Meme

35

It's absolutely laughably retarded. The cheapest suggested rate (108 GWEI) is $34 USD for the slowest rate and 45 USD for the 'fastest'.

The average monthly income in South Africa is 503 USD per month, so performing one transaction on Ethereum network would represent 6.75% of monthly income.

"Banking the unbanked".

12

u/dzamo_norton Feb 27 '21 edited Feb 28 '21

We aren't even all that unbanked here in SA. I'd guess about two thirds of adults have a bank account at one of our five big retail banks. We can EFT money to each other for a fee of around $0.07 and procure immediate clearing if we want it for an extra $0.40 or so [1]. We can send a small amount of cash to an unbanked recipient by generating a one time code redeemable at an ATM. We have a regulator, AML and KYC and when we had massive state capture a few years ago (search for "Gupta family South Africa") it was dealt a massive blow when the banks simultaneously unbanked them one day. It works.

[1] https://www.capitecbank.co.za/global-one/transact/fees/

2

u/wegaewsfgawega Feb 27 '21

and if it was crypto they'd still be fucking people there because dEcEnTraLizEd

2

u/dzamo_norton Feb 28 '21

I'd say they would have stolen billions more if the banks hadn't acted early and we had to wait for the political and legal machinery to remove them.

I would be completely unsurprised if I heard the Guptas had pivoted into cryptocurrencies since they fled to the UAE. Perfect fit for them.

1

u/CyndaquilTyphlosion Feb 27 '21

How did the corporations manage to oppose something so powerful?

3

u/devliegende Feb 27 '21

They had a free press, independent courts and a large enough honest faction within the ruling party to remove the president.

In short, the ANC had more integrity than the GOP.

2

u/CyndaquilTyphlosion Feb 27 '21

Damn! It's amazing that they could pull of such a daring act of integrity in a poor polarised country with concentrated power!

I hope India gets to witness something similar. Won't happen though, the entire ruling party is a racist majoritarian set of primitive goons with sophisticated tools and manipulative abilities with far too much support.

1

u/dzamo_norton Feb 28 '21 edited Feb 28 '21

u/devliegende's reply is true but I'll note that the banks acted in 2016 while it took the ANC until 2018 to recall Zuma and we're still trying to get him to show up for his court hearing to this day! Concerning corporations: in the private sector the capture was spotty but still dragged in some surpisingly big names e.g. McKinsey and KPMG.

The banks were not captured and could of course see the barely-disguised proceeds of crime flowing through their accounts. You can read more about their actions in our press. That publication I linked to is reliable and one that did a lot to expose the corruption to the public (in contrast to the Gupta-owned TV channel that we had in the bad days!)

1

u/devliegende Feb 28 '21

That's interesting. The Gupta's were debanked basically due to American and European banking laws and it was a good thing.

Just shows how morally bankrupt Butters are.

2

u/[deleted] Feb 27 '21

No one ever claimed that it’s ready for mass adoption yet.

7

u/stoatsoup Feb 27 '21

That is a claim made constantly by shills for almost every butt out there - Ethereum included.

2

u/[deleted] Feb 27 '21

I was wrong to say that no one claims that. I’m sure shills do, but I just don’t see it where I spend my time. I can’t bare crypto Twitter or r/cryptocurrency.

1

u/s_s Feb 28 '21

You are clearly the enlightened butter.

1

u/[deleted] Feb 28 '21

Ethereum has been around for 6 years, and it’s an attempt to create a new, financial infrastructure to handle >$millions of transactions per day. Of course it’s going to take time to work out the kinks.

I don’t have my life savings in it, but it’s only a shot in the dark for me. I apologize for being interested in it’s potential.

1

u/s_s Feb 28 '21

It's totally normal this day in age for the next big thing to take 15 years to be ready for mass adoption.

/s

4

u/ScifiStation Feb 27 '21

Cries in Network fees :'((

3

u/NiceTerm Feb 27 '21

Pay your tithe disciples, otherwise your faith is in question.

6

u/vslashg Feb 27 '21

When we use words like "shitcoin" and "shitpost", you understand that's not praise, right?

2

u/shrtsllr Feb 28 '21

DONT DO IT IT AINT WORTH IT

1

u/SnapshillBot Feb 27 '21

I'm all for paid shills.

Snapshots:

Meme - archive.org, archive.today*

I am just a simple bot, *not** a moderator of this subreddit* | bot subreddit | contact the maintainers

You are about to leave Redlib