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Old 02-16-2018, 04:03 PM
 
319 posts, read 178,911 times
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https://medium.com/@jonathan.wheeler...n-9f60c71d380b

Here is someone who is planning to “airdrop” $300,000,000 of bitcoin to the whole population of Venezuela, which is experiencing an ongoing currency inflation crisis.

This is like an outside unstoppable takeover of a national economy, empowering the people of the country to take their own economy back.

It will be very interesting to watch this unfold if it happens.
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Old 02-16-2018, 05:33 PM
 
4,737 posts, read 2,263,083 times
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I love the good intentions but I don't get it.

If you're someone in Venezuela struggling along and whatever magic they have planned drops bitcoin worth $600 (or whatever) in your lap, how do you spend it? For most their universe of spending extends to little neighborhood teindas and maybe some trips to the bigger supermarket, none of which have the infrastructure to accept bitcoin. The bigger supermarkets are tightly coupled with government supply chains and commerce management, how do these people think the stores will be able to modify (if they could) their system of payment to allow an economic takeover when they'd fear arrest and prosecution for aiding the evil capitalist oppressors? Sounds like a good way to get disappeared.
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Old 02-16-2018, 06:34 PM
 
319 posts, read 178,911 times
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Yes it is not clear how the real world mechanics of using this value will happen, but it is like the whole nation realizing each and every one of them now have a private Swiss bank account with an appreciating asset inside of it, and no one can take it from them or stop them from using it. This is a very corrupting idea/situation.
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Old 02-16-2018, 06:35 PM
 
9,099 posts, read 3,711,228 times
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They would rather have airdropped food...
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Old 02-16-2018, 06:40 PM
DKM
 
Location: Thousand Oaks, CA
2,060 posts, read 674,891 times
Reputation: 2215
Its $10 to each person there, as soon as they spend it, its gone. A grand gesture to donate money to them but their government has billions so it would already do this if it worked the way this idiot you linked to claims it will.
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Old 02-16-2018, 08:55 PM
 
3,598 posts, read 1,518,497 times
Reputation: 9889
Yowza! Give a bunch of nonexistent speculative "investments" to a country already approaching total economic meltdown!


What could possibly go wrong?
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Old 02-17-2018, 04:23 AM
 
4,737 posts, read 2,263,083 times
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Quote:
Originally Posted by Ken_N View Post
every one of them now have a private Swiss bank account with an appreciating asset inside of it, and no one can take it from them or stop them from using it.
That's the problem, there is no need for someone to stop them from using it because they already can't use it. What are they going to invest in internet infrastructure for owners of all the little neighborhood stores? Doesn't make sense.

Venezuela is a sad situation, we live in Medellín Colombia and just about every busker that boards the public bus these days to play guitar or rap or whatever for spare change makes a speech about their journey from their home in Venezuela because it's the only way they can make money to support their family back there. They could be full of it I don't know (Venezuelan accent and slang is a lot like coastal Colombia accent and slang) but maybe next time I'll just confirm they have an account with Xapo or Coinbase so I can give 'em bitcoin.
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Old 02-17-2018, 04:36 AM
 
2,246 posts, read 1,390,219 times
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Is this the latest bitcoin magic?

Currency is meaningless without goods and services.

My experience with Venezuela at two multinationals: In one, the military moved in, seized the plant, and took ownership. In the other case, the plant was bleeding losses year after year because of hyper inflation and was axed.
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Old 02-17-2018, 08:47 AM
 
Location: City of the Angels
2,223 posts, read 1,524,287 times
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I want to raise at least $300 million worth of hard-earned Bitcoin capital and electronically airdrop it onto Venezuelans.

“airdrop” $300,000,000 of bitcoin to the whole population of Venezuela sounds like "Helicoptor" Ben Bernanke's idea of getting money to the masses but doesn't the Bitcoin require that people have a personal computer or a smart phone ?
I wonder how many of the poor people who need economic relief have one of those.

I think that the citizens of Venezuela would do just as well as dealing with that Minister of Nigeria who wants to remove millions of dollars from that country and put it in their personal bank account if only they would give him their account number.

Something doesn't smell right here !

Last edited by NickofDiamonds; 02-17-2018 at 09:25 AM..
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Old 02-17-2018, 09:20 AM
 
2,771 posts, read 1,500,522 times
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Quote:
Originally Posted by Thatsright19 View Post
Currency is meaningless without goods and services
Exactly. This is all that matters.

Unfortunately, V is effectively a failed state My wife’s cousins are unable to flee and join other family members in the US.
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