I am the CTO of an entirely remote company. We did, in fact, have an Indonesian employee, who didn't work out. (I think he had misrepresented his work history: we were already friends, and I offered him the job, and he scribbled around for a few months doing nothing and then ghosted us.)

The time zone differences were hard. We only had a few hours of overlap. If he got stuck in the middle of the night, he would lose a day. (In hindsight, there was no real moment he wasn't stuck, but...)

Right now, we have a six hour time spread. I'd be willing to go as far as a nine hour spread. If we had a mature self-starter, the time zones would be not so important BUT I understand why people don't want them.

However, I would not wish to work with someone taking advantage of Third World currency exchanges. The whole digital nomad thing is tremendously destructive to both local communities, and the environment because of the constant travel and disposable lifestyle.

Ooops, I spent too long on the one detail I disagreed with, and don't have much to say about the rest except "I agree".