Bitcoin is a New World Country

Sam Abbassi is the Founder and CEO of Hoseki, a proof-of-stake Bitcoin service.

De Soto Dreams of Electric Money

Countries in the Global South are not poor because of culture, collective IQ, lack of entrepreneurial spirit or market orientation; they are poor because they lack formal frameworks for property rights. Hernando de Soto discusses these issues at length in “The Mystery of Capital.” The ability to formalize and express property ownership is at the core of capital and wealth production, and if you think it has something to do with culture, try catching a taxi in Addis Ababa, Ethiopia (as de Soto says) or wander through a souk in Tehran, Iran or rush towards the Golden Temple in Amritsar, India without someone trying to make a deal with you. The idea that people in these regions lack creativity and the “right” culture to create wealth is inhuman, absurd and completely unbelievable. When you step out of the door of the Hilton hotel in Lima, Peru, you’re not leaving behind the wonderful world of mobile technology, antibiotics, internet, and refrigeration. Peruvian people have it all. What you’re left with is the magical world of legally enforceable transactions for property rights.

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