Table of Contents:

Oslo Freedom Forum: Troy Cross on the idea of ​​bitcoin

Before we get into the controversy, let’s look at some beautiful words from Troy Cross. We don’t even need to introduce him, because he does it himself.

“I am a professor of philosophy and humanities at Reed College and also a member of the Bitcoin Policy Institute. I’ll tell you my story first, then I’ll introduce you to the panel. I first became interested in Bitcoin in 2011. I was fascinated by the idea of ​​a non-state controlled currency disintermediating a predatory and lucrative industry. And I started mining this cryptocurrency in my basement with some machines that I had and was excited about the community. The possibility. The idea.

I am a philosopher. I thought it was one of the most beautiful ideas I have come across. And I followed Bitcoin because I loved the idea. I loved the idea of ​​disintermediating financial institutions and having money that was outside the domain of the state, an idea that became a valuable reality and promised to bring the genre of liberty and freedom to the people that we have seen here at this event.

This is just the beginning. Start thinking about bitcoin and you’ll probably never stop. It is a profound, powerful and miraculous idea that could take over your life.

23/ Entrepreneur, organizer of @feminist_co and co-founder of @buycoins @ireaderinokun on the rise of stablecoins in Nigeria: pic.twitter.com/QmZFMEVAeT

— Alex Gladstein 🌋 ⚡ (@gladstein) June 22, 2022

Oslo Freedom Forum: Ire Aderinokun on Stablecoins in Nigeria

The concept of “stablecoins on the Lightning Network” was pervasive at the Bitcoin 2022 conference, with the Human Rights Foundation even offering a 1 BTC reward to anyone who could solve the problem “without the need for an exchange or another token.” It is strange that he had Paolo Ardonino at the Oslo Freedom Forum because Tether is just that, “another token”. Ardonino will have his turn to speak. First, Ire Aderinokun, a community organizer and co-founder of Buycoins, tries to explain why Nigeria needs stablecoins.

“So stablecoins have been a very good alternative for people because if you wanted to access dollars in Nigeria, let’s say you want to keep your money in Nigeria, but you want it to be in dollars. So you would try to open a USD-denominated account, but there are so many problems with that because firstly it is not accessible to everyone and secondly there are many different restrictions.

It’s like having a dollar card. The restriction now is that you can probably spend $20 a month, which is completely ridiculous. What are you going to do with it? And it’s not uncommon to wake up one day to find that the government has just converted all your dollars into Naira, at the exchange rate of its choosing. Therefore, keeping cash or dollars in Nigeria is not an option for most people.

Rich countries find this difficult to see, but it is a common situation throughout the world. However, Bitcoin fixes this. Does Nigeria need stablecoins or learn to manage volatility? Let’s go back to Aderinokun for an explanation.

“So most people will try to say, ‘Okay, let’s send my money overseas, let me try to send it to a US bank account or something.’” And it’s also incredibly difficult because, okay, how are you going to do that? First of all, there are obviously restrictions, as I mentioned before. But even if you wanted to use something like TransferWise or Western Union, they’re pretty slow. The rates they offer you will not be as efficient either and they do not even always work.

Well, bitcoin fixes that.

“So people are now turning to stablecoins because it’s a way to access dollars without having to go through the traditional system that doesn’t really allow them to do that. So most of the people who like you said are not even really interested in bitcoin or cryptocurrencies in general and very interested in stablecoins as a way to get their money out of the Nigerian financial system.

Nigerians want stablecoins because that’s what they know. However, what they need is bitcoin. This would solve the problem Aderinokun raised at the Oslo Freedom Forum without the counterparty risk that stablecoins present. Why is there counterparty risk? Because Tether, a private company, issues it. Speaking of which…

BTC price chart 07/16/2022 on Coinbase | Source: BTC/USD on TradingView.com

Oslo Freedom Forum: Paolo Ardonino on stablecoin fundamentals

As the CTO of Tether, Paolo Ardonino has probably had this conversation a million times. Trying to explain why the world needs cryptocurrencies, he instead explains the need for bitcoin.

“There are many places in the world like Latin America, South America, Turkey, Asia, Africa, where you really struggle to get access to a bank account. There are 2 billion people around the world who don’t have the same level of access to bank accounts as everyone else. It’s not because they’re bad people, it’s just that they’re too poor to have a bank account. It’s sad and crazy to even say it.

Because the reason is that opening a bank account, maintaining a bank account is extremely expensive. But at the same time, stablecoins serve a great purpose. They are very useful for everyone. They may not believe in cryptocurrencies, but they need access to strong, hard currency because in their daily lives they need it. They need to protect their investment. They have to send their children to university, etc. And your national currency does not allow it.

Well, bitcoin fixes that. No counterparty risk.

25/ Finally, and most importantly, @_elfaro_ investigative journalist @raudaz_ on how Bukele arbitrarily seizes power in El Salvador by imposing Bitcoin on the population, and why financial freedom is not enough if you don’t have political freedom: photo . twitter.com/gAfNVuxGCO

— Alex Gladstein 🌋 ⚡ (@gladstein) June 22, 2022

Oslo Freedom Forum: the ridiculous position of Nelson Rauda

It’s a shame that the only Latino person on the panels at the Oslo Freedom Forum was this so-called investigative journalist. Nelson Rauda works for El Faro, a newspaper financed by foreign powers totally opposed to the Salvadoran government. At Bitcoinist, we don’t cover politics, so our critique of President Bukele is limited to the terrible Chivo Wallet, an Article 7 review, and constant mentions of the government’s promised lack of Bitcoin education.

What is the review of Nelson Rauda?

“The Salvadoran experience with Bitcoin has been and is paradoxical. It is imposed from the top down. It is not based on bases. A national survey in December found that only 10% of people believe that the main beneficiaries of the Bitcoin law, which turns one year old next week, are people. While 80% think that wealthy foreign investors, banks, businessmen or the government are the main beneficiaries. So what I am saying is that Bukele armed the bitcoiners and his tweets to cover up the crooked actions of his government and himself.

Say what you want about Bukele, but the man made bitcoin legal tender in El Salvador. This fact will go down in history as the greatest thing a president has done for his people. This is the only reason bitcoiners tweet about Bukele. If the Salvadorans interviewed by El Faro still do not understand the magnitude of the gift they have received, so much the better. Eventually they will.

“But if you believe in bitcoin, you can root for the president and the government, give Salvadorans this tool of financial freedom, and always appeal to him for democracy, rule of law, separation of powers, freedom of the press and everything. the rest”. other things. that the human being needs. I don’t believe in a tool for financial freedom if that is the only freedom we will have.

Fortunately, no one cares what Rauda thinks. Except for Alex Gladstein, who made the mistake of inviting him to the Oslo Freedom Forum. Gladstein constantly tweets against Bukele and his politics, but did he have to invite a foreign-sponsored pseudo-journalist with the worst views on bitcoin? Couldn’t he find a critic versed in the subject? Probably not. Because someone who understands bitcoin would immediately realize that Salvadorans now have access to hard money. And it will change their lives in ways no one can imagine.

And this is our coverage of the Oslo Freedom Forum. If you want more, there is plenty: one, two, three, four, five, six, seven.

Featured Image: Ire Aderinokun screenshot from this video | Charts by TradingView

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