Damus
Lyn Alden profile picture
Lyn Alden
@LynAlden
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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Uno · 120w
One Day the appreciation for permissionless money will increase dramatically in the US ect. Unfortunately some people need something very dramatic to happen as a wake up call before realizing things.
NotBiebs and 69 others · 120w
Dahab? I went there once and it was awesome.
deleted account · 120w
Hawala is great. It's the opposite of Bitcoin as it's built on trust, and lots of it. It's an inspiration for lots of peer-to-peer networks, financial and otherwise. IIRC it was the inspiration for Ripple before Ripple became a blockchain.
Alex Glasse · 120w
Love this. I had never heard of the hawala system until reading broken money, amazing it’s still in use. It’s a shame nost people truly don’t appreciate how good they have it.
Faroaldo · 120w
Your book is top of the list of my summer readings. Just don’t know in front of which sea I will read it 😎
Scale Bar · 120w
This is the most epic random/serendipitous field work (market validation) encounter. Classic Lyn. 🧡
garyj · 120w
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.
nostrich · 120w
You would think that a system as trust-demanding and archaic as the Hawala would have perished entirely by now. Perhaps the fact that it still exists to any extent today suggests how difficult it is to fully comprehend how bad the modern fiat system actually is.
MiddleWay · 120w
My wife is a yacht broker in Europe. Every large payment from a buyer in EU to a seller in US is a nightmare recently. Correspondent banks just freeze the amounts ($0.5m or more) "to check for AML/sanctions evasion". I believe they just patch their balance sheets and earn interest, not even respondi...