Damus
Lyn Alden profile picture
Lyn Alden
@LynAlden
I just filmed a small thing with a local videographer in Egypt.

I asked him how he protects his savings from the recent inflation, and he said gold and real estate.

He does local work but tries to also do a lot of freelance gigs for international people paying in dollars online. The dollars get converted to local currency by his bank, but at least his income keeps up. Most Egyptians have income denominated in local currency, and if the local currency gets cut in half relative to the dollar, it is not as though they get big raises to keep up- they just make fewer dollar equivalents going forward. Unit anchoring bias works against them. But people who do foreign work just keep charging the standard dollar rate so their income goes up a lot in local currency and remains basically flat in global terms.
#BrokenMoney
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MAstr · 132w
Hi, thank you for sharing your experience Lyn. I see a lot of similarities to western countries nowadays. Right now my thought experiment is to change to a job paid in Bitcoin where i would exchange my income to fiat for living cost and save the rest on the chain. This is exactly the same situation ...
Toby McMann · 125w
Egypt scores terribly for human rights, which breeds societal fear, and retards free speech. Do we really expect #bitcoin to flourish in areas without free speech?