Bankless 9 - Going Bankless with Maker | Mariano Conti
Apr 27, 2020
Mariano Conti, Head of Smart Contracts at Maker Foundation, shares his transformative journey through the volatile financial landscape of Argentina. He discusses the power of DAI, MakerDAO's stablecoin, as a tool for financial independence amidst capital controls. The conversation dives into the components of Maker, the decentralization challenges faced, and the potential pathways to get 1 million people using DAI. Mariano's insights reveal the revolutionary impact of decentralized finance on traditional banking systems.
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Mariano's Bitcoin Volatility Issues
- Mariano Conti, initially paid in Bitcoin, faced volatility issues with Argentinian capital controls.
- Paying bills and receiving freelance payments became problematic due to Bitcoin's price fluctuations.
Impact of Capital Controls in Argentina
- Argentinian capital controls restrict dollar purchases, forcing citizens to seek alternative solutions.
- Multiple exchange rates and asset hoarding are common practices due to financial instability.
Argentinian Financial Coping Mechanisms
- Argentinians use various methods to protect their money, from using foreign bank accounts to buying tangible assets.
- Cryptocurrency adoption is increasing among young people seeking access to dollars and financial control.