Hey /biz

hey /biz
Lebanese dude here
I usually lurk around here and never post but since what's coming is scary, thought I'd give it a go
as you all know the monetary fiat system has collapsed in Lebanon, sparking more and more crimes/poverty and bankruptcy
AMA about our economic downfall and I will do my best to attempt to explain how cryptocurrency in particular is helping

Attached: phoenix.jpg (300x168, 12.39K)

shill me the next 100x shitcoin

How'd that nuke go

I am not shilling, imo BTC, ETH are gold and silver, the rest would be at a DYOR basis

political negligence because corrupt government; basically let a ticking time bomb near civilians
I don't wanna get into the politics since it's against the rules but if you want any clarification as to why hyperinflation happened feel free to ask

how many people are using crypto? Are shops using it?

The Lebanese Economy is collapsing as the value of the Lebanese currency used to be 1500 LBP 1USD, the lira has lost over 80% of it's and now 1$ = 8000 LBP in the black market as it is expected to get devalued further. This has caused hyperinflation rate close to 500% as prices basic necessities has insanely skyrocketed.
Unemployment rate has greatly risen as well as salaries are cut in half.
Almost half of the Lebanese population is living under the poverty line.
The coronavirus pandemic has exacerbated the collapse overwhelming the healthcare system.
The Economic collapse was caused by the politicians & the bankers & the establishment.
The central bank began printing money out of thin air so the head of the central bank Riad Salameh gives money to the politicians to please them so they make him a president. As well as Hezbollah controlling Lebanon which made other countries stop investing in Lebanon as well as the US Sanctions.
Hezbollah along with their allies have become extremely more authoritarian.
On 15 October Lebanon had potent wildfires as the government was incompetent in stopping the fires.
2 days later on 17 October, the government passed a policy which is a whatsapp tax and that was the straw that broke the camels back that lead to thousands rallying against the establishment which is known as 17 October Revolution.
Establishment has increasingly become authoritarian.
The demonstrations stayed consistent until 8 March, but COVID-19 pandemic has put the revolution on hold despite the fact that small demonstrations happen

be happy about the dawn fall as it will be a good breading ground for extreme ideology's that would hopefully stop and reverse the degeneracy of the Lebanese society
also gold is a better save haven in crisis then bitcoin just look at gold price in the years after each economical crises

there are few shops that do accept , but a law firm who has clients abroad made use of bitcoin
Since we cannot withdraw any dollars from banks hence the name an economist coined; "lollars", which is a dollar stuck in the Lebanese banking system, people who have offshore USD savings wire them and purchase your crypto in Lebanon on telegram groups or local bitcoins for USD cash.
People who manage to find small tasks to do online get paid in bitcoin and sell them here for cash, basically living day by day
I lost my savings in this inflation which I was planning to use to immigrate but with all that happened seems we are stuck in this
So, I am always on the lookout on freelance jobs if I manage to land any and actually made around 200$ the last two months which is not bad considering the inflation

downfall?*
I hope it reverses it.
To get gold you need USD banknotes and with the capital control laws and basically no access to deposits people cannot hedge their purchasing powers anymore
Example: I had around 5k USD worth of Lebanese pound savings and now they are worth less than 1k, so I am using what I have left for resources and necessities not gold sadly