4 Lessons from the Oslo Freedom Forum: BTC – Cross, Aderinokun, Ardonino, Rauda
Let’s wrap the Oslo Freedom Forum’s Bitcoinist coverage with controversy. In this latest edition, two stablecoin proponents and an extremely confused journalist make their case. Alex Gladstein, director of strategy at the Human Rights Foundation, has been a big proponent of 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? Keep reading 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: a, of them, Three, four, five, six, Seven.
Oslo Freedom Forum: Troy Cross on the idea of bitcoin
Before we get into the controversy, let’s look at the fine words of Troy Cross. We don’t even need to introduce it, because it does it itself.
“I am a professor of philosophy and humanities at Reed College and also a fellow of the Bitcoin Policy Institute. I’ll tell you my story first, then I’ll introduce the panel. I first became interested in Bitcoin in 2011. I was fascinated by the idea of a non-state-controlled currency that would disintermediate a predatory and lucrative industry. And I started mining this cryptocurrency in my basement with a few machines I had, and I 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 ever 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 turned into a valuable reality and promised to bring the genre freedom and liberty to the people 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.
— Alex Gladstein 🌋 ⚡ (@gladstein) June 22, 2022
Oslo Freedom Forum: Ire Aderinokun on Stablecoins in Nigeria
The concept of “stablecoins over the Lightning Network” was ubiquitous at Bitcoin 2022 Conferenceand the The Human Rights Foundation even offered a bounty of 1 BTC for anyone who could solve the problem “without the need for an exchange or another token”. It’s weird 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, community organizer and co-founder of Buycoins, tries to explain why Nigeria needs stablecoins.
“So stablecoins have been a really good alternative for people because if you wanted access to 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’s not accessible to everyone, and secondly, there are so many different restrictions on it.
It’s like having a dollar card. The restriction now is like, you can probably spend $20 a month, which is completely ridiculous. What are you gonna do with that? And it’s not even uncommon for you to wake up one day and find that the government has just converted all your dollars into Naira, at the rate it chooses. So keeping cash or dollars in Nigeria is just not an option for most people.
Rich countries find it difficult to see this, but it is a common situation all over 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 then 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 won’t be as efficient either and they don’t even always work.
Well, bitcoin fixes that.
“And so people are now turning to stablecoins because it’s a way for them to access dollars without having to go through the traditional system that doesn’t really allow them to do that. So most people who as you said are not even really interested in bitcoin or cryptocurrency in general and very interested in stablecoins as a way to get their money outside the Nigerian financial system.
Nigerians want stablecoins because that’s what they know. What they need, however, is bitcoin. This would solve the problem that Aderinokun presented to the Oslo Freedom Forum without the counterparty risk that stablecoins present. Why is there counterparty risk? Because a private company delivers them. Attach, for example. Talking about that…
BTC price chart 07/16/2022 on Coinbase | Source: BTC/USD on TradingView.com
Oslo Freedom Forum: Paolo Ardonino on the basics of stablecoin
As Tether’s CTO, Paolo Ardonino has probably had this conversation a million times. Trying to explain why the world needs stablecoins, he instead explains the need for bitcoin.
“There are many places in the world like in Latin America, South America, Turkey, Asia, Africa, 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 even to say.
Because the reason is that opening a bank account, maintaining a bank account is extremely expensive. But at the same time, stablecoins have a big purpose. They are of great use to all the many people. They may not believe in cryptocurrencies, but they need access to hard and hard currency because in their daily lives they need it. They need to protect their investment. They have to send their children to college, etc. And their national currency does not allow it.
Well, bitcoin fixes that. No counterparty risk.
25/ Finally — and above all — @_elfaro_ investigative journalist @raudaz_ on how Bukele seizes arbitrary power in El Salvador as he imposes Bitcoin on the people, and why financial freedom isn’t enough if you don’t have political freedom: pic.twitter.com/gAfNVuxGCO
— Alex Gladstein 🌋 ⚡ (@gladstein) June 22, 2022
Oslo Freedom Forum: Nelson Rauda’s ridiculous position
It’s a shame that the only Latin person on the Oslo Freedom Forum panels 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 criticism of President Bukele is limited to the is awful Chivo Walleta Section 7 analysisand constant mentions of the lack of bitcoin education the government has promised.
What is Nelson Rauda’s review?
“The Salvadoran Bitcoin experience has been and is paradoxical. It is imposed from the top down. It’s not base-based. A national poll from December found that only 10% of people think the main beneficiaries of the Bitcoin law, which turns one year old next week, are the people. While 80% think the rich, foreign investors, banks, businessmen or the government are the main beneficiaries. So what I’m saying is that Bukele has armed bitcoiners and their tweets to whitewash himself and his government’s crooked actions.
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 are tweeting about Bukele. If the Salvadorans interviewed by El Faro do not yet understand the magnitude of the gift they have received, so much the better. They will eventually.
“But if you believe in bitcoin, you can encourage the president and the government, give Salvadorans this tool of financial freedom, and always appeal to him for democracy, the rule of law, the separation of powers, freedom of the press and all the other things. that human beings need. 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 believes. 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 takes 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 are plenty: a, of them, Three, four, five, six, Seven.
Featured Image: Ire Aderinokun screenshot from this video| Charts by TradingView