
Bitcoin trading in Venezuela is skyrocketing amid 14,000% inflation - chanfest22
https://qz.com/1300832/bitcoin-trading-in-venezuela-is-skyrocketing-amid-14000-inflation/
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jeromegv
The charts are using volume of transactions in Bolivar. The bolivar is being
devaluated at a crazy rate, for sure the bitcoin transaction volume value IN
BOLIVAR would be skyrocketing as well. This should look at the equivalent in
USD or just pure number of transactions.

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taoistextremist
Yeah, this seems pretty dodgy when they're showing just pure bolivar
expenditure. I think cryptocurrency could probably be a good deal for
Venezuelans right now, too. It avoids being subject to poor economic decisions
by their government while still also avoiding being at the mercy of an
economic hegemon. The more likely case though is that they're probably
primarily using USD, along with other regional currencies, far more than
cryptocurrency. They're a lot easier to use, too, than cryptocurrency.

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rkeene2
The digital currency project I'm involved in also has a strong user base in
Venezuela.

From what I understand, the biggest relative advancements can be made there if
individuals or organizations are empowered to participate (e.g. in a
decentralized system) rather than needing to satisfy requirements from large
established organizations who don't see the value in participating in a small,
unstable economy.

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prolepunk
There's also a good article in the Atlantic on the causes of this crisis and
why Maduro clings to power and has no way of comfortable exit like tinpot
dictators of 1980s had.

[https://www.theatlantic.com/international/archive/2018/05/ma...](https://www.theatlantic.com/international/archive/2018/05/maduro-
venezuela/561443/)

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partycoder
The Venezuelan regime is still in power thanks to the help of Cuban
intelligence, and armed militias and paramilitary groups that are financed by
the regime and do their dirty work, like using violence to intimidate
opposition.

Venezuela provided a economic lifeline for Cuba at some point, but now they
can barely provide for themselves. I hope both regimes fall.

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hartator
Venezuela officials can now blame rampant capitalism as the source of the
country misery.

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RcouF1uZ4gsC
People in Venezuela are also eating dogs, cats, and pigeons.

[https://www.usatoday.com/story/news/world/2016/05/18/venezue...](https://www.usatoday.com/story/news/world/2016/05/18/venezuela-
food-shortages-cause-some-hunt-dogs-cats-pigeons/84547888/)

Basically desperate people do desperate things to survive.

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iraklism
FYI, pigeon dishes feature in a number of Michelin star restaurant menus.

