3 lessons from Oslo Freedom Forum: 14 Zero - Bartolomeo, Nur Khalil, Stark

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It’s time to visit Oslo again. Bitcoinist continues to dig into the content of The Human Rights Foundation’s Oslo Freedom Forum that not all other bitcoin sites are interested. We’re talking real life here, and we’ve been to the well a few times already – One, Two, Three, Four, Five – and came out with gem after gem. All credit goes to Alex Gladstein, who took the time to cut and post these awesome one-minute clips.

This time, a Venezuelan said of our hyperinflation, a Nigerian painted a picture of our hyperbitconized future, and an American pitched the U.S. dollar into the Lightning Network as a global necessity.

BTCUSD Price Chart for 07/09/2022 - TradingView

BTC price chart for 07/09/2022 on FX | Source: BTC/USD on TradingView.com

Oslo FF: Mauricio de Bartholomew does hyperinflation

Ledn’s co-founder, Mauricio di Bartolomeo, is a Venezuelan. He survived hyperinflation and gave up breathing and described it in unimaginable numbers.

“You mentioned money, money is falling. And many people think that this is abstract. What does that look like? What does that look like? Who has that effect? And going back to Venezuela. So just give people context. In my lifetime, the Venezuelan government has removed 14 zeros from the currency. This is the number zero in a trillion. And so a bolivar is one trillion bolivars 20 years from today. And how much it has swelled. “

How does that affect the average person, though? De Bartholomew also uses everyday situations at the Oslo Freedom Forum to describe situations that seem too far away for so-called First World citizens.

“You need more cash to do exactly the same transaction. Some strange things started to happen. So one, Venezuela is a much more cash society. In many places, especially in small towns, there is no way to accept debit cards. Therefore, most transactions have to be done in cash. Cash is not available because when it is hyperinflate, when you buy this glass of water with 1 bolivar, now your cost for it is 500 bolivars, and you need to find out the number of bills required to buy this thing.

And so, everyone started hoarding cash for the little things. Your ATM withdrawal limit goes from $ 100 to 1, and so you’re withdrawing yourself five times to buy a can of Coke or whatever. And the people in these remote villages have no way to sell them or they can’t because they can’t take digital payments. “

Of course, the 1% are not only immune to inflation, they actually benefit from it. How did they do it? Here is an example:

“And the price is literally something that changes from day to day or even hourly to the maximum hyperinflation from time to time. And it is just an immense misery for the lower and middle classes. During hyperinflation the rich can borrow, they can borrow bolivars from the government and then buy a condo in Miami and then repay the loan. That was worth nothing. They have this kind of way, like 1% are all over the world. Everyone else is confused in this scene. “

Oslo FF: Abubakar Nur Khalil about our bitcoinized future

Another member of the BTrust board attended. Abubakar Nur Khalil, CEO of Recursive Capital, explains using his Nigerian roots that Bitcoin is a powerful tool for so-called Third World countries.

“It’s about building the bridges we’re talking about. And the thing is, with Bitcoin, it has already solved a lot of these things on the first day. So, you have a tool of financial freedom, which is incredible for those who are under intense governments, whether they are authoritarian or just strict in controlling the currency.

So, let me give you an example. In Nigeria, whatever happens if you try to dollarize and get a residential account, even through the app, you can’t actually send any money. And there are restrictions on cards and things like that. ”

From this perspective, Nur Khalil explains to the Oslo Freedom Forum why Bitcoin will win the currency war.

“So, what happens is that people start flocking to Bitcoin because they realize that Bitcoin is the only way so that they don’t get discriminated against, they don’t get the necessary restrictions. So, I think the future is definitely going to be bitcoinized as opposed to dollarized. “Where people are not only saving in Bitcoin, they are using Bitcoin remittances as well as local trade.”

Oslo FF: Elizabeth Stark in Tarot

Elizabeth Stark, CEO and co-founder of Lightning Labs, uses her time to plug in her company’s new offerings: They.

“If anyone, like they can access the internet, access information, access Fiat currencies and dollars using the Bitcoin network. This is what we are doing now as a community So, my company, Lightning Labs, recently proposed a technology and protocol called Tarot. “

Are we working as a community? Or is Lightning Labs just pushing its agenda? To be able to answer correctly, let Stark finish his pitch.

“So, Taro is a new protocol that we offer to enable people to issue assets on both Bitcoin and Lightning. And that means anyone can then issue, say, a dollar. You get a dollar, you know, in a bank account. “You can be one of these institutions in the United States, and people can issue euros, pesos, kroners, etc., and then people can send and receive transactions with Bitcoin.”

That sounds too good to be true so far. What’s the catch? As the Oslo Freedom Forum will learn, a big stink.

“Now, as Lin mentioned, there are going to be different trade-offs. This is going to be a more regulated method, but it provides much more access. And that means anyone around the world who wants to transact using Bitcoin can now send Fiat currency via Bitcoin using both Bitcoin financial networks. And then the way it works on the Lightning Network is that you are trading from dollar to bitcoin to dollar.

So, now you are using Bitcoin as this financial glue, a central clearing point for all the words in the world to transact through it. Globally now, anyone with access to a mobile phone can use Bitcoin as their rail to access something like the US dollar, which is incredibly powerful for financial access. “

He took a leaf From Jack Mailer’s book There’s an end, but that’s okay. There is nothing wrong with using Bitcoin as a rail for Bitcoin. Now, to use Bitcoin as a rail for less coins like the US dollar, that’s another story. Although this is not the place to say it or discuss the case. Our Oslo Freedom Forum coverage is to present ideas, we will leave the discussion for everyone reading these lines. 

Featured Image: Abubakar Nur Khalil, screenshot from this video  | Charts by TradingView

Oslo Freedom Forum, Hong Fang screenshot



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