Hi @Pinotio.com, it is good to have your questions… I’m still digesting your Celo Reserve Liquidation Mechanism. Thank you for the intellectual generosity - lot’s to learn!
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We definitely missed an open Voting Pool to have a more clear consensus on the cBRL vs cREAL name.
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In the moment of this writing, cREAL has just 20 days and 61 wallets. Since your post 20h ago the reserve increased from ~$100 to ~$1900. Slowly growing… in the end of this writing, it doubled to ~$3853 and ~$15k an hour later…
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Personally, I prefer to hold stabler currencies; R$ BRL devaluated 10% last 6 months, and more than 150% since 2013 (lot’s of geopolitics that doesn’t fit in this post). The elites who moved R$1.5M into dollar offshores (like our Minister of Economy) profited more than a minimum wage per day so far. Many gov folks are profiting “going short” on the country. But, clearly: most of people are not aware of it at all. We have elections in October and I can just imagine more economical instability in the next 24 months; IMHO.
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Our minimum wage is now ~$210/month. A MacBook Air costs 1-year work, if you don’t eat or pay rent. It gives an idea on why so many young people started to speculate with cryptos, dreaming about other incomes to reach their more-incited-than-ever desires. Saving accounts in Tradition Banks can give up to 6%/year today - but it is related to an always-changing inflation metrics. I do believe when people start to realize the possibility of more than 10%/year on DeFi savings with Moola/Valora-like apps, it can grow exponentially. But, in general, it is hard to follow how money can loose power or be eaten by inflation until the price of food doubles.
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It seems we are few brazilians here; at least the English-speakers I see active on Discord and on this Forum. I have just chatted with @edlovecrypto and @MilaRioja so far. But the possible beneficiaries thought impactMarket in the country are massive, for example. Today I had a chat with Jessica, who mentioned that more than 10 thousand people are getting cUSD in Brazil, full communities soon receiving cREAL. Financial inclusion with a cStable different than dollar is just starting. However some Merchants in some communities can ask 50% fees for trading it into FIAT.
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I’ve been working on a BRL<->Crypto bridge, and had been granted last month by CCF to keep this R&D with cStables. Thank you for coordinating it @Patrick! We do have a system that beautifully automatizes a BRL<->cBRL (opz, cREAL!) using a digital brazilian bank account in the backend. The problem is to make it all legal. Bureaucracy is a big reason for lack of financial inclusion, restricting companies formation, preserving monopolies and so on. Our platform works fine as a small scale P2P solution with known people. We are struggling to find a legal structure to - hopefully - fit it as a payment gateway provider, rather than an exchange, allowing it to scale. Proper KYC really sucks, asking many docs and proof of residency - which is far from the reality of most of the people in the communities we would be interested in providing a 1:1 on/off ramp.
About the “imperialist” concern, check the Europen Central Bank statement,
“The availability of a CBDC could facilitate currency substitution in third countries with instable currencies and weak fundamentals. It might facilitate digital “dollarisation” in such countries, leading to the full or partial replacement of their currencies with the CBDC for local payments, as a savings vehicle and, ultimately, as the unit of account. This would strengthen the global status of the currency in which the CBDC is denominated but would also reduce monetary policy autonomy in the economies concerned.”
A prosperous 2022 for y’all!