[2023-02-24] CNBC -For the Black community, bitcoin represents an opportunity...

[pawel7777]

https://www.cnbc.com/2023/02/24/for-the-black-community-bitcoin-represents-an-opportunity-for-wealth-preservation.html

For the Black community, bitcoin represents an opportunity for wealth preservation

The bitcoin narrative has veered far away from early investors’ vision of it enabling economic freedom, at least in the U.S. But for many in the Black community, that narrative is still alive and it’s imperative that people stay focused on it.

Bitcoin’s core values – decentralization, censorship resistance, its peer-to-peer nature – get pushed to the side time and again as the industry tries to grow in a world run by intermediary institutions. Opening an account at a centralized exchange like Coinbase or Kraken (or, until recently, FTX) is the easiest and most common way to get into crypto. And it’s safe to bet most people are playing the speculation game, trading crypto on an exchange instead of transacting directly with another person as bitcoin was intended.

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[cr1776]

I saw this article and I love how they try to divide people by immutable, irrelevant, characteristics.  Yes, bitcoin is good for wealth preservation, yet that applies to everyone regardless of sex, skin color, hair color or eye color.  I can see why they are trying to carve a niche, but CNBC should recognize that and point out that bitcoin can help everyone protect themselves and note it for what it is: marketing based on the racist notion of skin color being relevant.

[NotATether]

It's not like these people have no opportunities to invest money with other financial institutions as well, especially since in the context of racism, it is usually the big dinosaur banks that arrogantly decline their services to minority clients.

I saw this article and I love how they try to divide people by immutable, irrelevant, characteristics.  Yes, bitcoin is good for wealth preservation, yet that applies to everyone regardless of sex, skin color, hair color or eye color.  I can see why they are trying to carve a niche, but CNBC should recognize that and point out that bitcoin can help everyone protect themselves and note it for what it is: marketing based on the racist notion of skin color being relevant.

They probably already do recognize that, but everyone wants to talk about racism nowadays...

[LeGaulois]

Oh no! Another black lives matter article?  
When I started to read it I was saying "another bullshit from socialists!"

See the arguments used:

- 2 events that happened 100 and 200 years ago! Come on...

- People unbanked are mostly black people in The US. This is not true and they give the proof themselves.
Notice it depends on the actual income and not on the race. If you're poor, you have more chances to be unbanked, no matter what your race is.

Percentage on unbanked people by income and race:

For example, Know Your Customer laws can keep someone with a certain last name from being able to register for an account, she said

That a direct lie. Do you think black guys like snoop dog or puff daddy are unbanked? No of course and again that's because they have enough income. I take the extreme but that's to show my point.


Here is wy people are unbanked there

Why are people unbanked? According to the FDIC Survey of Unbanked and Underbanked Households, people are unbanked because they can't meet minimum balance requirements, lack of trust in banks, have privacy concerns or don't want to pay high banking fees.

And who was quoted in the article? Lamar Wilson, founder of crypto-focused network Black Bitcoin Billionaire
lol? I'm going to make the network White Bitcoin Billlionaire, only for white people. I'm sure I will be called racist there

And debunking a myth:
The first slavers were the blacks and the Arabs, 200 years before the whites. That's the whites who stopped slavery

[NeuroticFish]

For the Black community, bitcoin represents an opportunity for wealth preservation

Yes, it is. And so it is for all communities, no matter the color, religion and whatever stupid and outdated classifications they might use. Ah, and it helps everybody, no matter they have a bank account or not.
And bitcoin offers that same opportunity also for those from outside USA, which seems also somewhat... overlooked.

The first slavers were the blacks and the Arabs, 200 years before the whites. That's the whites who stopped slavery

Indeed, slavery was there for long. Wars between villages, castles, cities, whatever, sooner or later led to slaves.
It doesn't have to be done by bringing people with ships across the ocean to still be slavery.

[pawel7777]

It's not like these people have no opportunities to invest money with other financial institutions as well, especially since in the context of racism, it is usually the big dinosaur banks that arrogantly decline their services to minority clients.

Can you name some examples of banks declining services to minorities? Or are you just blindly perpetuating the "much systemic racism everywhere" lie?
If I had to guess, banks would love black customers, as I imagine, on average, they're more likely to spend beyond their means, go into debt and pay interest and fees.

They probably already do recognize that, but everyone wants to talk about racism nowadays...

Yup, because it pays them. What are you gaining from being "color-blind"?

- People unbanked are mostly black people in The US. This is not true and they give the proof themselves.
Notice it depends on the actual income and not on the race. If you're poor, you have more chances to be unbanked, no matter what your race is.

Yes, the income is the most important factor, but looking at the "all income" stats, it shows disproportion by race as well. The question is why? Do they not have access to banking services? I doubt it.

[Kakmakr]

I have a pet hate in all these things where they want to involve race to make more money. In my country it is all about race, everywhere you go...and if you dig a little bit deeper, you will find that it is not about the race, but rather about the money.

I am no racist, because I have several black friends and even black family members... but even they agree that this "Black lives matters" thing are being used for marketing to profit from the cause.

Bitcoin should never be exploited for profit, based on the color of your skin.  

[pawel7777]

In my country it is all about race, everywhere you go...and if you dig a little bit deeper, you will find that it is not about the race, but rather about the money.

Not just money, but maybe even more about power.

I am no racist, because I have several black friends and even black family members... 

See? You wrote nothing wrong and yet you instantly felt like you need to go into defensive mode and explain yourself to not be accused of racism. Even despite being on an anonymous forum. That's power.