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Old 04-23-2018, 06:05 AM
 
318 posts, read 178,143 times
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Seems like Bitcoin is still a valid choice for some in Venezuela...

https://www.bloomberg.com/news/artic...yptocurriences

The equivalent of $1.006 million were exchanged from bolivars to the digital token on April 17, according to data from VeneBloc, which tracks transactions made on LocalBitcoins’ website and currently posts a rate of 845,000 bolivars per dollar. The trade helps Venezuelans access dollars (and other currencies) since the government enforced strict foreign exchange controls in 2003.
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Old 04-23-2018, 09:08 AM
 
8,278 posts, read 3,452,461 times
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Quote:
Originally Posted by Ken_N View Post
Seems like Bitcoin is still a valid choice for some in Venezuela...

https://www.bloomberg.com/news/artic...yptocurriences

The equivalent of $1.006 million were exchanged from bolivars to the digital token on April 17, according to data from VeneBloc, which tracks transactions made on LocalBitcoins’ website and currently posts a rate of 845,000 bolivars per dollar. The trade helps Venezuelans access dollars (and other currencies) since the government enforced strict foreign exchange controls in 2003.
Is this a trend with their poor or middle class? Or could it be exchanges of vast amounts of hidden Bolivars by the rich or criminals?
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Old 04-23-2018, 06:59 PM
 
Location: Cebu, Philippines
2,157 posts, read 795,391 times
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It's an interesting theory, but if leveraging bitcoin for "good", it would be just as easy and far more enticing for malevolence to be the motive.

Anything that can be done, sooner or later will be, for evil.
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Old 04-24-2018, 02:07 PM
 
2,768 posts, read 1,494,078 times
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Originally Posted by Hoonose View Post
Is this a trend with their poor or middle class? Or could it be exchanges of vast amounts of hidden Bolivars by the rich or criminals?
Regardless, it's one large heap of dung.

The OP is lacking common sense in this thread, unfortunately.
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Old 05-10-2018, 10:53 AM
 
318 posts, read 178,143 times
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Quote:
Originally Posted by Ken_N View Post
[...] This whole crypto boom has created a new class of wealthy people, with very different ideas on how everything should work. They have the capital and possibly the tools to create disruptive change.

Here is a different example of an anonymous crypto-wealthy person who is trying to do some good and support various causes with their wealth:

https://pineapplefund.org
The Pineapple fund has completed giving away $55 million anonymously to various organizations.

https://pineapplefund.org

Farewell from the Pineapple Fund
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Old 05-26-2018, 10:39 AM
 
318 posts, read 178,143 times
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Bitcoin mining in Venezuela seems to be common (almost free electricity)...

https://www.bloomberg.com/news/artic...oom-in-caracas
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Old 05-29-2018, 02:12 PM
Status: "Career Changer" (set 1 day ago)
 
1,012 posts, read 288,332 times
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Airdropping bitcoin to the people of Venezuela won't work.

First, Venezuela bans ordinary citizens from owning bitcoin or any crytocurrency. Yes, even the petro, their cryptocurrency.

Second, Venezuela seizes cryptocurrencies and mining rigs owned by ordinary citizens.

Third, only cronies can mine cryptocurrencies. Maduro was begging the big banks to mine the petro.

The result will be the airdrop of bitcoin will go straight to the politicians and their cronies.
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Old 06-01-2018, 04:06 PM
 
Location: All Over
3,971 posts, read 4,193,378 times
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Originally Posted by bobsell View Post
Airdropping bitcoin to the people of Venezuela won't work.

First, Venezuela bans ordinary citizens from owning bitcoin or any crytocurrency. Yes, even the petro, their cryptocurrency.

Second, Venezuela seizes cryptocurrencies and mining rigs owned by ordinary citizens.

Third, only cronies can mine cryptocurrencies. Maduro was begging the big banks to mine the petro.

The result will be the airdrop of bitcoin will go straight to the politicians and their cronies.
The USA and states ban smoking pot, I got a joint in my mouth as I'm typing this. Crypto is even harder to ban than weed with the whole decentralized no central control thing. Many countries have banned USD in the past, doesn't mean the rich and elite and policitians don't still have it as well as many citizens.

Not a great source but I'm in a rush as I gotta go mow the lawn...

https://www.quora.com/Was-it-illegal...e-Soviet-Union
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Old 06-04-2018, 10:09 AM
 
2,768 posts, read 1,494,078 times
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Originally Posted by doodlemagic View Post
The USA and states ban smoking pot, I got a joint in my mouth as I'm typing this. Crypto is even harder to ban than weed with the whole decentralized no central control thing. Many countries have banned USD in the past, doesn't mean the rich and elite and policitians don't still have it as well as many citizens.

Not a great source but I'm in a rush as I gotta go mow the lawn...

https://www.quora.com/Was-it-illegal...e-Soviet-Union
You missed the point.

It’s not about crypto being impossible to ban. The underlying issue is that the economy has collapsed and that crytocurrency will not be relevant to improving the lives of 99.9% of Venezuelans. It would primarily only be useful to those lucky few with access to existing resources.

My wife has some relatives still stuck there. It’s a hot mess.
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Old 06-05-2018, 10:43 PM
Status: "Career Changer" (set 1 day ago)
 
1,012 posts, read 288,332 times
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Quote:
Originally Posted by doodlemagic View Post
Crypto is even harder to ban than weed with the whole decentralized no central control thing.
Mining rigs use a ton of electricity. Police can seize mining rigs easily by monitoring electricity usage, and they do this. Anyone who is not a crony, had their rigs seized.

The blockchain has a lot of interesting things and bitcoins can be traced to people. Once they're traced, let's see how long the corrupt officials torture someone to give up their private keys.

In addition, the overwhelming vast majority of people have no access to the internet, and can't make any trades with bitcoin. Who do you think will get the airdrops? Won't be any of them.

Quote:
Many countries have banned USD in the past, doesn't mean the rich and elite and policitians don't still have it as well as many citizens.
Cronies must be enriched, this is government policy. This is why Venezuela does that.

Because cronies get enriched, yes, they can and do ban cryptos for ordinary people (non-cronies)

Corruption works like that.
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