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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Camilo · 138w
Same in Argentina. But with ARS inflation around 150% annually
a source familiar with the matter · 138w
Didn't you post previously that it was impossible (or very difficult) for Egyptians to use gold to protect their wealth from inflation? Have I mis-remembered that claim?
Joe · 138w
Are the IMF-mandated devaluations a restructuring or refinancing event of a loan to the Egyptian Central Bank? Those two spikes seem insane when you see the trend line of the EPs exchange rate for $1.
Kamo Weasel · 138w
Well hello IMF... 🥒🇦🇷 https://image.nostr.build/079250145dd2dd388090bfc4dc1a8d3479c1048d490c74be68f18749a9afa70d.jpg
Bird1984 🦜 · 138w
🤯
Cyber Seagull · 138w
Dollars get worse , but bitcoin is getting better everyday
Erik Hersman · 138w
Does Egypt have any issues with people having local bank accounts both in USD and Egyptian Pounds? We see this same thing in Kenya (for those who can do international work), but they can also keep it in a local USD account. In places like Malawi that is not the case, so it makes it a lot more com...
Mark Camper · 138w
Why does IMF mandate the devaluations? Just to make the local labor cheaper for exports and INTL investors?
MAstr · 138w
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 ...
DataNostrum · 138w
If bitcoin were more widely known in Egypt, do you think most people would heed scholarly judgments whether bitcoin is halal, before deciding to use it?
Capt Stab · 138w
The sooner we begin pricing things in sats the better. It feels like the real change will come from knowledge/internet based workers in these weak currency locations. If they start pricing there outsource work and demanding sats instead of $USD….. we could see significant momentum in my humble ...
Toby McMann · 132w
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?