Bitcoin Forum

This is why Venezuela will be the first country to adopt a virtual currency.

 0.037 Bitcoins o almost 12 Us$

It loos like a lot of money, but is the equivalent to half of the monthly minimum wage

https://i.imgur.com/BXJzrBn.jpg

holy crap.

Then yes, thats one of the few countries will prosper from bitcoin esp. It might even bring business based on them having enough capital to start their own business.

I didnt know it effected by that much though, a half months salary is what I make every week then..

>>>>
???
>>>>

I must have read that wrong somehow
0.37 Bitcoins does not equal $12 US
0.37 Bitcoins = $100 US (@270 US/ BTC)

That or the conversion rate is that bad which would be something else.

Damn, are you kidding me? I didn't know inflation was this insane in venezuela. Just think about, anyone with an Hero account in venezuela can potentially make a better living off a signature campaign than working an average job over there. Kinda crazy. Let's hope the people there give the middle finger to the idiot in power and adopt BTC.

Im pretty sure the op, got the price value wrong, but seeing the picture he probably meant $120?

Which is what they earn half a months wage which is still a lot to them.

I thought that initially as well but then checked a backpost in his history to correlate it
He said the minimum wage is $20 dollars a month so he really meant $12 why I rose a bunch of question marks on this statement.

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich :(

Great illustration!  Yes, bitcoin is perfect for countries like Venezuela where the government has totally destroyed their currency.

Thanks!

Sorry, i made a mistake when posting,

ITS 0.037 BITCOINS, 12 us$
HALF OF MINIMUN WAGE

Assuming the official rate its a wad worth 600 BF assuming extraoficcial $70,000 BF at 100 USD
Or
72 BF official and 8400 BF.

So its a pretty big difference in that conversion ratio if its only worth $12 USD and will tell me the assumed rate of that wad of cash :)


Thanks that makes a lot more sense in that case that is one heck of a large wad of paper to equal $12 US
(Wonders if you pay with a plastic wrapped wad in the store for stuff)

Read this article about an Australian guy backpacking in Venezuela,  the article is from april and since then the currency lost 40 % of his value

http://www.news.com.au/travel/travel-advice/i-went-from-broke-to-an-instant-millionaire-here/story-fn6yjihw-1227300495540 (http://www.news.com.au/travel/travel-advice/i-went-from-broke-to-an-instant-millionaire-here/story-fn6yjihw-1227300495540)

and this is a graph of venezuela and us$ exchange rate

http://dolar-permuta.com/g/precio_dolar_2005-01-03_2015-08-08.png

http://resources0.news.com.au/images/2015/04/12/1227300/492776-486b8198-dc0b-11e4-90d8-bc21b5c83438.jpg

so basically if you went with a $100 bill in their country.

you would basically live like a god? And a normal u.s worker would feel like a king and can own many houses if the ops wage is $12 a month.

Thanks it was an interesting read and it sounds like a pretty cool place to visit for price value gas is really subsidized there but crappy to live in.

I handed over a single hundred dollar bill and began the laborious task of tying up notes with elastic bands.
I had well over 1000 notes to count. I had been in Venezuela just 24 hours and already I was a millionaire here.

For a single US dollar ($1.31) I could buy 12 beers, get a bed for the night, take two taxis or eat in a nice restaurant. I could fill up a car at a local gas-station for 2 bolivars, around 1 US cent.

“If you have dollars, you can live very well for just $50 a week,” he said. “Without dollars, life in Venezuela is too expensive and it’s impossible to get basics, even a toilet roll has to be bought on the black market!”

(In sig campaign terms just had to say it that equals a bed a night for a Hero member 0.16 *270 = 43.20 US)
31 Days of Sleep and 2.59 to spare for food in a month without a 0.02 avatar add-on neat.
(Sort of cynical way of looking at purchasing power)

http://resources1.news.com.au/images/2015/04/12/1227300/493365-4b50e5ce-dc0b-11e4-90d8-bc21b5c83438.jpg

that's beyond insane. you definitely feel rich if you have that much paper money, but as soon as you hear the value in usd you will get shocked.

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bolivarcoin

Please keep us up to date with BTC and Venezuela!

I have read numerous times that something similar (perhaps further along) is happening in Argentina too.  I know two relatively rich Argentines who go there fairly often and are both into BTC.  Yes, they live well when there.

There would likely be a lot of interesting ways to "play the arbitrage" between BTC, the Venezuelan Bolivar and the US$.

even more so with zimbabwean currency, i think someone was selling a trillion zimbabwe dollar note for 0.03 BTC a while back here.

comparison for 0037 alone is as much as the it how for 1 bitcoin it may take a suitcase to carry it  ;D

isn't zimbabwe in a much worse condition, there is no even a comparison, quadrillion of toilet paper are worth even less than 0.03 there, they are really producing "air" in those poor country

i think it's better for them to follow the crypto route at this point, or embrace bitcoin altogether

If i'm correct they have already started exchanging the zimbabwean dollars to us dollars at a rate of 250 quadrillion to one dollar. I'm afraid they won't be using btc there for now.

OROBTC i give you a bit more of information, in Argentina the foreing currency exchange its controlled by the government, you can buy only a small amount, this is to stop the Argentinian money to leave the country, this happens because lots of Argentinians dnt trust the central bank, the government and institution, so they buy foreing currency in the black market, its called "Dolar Blue" when you trade with bitcoins, you dnt trade with this institutions or the black market, and why people trade with bitcoins in argentina? there are two main reason, number one, they need to make or receive payments over the internet and they need to use this virtual currency, number two they need to take out the country large amount of money that they cant take in 100$bills.

In Venezuela its a similar but diferent story, Venezuela is one of the richest countries on earth, it has the biggest oil reserves, and lots of minerals and water, Venezuela has the cheapest electricity and petrol prices on earth, and the minimun wage its only 20$, in comparation with Argentina, that has much less mineral resources than Venezuela and the petrol and electricity prices are much higher, and the minimun wage is higher.
But what happened, why in Venezuela 12$ is worth a pile of venezuela money?
The story its really long and hard to explain and it start in 1956 when Venezuela was one, or if not the most prosperous country in the world, so, a short explanation is that his recent governments used all the money that came from the oil and use it give to its citizens in way that it will not create any improvement to the economy, and all this so they can stay on power, so they keep printing money and giving it to the people creating so much inflation that now some say that is 800% for 2015.
Venezuela has no created new bills with high value, and for some reason the bills are disappearing from the banks, if you want to withdraw from the bank you can have only a small amount.
I will post some images from social media, some of this images are from 3 months ago, some of the prices of goods triple
https://pbs.twimg.com/media/BCn3L0sCMAEsxDE.jpg
https://pbs.twimg.com/media/B4GKCv4IEAAOfMt.jpg
https://pbs.twimg.com/media/CKzR51QUEAA9L2G.jpg
https://pbs.twimg.com/media/CJuqxncWoAEuQJ6.jpg

go ahead Venezuelan's! roll-out the Bitcoin thing.

Alas I doubt they would allow short plays that would be some crazy price speculation
With the China news and trading relationships with Venezuela oil prices might move due to the rich resources they have but resource curse aside Bitcoin definitely can come in useful there.

http://www.bloomberg.com/news/articles/2015-08-10/ravaged-by-oil-s-collapse-venezuela-now-has-a-big-gold-problem
It does suck though that golds pawning them as well (someones likely manipulating those prices after a lot of countries demanded withdrawals ah the realm of international politics is dirty)  but if there was a great case to be made for Bitcoin adoption it would be good to see it get rolled out here.
http://blogs.reuters.com/great-debate/2013/03/13/what-will-become-of-chavezs-gold-hoard/

wtf!!!!   almost it costs more 'to print the paper compared to the value of the banknote, zimbabwe 2.0?

Well we have a thread in Bitcoin discussion on the value of 175 Quadrillion Zimbabwean dollars


At least Venezeula is nowhere near that scale for now.
(Imagine all the trillion bills to get to 175 Quadrillion in cash)

Absolutely crazy!
My BTC value way more than that! This is simply unbelievable.

I feel so sad that there are so many people all over the world in such difficult situations.

 ::)

24$ minimum wage... insane

holy shit, let's import bricks of this money to home, and get rich as it goes terminated by government due to the excessive inflation.

Then everyone there should quit their daytime job and get into 100% Bitcoin.
Even me can make that much in one week and I'm only part time in Bitcoin.
And hero members will be treated as millionaire there.

It's look like you need car do bring your monthly salary home  ;) I can imagine what the price of coffee can be  ;)

Inflation is real, or should we say - hyperinflation. No wonder South American countries are starting to worry about cryptos to the point they are banning bitcoin.
Bolivia and Ecuador already banned it. And soon it will be more problematic for you to own bitcoin there that to have 1 kilogram of cocaine, crazy.

...

Hazir

Anyone with an online wallet who travels to Bolivia or Ecuador will then be breaking a law!  But, even so, the probability of getting caught is minimal.  Even taking a Trezor or Ledger to S. America would seem very safe.

The danger in trading BTC in Ecuador or Bolivia would be your trading partners.

i cannot imagine how big their wallet would be just to buy a food

Hoe much costs a house in venezuela? How much dollat will a hooker cost? Lol, i am curious about that, t
That people are so cheap in such countries :)

If you are thinking about going there to feel the king of the hill I don't think it's a good idea. The place is probably very insecure and the life quality is probably shit unless you live on the richest parts and even then I think Venezuela has the highest crime rate on earth.

People are cheap because life is hard. They have no choice if they want to live. You can see that in this world there much more poor than rich people.
Majority of people on Earth are living for less than $2 per day. Governments of some countries are corrupted and don't care about people.
That is the only reason I can thigh of why they are banning bitcoin - something that can actually help people...

You don't want any country to "adopt" a virtual currency. If a Government adopts bitcoin they will most surely try to enforce their power upon it, which will result in the devaluation that you see in your Venezuelan dollar.

It would be much better for Bitcoin to remain an independent option to fiat currency, allowing you and others to keep assets in it and those that choose not to can let their assets value with the flow of their fiat currency.

It's really interesting to see how much an average 2 weeks of salary looks like in Venezuela, are you also saying that that 2 weeks of salary is the equivalent of 12 USD?

Im saying that Venezuelans should adopt a virtual currency, no matter what the goverment says, in a way of protest against the system that rule them, if they start trading in an altcoin they will be less afected by devaluation and inflation, an example is that in August you earn 20$ and the price of milk is 0.5$ a litre, in september you will earn 19$ and the price of milk will be 0.7$, by december you will earn 17.5$ and the price of milk will be 0.95. this is really happening, and its hapening because the central bank is printing more money to pay his debt, and the inflation is not worst because all the income venezuela gets for trading oil and other minerals.

Yes, minimun wage is like 20 - 24 a month.
15 years ago was like 140$ a month

wow that is horrible that they kept decreasing the minimum wage.
so many bricks of money man.

...

Venezuela is in big trouble.

And with the price of gold down so much, not even that it enough to save "Chavismo".  With guys like Chavez & Maduro, even gold & oil do not help for long.

I had the same question the standard third world quality house (Call them the standard house myself as you see them a lot around the world is $25,000)
The modernized houses were used to are roughly x10 or $250,000

http://www.viviun.com/Real_Estate/Venezuela/
$24,000 Obo.
http://www.viviun.com/AD-204588/

Category:   Single Family Homes
Address:   Calle Guaicaipuro S/N
Urb. Vista Al Mar
Puerto Piritu
Anzoategui 3866
Venezuela
For Sale By:   Owner
Construction Year:   1990
Area:   120 m2
Bedrooms:   3
Bathrooms:   2
Sleeps:   n/a
Stories:   n/a
Parking Spaces:   3


http://www.viviun.com/data/properties/pictures/204588/204588-661995-B3ESV1V8OG.jpg?065947

$249,000 Obo.
http://www.viviun.com/AD-205552/

Single Family Homes
Address:   La Mira
Margarita Island, Playa El Agua
Nueva Esparta
Venezuela
For Sale By:   Owner
Construction Year:   1999
Area:   350 m2
Bedrooms:   4
Bathrooms:   4
Sleeps:   10
Stories:   2
Parking Spaces:   4

http://www.viviun.com/data/properties/pictures/205552/205552-664620-Q3VRO2G37B.jpg?040828

Now add a 0 to both and ha-ha you got Westernized World Prices XD

$250,000 for the standard house
2.5 million for that villa :P

What a great and the same time frightening story. I still don't understand how a country with so much oil and that beautiful nature(tourists etc) can get that broke.

What the hell? The papers own value is more than those money's value probably. Venezuela's economy is pretty f**ked up nowadays i guess.

They use USD in the black markets. I doubt they'll start switching en masse to BTC because they need the money to buy living supplies, but I can definitely see the middle/upper classes diversifying.

Also, seeing as every word or number can also be used as a bitcoin address, you will not be allowed to speak or write.  

wow thats good
bitcoin is good for country like venezuela.. in my country 0.037 isn't so worthed..

Hmmm. Today I lost the double amount in gambling.
A friend of mine told that he have made a good return over investment on that site but when I deposited on that site and played, first it was good then I started playing big and lost all of it.

Wow, I think I'd have to move to Venezuela and just do signature campaigns instead of actually working :D
It's pretty cool to see what Bitcoin could do for people in developing countries.

Yes, hyperinflation is a bi**h! Some of my friends are from Serbia and they were talking to me about and showing me the money from Serbia in 1993 when during the civil war a hyperinflation happened there. Those are some horror stories! I have seen bills with 30 zeros. They were telling me that by the time you get your salary and if you don't spend it the same day, the next day it was literally worthless. Government was printing new bills with more and more zeros daily. This is a sad situation for any country in the world.

How should a country be able to switch to use bitcoin as national currency? The government would have to buy huge amounts of bitcoins to be able to act and doing something. No country on the earth could afford that.

So i don't know how this could be done.

Yes they worry more about bitcoin than drugs being sold. If drug dealers start accepting bitcoin then what south American government? Mass hysteria :o

This is on venezuala central bank needing to print more notes. You will have to google translate it if you do not read spanish:

http://www.eluniversal.com/economia/150814/bcv-busca-papel-moneda-ante-falta-de-billetes-de-50-y-100-bolivares (http://www.eluniversal.com/economia/150814/bcv-busca-papel-moneda-ante-falta-de-billetes-de-50-y-100-bolivares)


"For this demanding 100 bills paid up to 140 bolivars low denomination" ... it looks like there is a disconnect between notes of different denominations. I suppose there is a disconnect between notes and debit cards already.

...

GREECE (more accurately: Greek entrepreneurs) may be pointing the way to show how people can cope with an unstable and/or dictatorial monetary system with capital controls:

http://techcrunch.com/2015/08/14/bitcoin-provider-cubits-aims-to-help-greeks-move-their-money/?ncid=rss

The most interesting thing about the article (for me) is how they may use BTC to pay for imports from external suppliers.

Venezuela has an additional complication though: tighter controls on imports and exports.  Still, Venezuelans (there and in Miami) could probably set something similar up rather easily...

I asked a colleague of mine from Venezuela. How is it back home, are the old folks safe? He did not say yes. On the problem of sending money (I don't know the economic situation of his parents, but with borderline hyperinflation a salary can become worthless quickly), he told me he could send money via the bank, it would take a week, there was danger of being robbed (that is what he said, maybe some clerk just confiscating the money for himself), and he would not get the full blue rate (I think he gets the Simadi rate, which is about 1/4 of what he should have got).

I introduced him to localbitcoins, he got an account loaded with some coins. He has a bank account inside the country accessible over the internet, and there are lots of traders in the country, giving a rate slightly worse than the blue rate. After that, he can transfer the bolivars to his relatives' account. After a few days I asked, but he hadn't tried it. He will wait until the a need arises, to avoid some of the inflation. I look forward to hearing of his experience. Anyway I could not wait to write this...

 

I wonder how many trucks and buildings you would need to fill with those stupid paper bills with if you wanted to see how much satoshi nakamoto's wallet was on venezuela's currency.

The government needs to stop wasting the petroleum resources by subsidizing gasoline. Gasoline in Venezuela costs just $0.018 per liter ($1 for 60 liters), while in the United Kingdom, the same costs around $1.80 per liter. Insanely low prices fuels gasoline smuggling (mostly to the neighboring Colombia) and the government should take steps to stop this.

Does anybody know how people go out and buy things with inflation like this? Serious question, do they bring a backpack stuffed full of cash instead of a wallet when they go shopping? Clearly a wallet would not be large enough to fit enough notes to buy anything. Or do they just deposit it all at a bank and use debit cards?

...

coinableS

One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.

If their government will print larger denominations, then the bulk of cash needed is reduced.  The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC).  As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.

Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.

Right now, 100 Bolivar is the largest denomination currency available. Even before the current crisis, there were requests from the public and the businesses for a higher denomination bank note. The official exchange rate is 1 USD to 6.3 VEF (black market rate as of July 2015 was 1 USD = 620 VEF). So even before the crisis, the highest denomination bank not was worth just around $16.

Right now, the highest denomination bank not is worth some $0.16

I don't know re Venezuela and larger bank note denominations.

That is a political decision!  Just printing up larger and larger denominations is a clear admission of failure.  But, if they do NOT print larger "value" [sic / LOL] notes, then just living becomes much harder, the people might revolt sooner...

As I mentioned (pages back), Venezuela is in real trouble.  With huge oil reserves and 300 + tonnes of gold (an unusually large amount for a developing country), .gov Venezuela has screwed up very badly.

And they were in talks with Goldman-Sachs to figure out how to lease their gold for a cash (dollars) transfusion, I do not know the latest on that news item.  If Venezuela defaults on paying Goldman back..., then they can kiss their gold good-bye.

Debit cards still work.

No, they have only small bills.

Well purchasing power aside I guess the other view is that people are also hoarding a heck of a lot of food to feed the black-market or I guess to starve the community stores.
Instead of waiting in the line to get cheap food.


http://lainfo.es/en/2015/08/16/venezuela-found-tons-of-food-hidden-underground/
http://axisoflogic.com/artman/publish/Article_71293.shtml

The Bolivarian National Guard (GNB) seized 50 tons of food in the San Juan west of Maracaibo (Zulia state), called bachaqueros buried dozens of sacks of sugar in the courtyard of a house in the sector. In other homes, sacks of rice, coffee, pasta, beer, soda, detergent, toothpaste, and chlorine were seized, among others.

http://lainfo.es/en/wp-content/uploads/lainfo.es-39209-alimentos-bajo-tierra-dos.jpg_736776827.jpg


Na those are small bills they go up to 100 according to wiki the image uses 2 Bolivar Banknotes although they were valued higher historically with the Pre-1998 stuff.
https://en.wikipedia.org/wiki/Venezuelan_bol%C3%ADvar

2008 Series
Banknotes are in denominations of 2, 5, 10, 20, 50 and 100 bolívares.

If one wanted to purchase Bolivares at the black market exchange rate, does anyone know where one might do this or is there anyone with connections in Venezuela who could ship stacks of these to America?

really did not have knowledge about such shitty situations taking place there, can't really imagine what a corrupt fuckhead that clerk is, and he pockets good money from the bank as well as robbing off the clients. If it wasn't for digital currency, this situation might have been really sucky. Glad to read a live example of how digitization making lives better in places where infrastructure is often questioned.

You might want to advise him to use bitcoin only with a secondary throw away bank account. You don't want to be responsible when the bank is closing his account because they think bitcoin is too risky or they fear money laundering. The trouble to move all payment streams to another bank account is enourmous.

good step for crypto currency. Venezuela has initiated it. seems bitcoin first developed in America Latin

If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.

Um, you sure? I think it would be a better idea to calculate pros and cons on a macro level and identify what could go wrong and if it is really sensible. Investing in real estate is smart, only if you are fully satisfied with all aspects which makes it affordable.

I have to agree with HarHarHar...

Venezuela used to be "almost a nice place" (it had always had more crime and poverty than most outsiders knew).  Argentina has its problems too (though it is slightly better than, say, 2 years ago).

It seems that the places where BTC is having success are places with serious problems. 

Find a way to travel to Venezuela, bring enough BTC to pay for your trip, but you should consider LIVING ELSEWHERE.

I say its only worth your time if you feel like their economy can fight the uphill battle.

I dont read the future, but theres no need to rush into real estate if I get the sense people are fighting someone over a can of sardines. Although maybe improved situations and knowing certain information would be a plus.

If u want to move to a cheap country and live like a king, you should go to Philippines, its fun and girls are hot, 40 peso or 1$ and u can eat all rice u want on a restaurant, and u can live with less than 1000$ a month, retirement visa for over 35 years old its only 10.000 and u can use that money to buy real estate.

I been there a few times, and I'm planning to move there soon.

But Venezuela its unsafe, I will not thinking going there soon, people its so desperate for food, if u go with a few dollars or you live better than the locals you will be a target for crime.

Venezuela is heaven for those who get paid in Dollars$$, the main negative aspect of living here is crime and assassination rates.

yeah, I believe that you should live at a place which suits the best climatic conditions and isn't a hazard to your health, it has schools and recreational parks around with friendly neighbors. Live in a community where people respect each other, but of course you might not get all the qualities you want so you might have to settle sometimes.

Never knew that the currency in Venezuela was so inflated. Better invest in bitcoins :)

Wait for a nationalization, then make sure that your on the side of the government when your assets are invested and they start looking for capital, or perhaps have a local manage your real estate if you don't wish to live there.

wow,their currencly really really sucks,if i was on their place i would seriously need to change something there!
thats just a big pile of money

The value is low, why does the value a paper hold matter to you, man? I think all fiat suck, and I am being as kind as I can. The value is set only according to what needs be, you should go visit the place and experience that lifestyle :P People need to understand that paper does not matter, at all, the value it holds does matter. So if you come up with a 100$ note and a Venezuela citizen brings huge pile of money, it will all be the same thing.

All those countries sound good on paper but I don't think anyone would like to live over there coming from a first world country. What's the point of living in a cheap place if the place feels like you might get robed anytime soon and you know no one.

damn thats alot of paper money
thats some mega inflation right there lmao
hope it won't happen to my country
but good thing they embraced BTC

Anyone live there and want to sell these bills and make some money?  I am willing to pay over the black market exchange rate for a couple stacks of these bills if someone is willing to pack them up and ship them to the U.S.

LOL!  I now wish I had saved up a bunch of those old 1,000,000 Peruvian Inti banknotes (1980s).  At then end (before they made a new currency, again...) they were worth about a buck.

While Peru's hyperinflation was raging, you could get all kinds of denomination: the 50,000 intis note was worth something on one visit, the next time we went it was worth nearly ZERO.

Crazy !
If you make around - 0.05 - 0.06 or more BTC a month there you can live ok . But all the stress there not worth it .
I can live a great life there only from the money my state give me to help with my kids which is about 60 euro , may 65 dollars or more .
But not to have access to toilet paper , to buy diapers you have to bring the birth certificate . You can`t find milk , sugar , flower etc in normal shops you can buy stuff on the black market but cost a lot more , defently not worth it .
Sad , because Venezuela can have a lot of money ...

Good topic! I like.

Typically in history we see that crime goes up when economies go down sharply.

TODAY, WTI Crude Oil fell briefly under $40 / bbl.  Lowest since 2009.  Oil at around $40 (it bounced back up a small amount) means that Venezuela is likely to be hurting for a long time.

And CHINA will not come to their rescue.  China rescues NO ONE.

*   *   *

The stock market finally cratered in the past two days, over 5% here in the USA.

Venezuelan oil just dropped to 34$, so far the inflation is more than 170% and the year hasn't even ended, fuck me.

Thieves rob a bank and instead of taking money they steal printers and tvs

http://50noticias.com/2015/08/ahh-yaaa-roban-banco-en-la-castellana-y-se-llevan-solo-impresoras/

...

Venezuela is a place where ugly things are happening, and the near-future looks to be even worse.  Chavez/Maduro have so entrenched themselves (via ELECTIONS, among other things) that they look to be there for a LONG time.

I am by no means an expert on Venezuela.  For a short time (three years or so in the 1990s) I sold auto parts to a manufacturer's rep there, and I visited twice.  I saw that it was corrupt (the old two parties).  I guess Venezuelans got tired of them.

But what they have now is far worse.  And, as pointed out above, oil is down and crime is way up.  Things will probably worse before they get better.

I do not wonder when I see "S.O.S. Venezuela" written on cars in my city.

...

Martin Armstrong is an economist who is busy trying to get a supercomputer to help him and his clients understand the future.  He is very bright, beyond question.  But, he may not be for everyone.

In particular, .gov Venezuela would not like his take on Venezuela's hyperinflation (article today -- Sunday).  He contends that it is their people's lack of confidence in the government and monetary system:

http://www.armstrongeconomics.com/archives/36109

Lol, luckily for me I can read Spanish, it’s funny and sad at the same time.

Wow, look at that.  Venezuela wins the Zimbabwe Trophy this year.  Picture-perfect snapshot of Corrupt Socialism in action.  I hope it does not happen here (USA).

Brazil is not looking too good either, with their huge corruption scandal and the almost unbelievable arrogance of President Rousseff.

Peru so far does not seem to have hit turbulence (at least via are company's sales down there), but seems very vulnerable to China not buying much copper, iron ore, etc. for the next, erm, next, uhh, long time.......

I may have found a way to get some VEF bills to the United States.  Currently finalizing the planning with someone, then I was planning on opening up a US group buy for anyone who might want some.  Details to follow.

well open new projects in other country may become a nightmare even when all know it can reach sucess in a short time,soo pretty sure those easy ideas had been thinked but reaching the country is harder then it looks buracracy always stop investments.

This statement right here is why participating in the Bitcoin community makes sense for those living in countries like Venezuela.

.037 BTC is two weeks wage for many Venezuelans. In other words, less than .1 BTC a month. How many people make more than that from these forums alone? The Bitcoin community provides far better wages to people who simply participate in the community. That's the beauty of Bitcoin.

Yes, thanks to all above who have commented that while getting, say, BTC0.02 per week (in my case, on average, amount approximate) means little to me here in the USA, that could mean much more to people in Venezuela or other developing countries.

Bravo to the Signature Campaigns!  Those Satoshis might be adding real value to people's lives I had never considered...

thats really a lot

are you sure it was only 0.037 bitcoin? I think that a lot of money, I dont believe that it is only for $ 12

The paper money will soon become worthless not just the Venezuelan currency but just about every fiat currency in the world. I can imagine stacks of paper money needed to exchange 1 unit of bitcoin. In this situation it's good that we have bitcoin to save the day.

It is true :( If you want more info about inflation http://www.bloomberg.com/news/articles/2015-07-15/venezuela-s-772-inflation-means-default-may-come-a-lot-sooner

well one curious question is worthing print soo many money worthing 12 dollars the trees wont hold those prints forever.... and wow those news about a crash and the price raise all days sounds a nightmare one day you milionaire,other you rich then you become poor wow,really hope someday bitcoin or other currency just become universal ,that way the coin wont loose value or get trilions invested into buy or sell.

instead of printing a shit ton of lower denomination bills. why dont they just print bigger denomination bills. it'll function the same but you wont have to carry 10kg of bills in your hands when buying stuff.

For the same reason they won't print $500 or $1000 bills here in the USA (back in the 1930s they printed FRNs up to $10,000).  It would be an admission of failure to maintain the value of the currency.  (Well, for the "money laundering" excuse as well)

The liars at .gov and .fed are going to hurt a LOT of people.  Like in Venezuela.  Don't be one of those who gets hurt (much).  Get prepared for rough times.

They will never do that. The Venezuelan government is actually denying the fact that hyperinflation is a serious issue in that country. Also, the official exchange rates are like 1 USD = 6.35 Venezuelan Bolívar (the black market rates are like 1 USD = 800 Venezuelan Bolívar). As per the government, the official exchange rates should be imposed everywhere.

well those will crash the country on the next months for sure then they can think how to control those instead avoid the subject.

This would solve the problem until those bills are deflated away.  :P

is there anything they are doing to fix this hyperinflation. i have no idea how they're going to get out of this mess.

Whatever measures that the Venezuelan government is taking will be temporary at best and counterproductive at worst. There is no other way than a return to capitalism and when that happens, a lot of people in Venezuela are going to be mad.

you shoud see how it fits into zinbabwe the coffe costs trillions of dollars into their currency soo they adopt also us insted of that  left wing dollars

I have a Zimbabwe dollar just to remind myself of the st*pidity of central banks, governments and those that support them.

Well, this is a great pic to show how fiat currencies could mutate your hard earned wealth into nothing. It is not only Venezuela, but also Zimbabwe or Argentina some years ago. Even Japan has got a high inflation rate.

well the countrys should readjust to the new era that has begun already on the next days

fiat form itself is a no option kinda situation for hyperinflation.

its why you see countries like japan are in the same route. Heck we are all in it as long the paper keeps printing.

what??
that sh*t
what a money in venezuela??

Basically venezuela isnt the only ones.

I mean its just they have breached to their point sooner then most countries. Look at the U.S though, its ready to hit the stages soon once we actually cant print out anymore money then it needs to..

Umm when you say people who support them..

You do notice thats everyone right lol. Cause last time I checked everyone has a checkings account belonging to some private bank eg: chase, bank of america, etc.

this is how the u.s will become eventually.

its going to be sooner or later though and when it does its going to be a rude awakening for most people.

i launched a coin last week, hope it goes well and help the economy, website is in spanish so it will keep foreings away for the moment and in just a few days a little community is growing .
Lack of bills, hyperinflation and economical crisis are the triggers for an alternative economy.
https://bitcointalk.org/index.php?topic=1153330.0
https://chainz.cryptoid.info/boli/

wow! is that alot in Venezuela? i mean can buy alot of thing in there? economy... well if 0.037 in my country, its like RM35, well can eat for 2 days (lunch and dinner)

i don't think they support them, the problem is that, they have no choice, they can't simply go out and adopt bitcoin or crazy shit like this

what does japan have to deal with hyperinflation?

last time I checked the only reason why they are probably in that mess is because they dont rely on anyone period lol.

Greece might be like that in the not so near future. Support to eurosceptic parties has started growing. 3 anti-euro parties will probably be in the parliament wfter the new elections.  However, those parties aren't looking to cooperate with each other. One of them is golden dawn, the other two are left parties.

Get your wheelbarrow guys because this is how the USD will look like in a few years, coupled with the JPY, EUR, CHF,GBP ,etc...

All fiat currencies will be moved with wheelbarrows in the next decade!!

My spider sense is telling me that Japan has to get some wheelbarrows soon, because the YEN is going HYPER!!!!

http://www.nationaldebtclocks.org/debtclock/japan

http://cdn.tradingeconomics.com/charts/embed.png?s=japanmonsupm3&v=201508172202h&d1=19150101&d2=20151231&h=300&w=600

Post war Germany! Damn I need a stack!

...

RealBitcoin and crazywack

My take is that for the short-term (at least a year, maybe up to three) the US$ will force a general DEFLATION in the US and perhaps parts of the rest of the world.  Probably economic decline, perhaps severe.

The J. Yen and the US$ both have not fallen because money velocity has slowed to almost zero (people are holding on to their cash).  This will continue for the US$ in my opinion as other currencies (J. Yen, Chinese Yuan and the Euro) are wrecked before ours is.

King Dollar will reign for a while.

But, then it too will inflate.  Big Time.  And since the timing is so uncertain, gold and Bitcoin are worth holding.

That is a pretty cool picture the op has there.

I was talking to this guy in Zimbabwe, who said that their fiat went thru such hyper-inflation that they were trading in their larger fiat for bricks of smaller fiat to burn as cooking fuel.  Their money was more valuable as burning fuel than it was worth on the market....crazy thought!  New meaning to a currency not being worth the paper it was printed on!!!!

wow that is a lot of paper for 12 bucks. Can they give me blank pieces of paper, so i can write some notes on them :))) How are those people paying rent or buying a car? Hello i want to buy this car his is the truck with the money :P

Doesn't the cost of printing that amount of paper exceeds its market value ? :o

It does cost more to print than it's worth but it doesn't begin that way....it's the result of Hyper-inflation....crazy!

wow if i showed anyone that much money he will at first kill me and stell that money ftom me but thank god that o am earning this from bitcoin and in my place the crrency is not much heavy too ..0.035btc will be 2notes hardly

That is the reason why those notes are no longer printed.
They need to add an extra zero to the notes they print every once in a while.  :)

Right now, they are printing only the two highest denomination banknotes (100 Bolivar and 50 Bolivar). But the real issue is that the Venezuelan government is trying to ignore and hide the Bolivar devaluation. The official exchange rate remains at 6.35 Bolivar to one US Dollar, while the black market rate is something like 800 Bolivar to one US Dollar. The Venezuelan government claims that their official exchange rates are the correct ones.

I wonder how strict Venezuelan Customs is re foreigners taking valuable things out?

There seem to be impressive and compelling economic incentives to take advantage of such a huge discrepancy between the official rate of 6.35 Bolivares and 800 (or even 100) to the US$.

*   *   *

I briefly explored a possibility of exporting automotive spare parts to Venezuela (via small business).  The biggest snag is that we could not find anything of value to get from Venezuela.

The second biggest snag is that to get anything done there involves LOTS of corruption and the need to have ties to the Venezuelan TPTB...

Is that true? 20$ monthly salary?
The standard of life to live there seems the lowest that i heard.
Would like really to see and make a tour in Venezuela, with 100$ i could live good in a month or?

Ironically that is how Bitcoinwisdom.com will look like once all the doubters jump in at once when they realize every second not invested in Bitcoin is suicidal. Im going to have a lot of fun seeing all those idiots critisizing Bitcoin now cry specially after such a looong period to store a lot of sub 300 USD Bitcoin at such a stable rate. People don't want to take any risks and get rewards then complain they always miss the boat.

 http://www.dailymail.co.uk/travel/travel_news/article-3110918/Paradise-20-hardy-tourists-enjoy-Venezuela-cash-bonanza.html

Looks like there's some crazy cheap living available. I dunno how much fun it would be there but you can save to travel somewhere nicer.

Wow, thanks for the link, see what environment has Venezuela.
'We're in paradise for $20!' shouted one, before ducking under the water.
Really like the mountains, the beach... is it a safe place? Living seems to be cheap :)

So they literally printed 4 times the money country HELD ? and that too just in 1 year of time ?
yes after seeing this ,"kill the power ,use bitcoin" ...lol

If satoshi nakamoto wanted to cash out in venezuelan money, venezuela would run out of printing paper because they would never be able translate satoshi's bitcoins into physical paper money, the poor bastards.
Fiat paper money will be seen as a joke in 10 years, watch and see.

Thanks for the link, I read the article and I was stunned by the prices, however Venezuela is not the safest country, so if I had a choice of going to a Latin-American country that is cheap, I will probably go to Argentina.

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Venezuela has some of the most beautiful woman in the world too (How many times has a Venezuelian woman been in the top 10 of Misses Universe?)...low prices, beautiful woman, jungles full of coca....k....got my vote!

In the Weimar Republic (Germany) when the big hyperinflation of 1929-1934 happened, they ran out of paper, and they started to print the new money on clothes, wool, and even wood.   :D

Nowadays as more people use bank accounts, they dont need to print all the money out, they just type it in electronically.

No, sir. Economic collapse and safety aren't natural bedfellows.

https://en.wikipedia.org/wiki/Crime_in_Venezuela

I guess like everywhere though it's down to the company you keep and the areas you stay out of.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

I think it's quite the opposite. If some people began to use it with success, the others would quickly do the same.

No the plan is : your fund your company there. You build a factory that produces something, let's say spoons. They manufacture it. Then you sell it in country where you make a profit and then you pay your workers 2x the average salary. In the country where you sell it it's nothing, so you still make a profit.

Why would I pay twice the salary ?
You could say upfront you'll pay in bitcoins and people would still go work for you because some of them don't have a job and getting bitcoins (whatever they are handy or not) is better than getting nothing.

Well the problem with that plan, is that the Venezuelan government can take everything away from you, and not pay you a dime. That’s why foreign investment is very low in Venezuela.

What form of economy does Venezuela claim: capitalist, communist, or mixed?  As long as we're setting up business models here, we might as well define the economy in which we're working.  Right?  Piles of fiat don't really equate to much without a prerequisite understanding of how it's leveraged, in my bitty mind.

Venezuela seems to have a very high corruption, so if someone doesn't want you to settle, with a couple of bucks, he can make the government seize everything you have. In fact that's a big problem. So I now I think it's a bad idea.

What can buy with that much money. I mean 0.37 changed to Venezuela money.. and become that much. Alot thing can buy from  it?

No you dont understand it has the same value, but the quantity differs.

Its like saying which one is heavier 1 kg of iron or 1 kg of  paper? Its the same.

But since the venezuelan currency is hyperinflated, you need wheelbarrows to carry as much as 0.037 btc worth, which you can carry on a phone in BTC.


So the lesson is: ditch fiat, and use only bitcoin :)

Problem with high inflation is that you just need to spend your salary fast or convert it.  Since if you wait only few days you get half less for it.
It is actually good fro country economy, since people buy even stupid things they dont need just to spend their money.

They still can buy gold or silver.

wow they really should adopt this as soon as possible i dont want to pay 1000notes for buying 1chocolate from there

Absolutely.When their currency has been devalued so much,prices are bound to go high

Goddammit. There go my get rich quick plans.

Don’t worry, it happens the same to me all the time, I have an idea and I think it’s the greatest thing since sliced bread and then I realize it’s not, so there’s no problem.

This is the story of a guy that lived one month in my country (Venezuela) with 100€.

http://www.vice.com/es_mx/read/chicas-drogas-y-autos-vivi-un-mes-como-rey-en-venezuela-con-solo-un-billete-100-euros?utm_source=vicetwittermx

It's written in Spanish but try to translate it with Google.

I can say that I'm happy to be a bitcoin miner over here :) .

From the pictures he doesn't look to happy.  :-\
Looks like he either works in a bottle depot or he has to return his bottles to make some money on the side to be able to fly back home ;)

He bought all those beers (238 Total) for just 10 euros. Just to make his point.

well geting to zinbabwe its a bit more even like trillions of their currency thats why we all use dollar there but 12 dollars a month i imagine a house to buy there must be like 3000$ a good apartment.

Not Really. if you seek in http://www.tuinmueble.com.ve/ and use https://dolartoday.com/ exchange rate, in no time you will find out that  apartments prices in Venezuela are adjusted just as fast as the rate of inflation. Crazy right?.

Turns out that every smart company with Venezuelan FIAT over here would end up buying real state assets to protect their wealth from inflation.

You can still buy a truckload of it, pray that they stop printing, and one day that truckload of money will be worth billions of $$.

Venezuela might discover cure for cancer, gold synthetization machine, or nano assembly lines that might boost the GDP enormously and make it the richest country on earth.

But if not then you just wasted your money :D

the inflation was really insane , thought it will becoming like zimbabwe ,its very annoying to bring 5kg of money just to buy an egg  :D

If the electricity price is really cheap... what about mining?

Well, the price has gone up since that picture got taken, so now it would take even a whole lot more of papers stacked up in horizontal position to fit the equivalent in Bitcoin within a picture :D
And wait until we are 1K+ again, then it will be pretty funny to see the equivalents in paper.

I think that in countries that money devaluation can be big and fast, bitcoin is good for savings, if you deposite your money in a bank, your money is loosing value, if you buy one bitcoin could be that when you need to redem to your local coin you have doubled your money.

Then I would be extremely happy for a half a years supply for almost nothing.
I bet he was smiling later after having a few.

Seems like a waste of time and money. Might as well bet it all on Bitcoin. It's insanely cheap right now compared to the total growth for potential and has more possibilities of changing the world than a country with an endless list of problems such as Venezuela where they will put you on jail if you disagree with the dictator in charge.

...

Venezuela apparently has been selling a big part of its gold stash (which is a pretty large 370 tonnes, or was...):

http://www.zerohedge.com/news/2015-10-29/venezuela-sells-billions-gold-repay-its-debt

They will have to sell more before too long, or else they will be unable to borrow.

Note that the New York banksters are perfectly OK with receiving gold as "money"!

gold is more true money than fiat currency.

fiat currency isn't money at all in fact.

Gold isnt money either, because it's hard to divide and it has fungibility problems due to forgery.

Bitcoin is the only money around that is both limited, representative of value, and the biggest / safest one out there.

Fiat currency is just a bank note which is = promises that cant be fulfilled.

All of them (fiat money, gold, dollar, yuan and other currencies) are used for trade stuff.
Flash back, i really salute with satoshi nakamoto who can turn their "digital stuff" into real money. (Satoshi Nakamoto is a group name, not only stand for 1 people)

Will come many altcoin too in future.
And when that happen.. Population of bitcoin users will reduced up to 40%

40% Bitcoin and 60% Altcoin.

Fiat money is crap.

Gold used to be currency, but now we have better technology. You are not using washing board instead of washing machine? Do you make a campfire in your room or you use an owen?

Bitcoin is superior technology and it is the real money in 21 century.


No thats not true, thats the lame excuse gold bugs say to demonize bitcoin as money.

We already have thousands of altcoins, and bitcoin makes up 89.022% of the total cryptocurrency sector:

Total Market Cap: $ 5,308,580,616
Bitcoin Market Cap: $ 4,725,833,968
http://coinmarketcap.com/all/views/all/

I can sorta see what I think he means.  Lets say hypothetically bitcoin was more "centralized" by huge mining corps and banks and it wasnt feasable to home mine alts could likely take a turn for the better and become more popular.  I'm not saying this is what will happen just my thoughts.  The beauty of cryptocurrencies is that anyone can create their own unique or cloned coin and if someone can bring value and utility/fungibility to their own coin it becomes a currency of value to whomever finds value in it.  Bitcoin is awesome but some might have reasons for an alt as their choice of coin. All in all yes a very high percentage of alts are just pump and dump coins,  but within the rubbish there are always little gems.  In my mind I cannot see bitcoin without alts or the other way around.

Yeah! It's funny to see how much cash you can get with 0,037 BTC.

If that stack was really $12 and not $120 then holy cow that's a really really bad economy

I cannot see bitcoin without alts or the other way around. And this is same with my thinking, in future there are will many new alts, and bitcoin users, probably will use alts too.

40% of all bitcoin users around the world will hold bitcoin and the other 60% will hold alts. Sorry for my bad post.  :)

Did you hear about zimbabwe currency before they change it to euro?

"The highest note to be printed in Zimbabwe was the $100 trillion dollar bill. It was worth as little as US$5 and could only buy two loaves of bread."

100,000,000,000,000 zimbabwe dollar is worth as 5 USD or 0.015BTC
I feel sorry about them.  :-\

https://i.imgur.com/hD6VD95.jpg

I have not seen this before.  I will need to research it.  That's crazy though! I can't believe this

Lol thats too much notes.. In my country 0.037 btc is settled up with only 2 notes.  :D

you can simply buy them on amazon.

http://www.amazon.de/Zimbabwe-Trillion-Inflation-Central-Bank/dp/B00U1ZMYGC/ref=sr_1_8?ie=UTF8&qid=1446274711&sr=8-8&keywords=trillion+dollar

i got myself one like a year ago.

That looks crazy for that type of country citizen. I guess he can create his own business with that amount of money in that country.
Bitcoin creates miracles. yes.

Just crazy. Here in Serbia 22 years ago was similar situation. On every 30 hour`s price`s was doubled.
http://www.telegraf.rs/wp-content/uploads/2014/04/20/500000000000_dinars-670x314.jpg
After that they made new one`s and this bill become a toy for kidds. I think I have it somewhere in the house, but who know`s where.

0.037 btc now are worth ($841 unnofficial exchange rate) 13.000 Bsf or $15.5

the  goverment increased the salary for 30% to reach Bsf 16.400, date 19 october. Now the minimun wage is $20 worth of 0,046, but compared to the inflation rate you know what i mean.



 

I'm surprised they actually still use that as their currency,  hopefully these kinds of places will come to use Bitcoin.  Anything had to be better than what they are using.

This is just a wee bit off topic, but Venezuela has some pretty sweet designs on their banknotes.  Too bad they're near worthless.  And yep, this is where bitcoin goes into a phonebooth, takes off its glasses, and changes clothes...

yea this is sweet  http://4.bp.blogspot.com/-Y5uOtDahP7w/VV-9nsIwPbI/AAAAAAAAA1Q/aybZDpjnRxU/s1600/cielo%2Brasdda.jpg

Haha, those are great.  I suppose if those notes are basically worth exactly the paper they're printed on, why not use them as a canvas?  And I say again, they are very nice looking bills.

Amazing. Well, the tale of inflation isn't that unfamiliar to us :-\

That shows how the government abuses their monopoly on money production ::)

holy f*ck! half a months salary! wow, thank you for sharing, i just learned alot!

Holy hell! does venezuala have safe places to live in nice
neighborhoods?  Is there golf courses lol. I may have to
look into this place

I am still looking to purchase a large amount of these bills at the black market rates if anyone is able to get ahold of them and ship them to the states.  There would be a nice payment to the person able to procure these for their efforts.

I read here (http://money.cnn.com/2015/02/20/news/economy/venezuela-economy-inflation/) that they had, I quote: "four exchange rates: two that the government uses to pay for its imports, the unofficial (black market) rate and a new one Maduro introduced Thursday." The article is from February 20, 2015, so the Thursday they're talking about is from February 2015 too.

I'm saying that because your chart is indeed very impressive and scary but when I tried to verify the information on ADVFN I found this (which actually compares euros to bolivar because I couldn't find USD/VEF on ADVFN, but that doesn't explain the gap between your chart and these anyway):
http://img110.xooimage.com/files/d/e/c/p-4de368d.gif

Now this chart is faaaaaaaaaar less alarmist. So far that it doesn't even seem like they're talking about the same thing (but they are). So, is it because they are based on two different exchange rates? And if so, how can they be so different? I mean it's day and night that we're talking about, here. The rate presented on ADVFN is still showing that the bolivar is losing ground, but the scale is much less frightening than on your chart.

Venezuela and Vietnamm seems to have the lowest value of their currencies in the world, for example 12 US Dollar equals to 270,384.00 Vietnamese Dong

I had no clue Venezuela was doing that bad. They could actually earn a months salary with a signature campaign  :D

Could someone tell me more info about electricity rate in Venezuela? in us $ please.

They need cryptocurrencies very badly in Venezuela. I doubt they will adopt it seeing the shape of the country right now.

Feeling like opening mines, amalref?  ;D

Yes, if there is a cheap electricity. :D
But mainly I'm interested in the exchange rate.
I would like to know if I'll be a millionaire in Venezuela: D

The only problem is how the community works. Crime could be very prevalent in the areas if there's not a reasonable way to get money and that could be a problem if you're particularly rich in Venezuela.

There's always that risk factor to it ;)

it's pretty cheap, there is one guy in the mining section, who is offering a renting service

then you have this useful thread https://bitcointalk.org/index.php?topic=1231822.0, the problem seems security, too much criminal going on there, maybe if you can build a subterrain thing that is well hidden...

You could actually be rich with a signature campaign but you can also get shot if you go there so i'd rather stay in my country where the value is lower than get shot in a country where life quality is bad

I would speculate that anyone from the USA or Europe who otherwise goes to Venezuela for other reasons could bring along some BTC with them (hardware or online wallet) and make some easy BOLIVARES in trade (so enjoy your steaks!), similar to what I hear people do when they visit Argentina.

More BTC in Venezuela is a good thing.  Good for someone bringing BTC there, and good for the local buyers who have some safety for their wealth.

*   *   *

I am not in a good position to comment, but I would *guess* that setting up a mining operation there would NOT be a good idea.  Crime and all (as pointed out above).  Venezuela even before Chavez/Maduro was always a higher-crime place than was widely thought.

i could try, but most of the couriers here wont let me send those amount of bills, or i guess i can figure how, anyway, i can find any amount of any type of banknotes, (bsf 2, 5 and 10 the lowest)il will send you a pm

 the crime is related to the area.i live 12 hours far away from Caracas, the center. The crime is more prevalent in the big cities, like Valencia, Maracay and Caracas.

Here is a relative safe place to live, i mean, the only bad this that happened our family has been one time my dad car got stolen while he was waiting for the door to open and other car that got stolen while a worker was driving but the police recovered the car thanks to the gps.

we are mining since middle of this year and we have never seen a electricity bill so i could say its free for us :D    i spend the most of the time inside my house while getting btc from our small family farm

He already edited it. That means minimum wage in Venezuela is $24. That is very shocking. Most people with jobs earn $100+ a day.

Well... Unfortunately this is the case for many countries around the world, not just Venezuela.

it will make difference when you are there already, the commodity prices and basic necessity. because if when you stay there, your wage might just as will be $24 depending on the kind of profession.
Certianly if you have a lot of USD before going there, you an enjoy the place, would definitely want to go PERU not Venezuela. Machupiccu is a great place to visit.

Peru is a great place to visit!  We go once or twice a year, we partly own an auto parts import company there.  Peru is one of the most interesting countries in the world...  Almost every corner of the country is interesting, and not just the Inca marvels at Cuzco and Machu Picchu.

Here is an example of a part of Peru that is EXTREMELY interesting, yet hardly anyone ever goes there:

http://goo.gl/VCbS5H

But, Bitcoin has almost NO presence there.  I have looked...  My guess is that because Peru has a free market in currencies (no controls), they do not NEED BTC as Venezuela and Argentina do.

I have responded to your PM, interested in working with you.

Thanks!

Wow I didn't even imagine one could live so well with just $100 over in Venezuela. I thought all the countries in South America are kinda developed or developing quickly. By the way, how is the safety of living in a big city like the capital? Can you go out of your house and take a walk and not fear of getting robbed or kidnapped?

If one could live well on $100 at a place like Venezuela, then I would definitely like to visit there as my earnings are definitely more than what they are getting in actual wages...

Good OP, hope to see Bitcoins used there completely and get $$$ vanished from there...

I would seriously reconsider this.. Venezuela is one of the most dangerous contries to live in at the moment. Lots of tourists get robbed or killed there for a few dollar.

If you value your life you better go to a more expensive country where a bit of cash doesn't draw a ton of attention.

The cost of living is connected directly to the standard of living. It`s not easy to go down, at least I will not like that. As someone mentioned there is not safe and people who has more money needs to put more in security.

Actually most people that have money in Venezuela end up leaving the country because what's the point of living there if you can leave? The murder rate is the highest in the world, poverty is rampant, there are lines of people waiting for basic needs like milk, eggs and toilet paper, it's pretty insane. If I had money, I would just leave.

in venezuela  is hard to live ... but is one of the best place on earth to mine bitcoin
so that is why i desided to set up a bit farm

Still 0.037 is half the minimum wage? then people trying to earn money online might be pretty profitable for people there.
Also that's allot of paper...

Seriously is minimum wage 24$ in Venezuela? That's lower than China and even African communities. It's not even 1$ per day. I know inequality is serious in the world but I can't believe the range is so far.
I wonder if anybody here is from Venezuela. They can earn 10x minimum wage even from the worst signature campaign. :D

So that's where all the Amazon rainforest goes...

I wouldn't go to Venezuela, anyway, after what I've heard. Being a millionaire is cool, but living like one without risking to get stabbed every second that passes is cooler, IMO. I'd rather stay poor in a safe country, really.

They can work very hard for a very low amount as $24 there, or they can join a signature campaign that makes them around $100 per month easily without much effort. The choice would be easy, right?

we have a mine with 30 s7 and the bill for energy is like 12$ per month
is  like free  this the mean reason to start mining here  ;)

the  idea of mining in venezuela is one of the best oportuinies here , i already have a small farm with 30 s7 and have some aod security metod like alarms  and video cam to keep the mine safe , and is ana anominus place

What the hell? So you could just live off bitcoin signature campaigns?:D

the minimun salary is like 12.000 bsf but with the black marquet $  is 800bsf x $  so the minimun salary is 15$

The inflation is reel in Venezuela.


It certainly looks like alot, but in reailty it's like, $30. Many notes does not mean many monies. It depends on the note's value, and in some cases, a multiple-dollar note might be worth a few cents. Just like Venezuela's case.

How is it that the value of your money is so little yet your electricity bill is too cheap? I thought it would be higher because purchasing power is too low. What is the source of energy in Venezuela?

electricity come from big hidroelectric and termoelecrtic plants   , venezuela have  alot of oil and that way the gurvement suplay almost free energy to the people )other way will be to expensive for the workers to pay

Oh I see, so you can really max the benefits in mining then unlike in our country which rely heavily on imported fossil fuel for energy. Our electricity is very costly. Mining plus exchange from dollars to your local money, you'll rake tons of money.

Holy cow... That's a freaking lot of money! Well... I agree Venezuela should adopt virtual currency because that's too much for $12. In my country, $12 is equivalent to 3 piece of paper money ;D (we are talking about quantities LOL )

I wonder how much cars and houses cost there. I also wonder exported clothings, food, electronic goods etc. cost there. We have 35$ air tax for cell phones for example, they can't even afford that. But if they have a decent internet connection they make fortune from internet.

can you tell me what is bsf ? as i googled for the venezuela currency and i found its abbreviation is VEF and one dollar equals 6.35 VEF only !

This is why I think it won't be somewhere like China, England, USA, Germany, etc. will be where bitcoin takes off. I think it will be in countries whose economies are starting to take off and whose currency/banking system is crap. If google ever succeeds in bringing the internet to everyone (I think they have some project where they are trying to make this possible?) just think of the possibilities that will continue to explode online. I look forward to seeing 20 years from now how bitcoin and other digital currencies change the world we live in and give possibilities to people like never before.

This is true, but you have to remember that people DON'T have money. And also if you were living there you probably won't be able to get enough money to leave and have a sustainable career. You're pretty much screwed.

The rich wouldn't be there anyway, right? Unless they had huge amounts of protection and lots of people hired by them, of course.

Proves how bad fiat is, once again.  ;)

Depends on your country. If you live in the US and your wage is in US dollars you can travel anywhere with a little money. If you are from one of the undeveloped countries life is harder, as we see in Venezuela example.
If you earn Bitcoin online, it's better you live in an undeveloped country. Your reel income is better than anyone else.

If you have dollars, holidays in Venezuela is a very good idea.

Even for someone comming from Europa with Euros, Venezuela would be cheap holidays whatever is the flight prices. And when I said cheap holidays, it also means that you will live like a king there 8).

I don't think that it will be a good idea. First of all, crime rate is quite high nowadays in Venezuela. And also, very few of the locals speak English fluently. Another issue is that you have to stand in long queues (4-5 hours) to get even the basic supplies from the local supermarkets. And there are other issues as well, such as the lack of quality medical care.

If you want to taste national crisis at its finest then you may try to spend vacation there. Believe me, living and even being a tourist in a country with internal problems like major inflation, problems with purchasing basic goods like groceries, an increase of crime in never a good choice. You will be better visiting a country like Egypt right now where there are high chances of ISIS terrorist attack - than Venezuela.

As for the bitcoin - I heard that governments of south american countries are against it and will probably ban every crypto just because it is hard to control cryptomarket.

I understand the main point here but photo is not tell everything. For example you can have 1 USD banknotes for 10000 or you can have 100 USD banknotes for 100. That's the same money. It's matter of perspective, but value is the same.

You are right, even in developing countries would let you live with ease if you are earning somewhere around BTC0.3 - BTC0.5 at current market rates...
It's an easy life and many are living on Bitcoins I guess, at least I am one of them... :)

You are both right. what I said what really simplified. Indeed, if we compare both Egypt and Venezuela, these country are similar in all aspects except the crimes rate (even if ISIS now puts pressure on tourism confidence over Egypt). Nonetheless, the difference between these two countries is that tourism is the first source on income for Egypt, whereas Venezuela generate more revenue with oil. Thus, even if Egyptians suffer from poor living conditions, the latter will not or less likely have conditions on foreigners than in Venezuela.
I have been in Egypt once, and even with crime issues, problem with purchasing basic goods like groceries, etc. believe me you won't feel that staying ou your cosy hotel.

Its a matter of the dollar's price in the black market...

bfs is bolivar fuerte just like the vef is the same   ..and the 6,35 vef x 1 $ is the guverment  exchange control the ral value is in the black market  check it http://imgur.com/sWtaQPi

That is just absolutly crazy, and a terrible waste of paper printing all that shit, its has less intrinsic value than goat shit, at least it burns......

By look of it seem like you have milions

due to the higher price you can get that amount of fiat money for less than 0.03 btc, right now as it is worth $12. it's insane how low in value certain fiat currencies are. glad that there will never be more than 21 million bitcoins.

Wow, thats so screwed up.
Is bitcoin official there yet?

O god, I really never heard of inflation problem in Venezuela, but I never knew that the minimum wage in Venezuela amounts to only $ 12, so if the maximum wage reaches $ 24? ;D
and hopefully bitcoin can take this opportunity in Venezuela.

i doubt they have good infrastructure to welcome bitcoin, also too much criminals there, it would be a stealing fest

that's why their fiat is toilet paper basically

Inflation there is huge apparently, They are only second to Zimbabwe's millions bills :P

if I go there with $200 I would get laid like theres no tomorrow. how do you live with $20? how do their pay for spotify? some people dont have life.

...

There's no doubt that Venezuela is in deep...  As mentioned above, if there is now way to get good work (for good money, enough bolivares to either get dollars or WAY enough to get rationed food), then most ARE stuck there with no good way to make their lives better.

Two thoughts though:

1)  Yes, Venezuela has a very high crime rate, but if you are young & speak Spanish (and tough & wary), you may be able to enjoy a vacation there for cheap.  Venezuela has good steak (or did when I was there over 15 years ago).  The women are pretty, and may be more friendly to "gringos" now, they kind of disdained Americans when I was there (too many chasing them?).

2)  Any Venezuelans here at bitcointalk can earn pretty good BTC with a Signature Campaign!  Even the less than or equal of BTC0.035 per week by bitmixer means MORE to a Venezuelan than to an American...  OK, it may be hard to "cash in" BTC there, but many in Venezuela know someone in Miami.......

Venezuela is linked to the oil price which hasnt been this low for a decade or more.  Meanwhile the dollar is worth far less now then it was previously so its a double loss for them, suffering financial loss both from Washington politics and the Saudi oil flood.   Neither condition will exist long term but its enough to wash out the innards of weak countries in favour of outside powers, this represents the oppisite of the governments politics which is nationalism.  So basically we are seeing a failure of everything Venezuela relied on.    

Negative as it is, it demonstrates why bitcoin could be useful independence for many people in many nations from dollar influence and even from wider global issues such as cheap oil or cheap goods from China wiping out local labour and industry concerns.   Ive no idea if Venezuela has an internet structure but it'd very useful right now I think

Is there a safe place where i could build new mining farm? If yes,please post here link to google maps thanks :)
Where to exchange BTC/VEF ?
~0.03$ / kWh is pretty good :)

oh wow thats a lot of money just think what it would be if the price would go much more up

...

I just realized something else about that many bolivares valued at just BTC0.037.

bitmixer.io (http://bitmixer.io) pays up to 0.035 per week in their Sig. Campaign if you max out the 50 posts (which I have yet to do, close though).  That's roughly $15.00 at current BTC prices.

A Venezuelan in their campaign could make almost that WHOLE set of bundles of bolivares (OP's picture).  Each week.  The mind boggles...

Hyperinflation, as we can now see with our own eyes, is a killer.

I am wondering if there is a list with all the countries where you need a little bit of money to live very well. You could buy a vacation house for example and enjoy yourself for quite some time every year.

Venezuela really needs to get their act together. They can't go around paying people with this. It is a disgrace.

My friend's there travelling. He's definitely having a good time with these exchange rates ;D
It is always great to travel to places where high inflation..

I have friend from Venezuela that is living around ten years in Spain. One day i ask him to go for holidays there.. he answered me that to survive there i have to looks like homeless (i have blonde hair) but even it will be risky for me.
He show on my sunglasses and said that for something like that someone can kill me there..
After reading this stories here i believe him more..

I think in there, there's no spotify. Soo, you have to listen to radio or download the music.

If you bring $200 you can live in a cozy hotel and great food.

Wow, now i want to go to venezuela

I don't know if live could be that great.After a while the locals will know who the owner of this house is.
A foreigner with money! The people will beg you for a bit of money as soon as you start to go out in the streets.
When you're gone they will break into your house and steal everything which could be useful.

Yes this is a likely situation but I was thinking more about a small not luxurious villa or a bungalow where you could spend some time in the summer. Obviously one would spend his/her time with outdoor activities and exploring the country. This is simply to offset the cost living in a hotel for example.

That a massive amount of money,somebody can tell me how much ia that in venezuela currency?
And i wonder,is there many countries who have same problem?i think i'm going to venezuela and bring $100 ;D

That look like a lot of money. It may not be much to western countries but if you can get by with that in your country, it is a lot.
Seems like there's a huge economic gap between certain countries.

yeah with soemone shooting at you from behind at any time

there is a high activity of criminals, there i won't go there no matter how much is low cost the life there

I watched a documentary about Venezuela, and life is there really difficult.People are literally fighting for life every day.One of the more profitable types of earnings is smuggling fuel to Colombia,which is very dangerous, but it can make good money.I saw a story about people who have moved into a huge unfinished apartment building and there even start a small manufacturing facilities.With so many desperate people it is a very dangerous country to live.

That is incredible to see in that form.  This clearly indicates that Bitcoin is a solution to this! Thank you for sharing this and putting it into a deeper perspective.

:D I see the double meaning. Life is low cost in what you pay for living there but life is low cost, you can be killed for nothing.

I would not risk something immense valuable like my health or even my life only for some weeks of saved money.

Hire some bodyguards :D problem solved :D https://i.imgur.com/yisndlb.gif

http://i.telegraph.co.uk/multimedia/archive/02953/bodyguards_2953631b.jpg

HAHAH

https://ip.bitcointalk.org/?u=http%3A%2F%2Fi.imgur.com%2FG66dIi2.gif&t=560&c=zhuX-0QFllktUA

holy crap you must need a huge wallet! lol

How do you carry it all around when you need to buy something large? impossible to
fit in a wallet / purse.

Man, if the Venuzvalen government prints anymore money they will be paying more for the paper than the value it holds ;D

Why does the government not print larger values onto each bill like this:

https://upload.wikimedia.org/wikipedia/commons/3/3e/Zimbabwe_%24100_trillion_2009_Obverse.jpg

It would be easier carrying around.

That is one of the problems of governs that print money without control, the value of the products go up, and your money decrease as fast as new printing of higher notes. In this countries you can have very high value notes (with a low real price). Or big amounts of notes that cost more to print than its real value.

Seems an historic image from Weimar republic, or the thrillion dollar banknote from Zimbabwe.
I hope venezuela people could improve the btc adoption more faster then other countries.

I can only say wow,, it was a lot of money to me, whether it looks very much for them? if you have money to many like it in dollars, not in doubt, you can become a millionaire  :o

I could imagine the Venezuelan economy nowadays rely on other currencies, such as the US dollar or even on barter deals in the population. Maybe there are some other local South American currencies which are beeing used in Venezuela.
This is a good example of what hyperinflation gets you.

These banknotes look like strip club money. :D
Is there a strip club culture in Venezuela too?
I'm sure a lot of countries have similar thing with the smallest banknotes. Our range is 200 for example. Smallest banknote is 1 unit and the biggest is 200 units.

Holy....so much toilet paper.

Well seeing all the problems that Venezuela has right now I doubt their concern is about bitcoins, give them time and yeah they might adopit bitcoin but definitely not faster than other countries.

it was like a pile of money is worth it, if I had money to many like it here, maybe I can buy a new car for my family, but I guess there can not be much money to buy a car   :(

Sex and drug must be pretty much rampant on there. When an economy is wrecked, people will do whatever it takes to get a better life quality. For those of you considering moving to "live like a king" you are crazy honestly. Too many thugs and desperate people. You don't need to be rich, just a middle class guy from the western world must be a target for robbery there. I would rather stay broke in a safe country.

...

Ruh, roh...

"Venezuelan President Seizes Control of the Central Bank"

http://www.gata.org/node/16064

Venezuela is heading for even more of a disaster.  Maduro is either the last of the true-believers in Communism, or monumentally corrupt or BOTH.

I'm already a middle-class in a poor country. I don't think a country with highest crime rates is people's first choice to live like a king. There are better poor countries in Middle-East and North Africa. You can even be middle-class with only signature money from here in these countries. :D It doesn't have to be in Venezuela. Half of the world is living with poverty.

Venezuela might be saved from disaster if the political heat in the middle east continues to rise (since it's pumping oil prices). But it would be a short-term break from an economic disaster.

That's wrong. It looks like you didn't follow oil prices. It's 37$, which is one of the lowest in last years.
Even if oil prices rise that won't have big effect on Venezuela economy. Middle East oil companies still run the big part of business.

I buy you a car!  PM me BTC

Venezuela has become the nightmare country as they cant control the inflation,they are killing the people,imagine get a salary of 400 dollars then next month it reduces or increases once again because inflaction should impack these thing.

That can't be true. VENEZUELAN BOLIVAR exchange rate at the time when this post was made was 100 VEF to $15.74.The bill shown in this picture must be 1,000,000 VEF which was equal to $157,4 at that time
http://www.exchange-rates.org/Rate/VEF/USD/8-11-2015

i guess that's will really heavy if you carry by yourself and will not fit save into your wallet and i can't imagine if someone else have 10 bitcoin on venezuela i thought he will carry his money into his truck

It's like Belarus money a huge amount of paper but it worth so less. I think people should rework this cause it's not even comfortable to pay with this.

now that they arrested two guys there that were mining bitcoin, you can not even think that their government will adopt bitcoin i the future, so it will remain a poor country with a dictatorial regime

They have arrested them? Why, mining Bitcion is a crime there??

yeah apaprently it's seen as a crime https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/

which is terrible stupid if you ask me, they still conenct bitcoin with terrorist acts

Holy *censored*! That is a lot of money with just 0.037 BTC. Just imagine what kind of luxury life you will live in that country with just a couple hundred of Bitcoin, and it's amusing to know that participants of a signature campaign make a lot of money than their residents. LOL.

The rich will become richer while the poor will remain poor. Stupid, indeed.

wow, it's a lot of money. pity if it has little value. if I had that much money in my country, maybe I can buy a car with that money  :o

That really a lot of money but still its value is so less,if the value of that money is big then i would love to live in venezuela.

For these reasons governments were having strong regulations over the bitcoin usage and mining. In this case if it continues soon it will overcome their local currency.

...

Venezuela is now one of those candidate investments that Rothschild suggested looking at:

"The original quote is believed to be "Buy when there's blood in the streets, even if the blood is your own.""

(The above version (there are several versions of Rothschild's quote) here: http://www.investopedia.com/articles/financial-theory/08/contrarian-investing.asp)


Venezuela is not quite ready for such investments.  But, it may be at some point once Chavez/Maduro Socialism falls.  Any such investments would be risky.  But someone is likely to make a pile of money once the smoke clears in Venezuela (all that oil is not going anywhere anytime soon).

0.037 bitcoins same as half of the monthly minimum wage, damn. Actually OP's topic is 2015, and now it's 2016. Maybe it will decrease not like 2015, if yes, so i can earn minimum wage in Venezuela ;D

a real good article how the situation looks like in Venezuela at the moment:

https://translate.google.com/translate?hl=de&tab=wT&sl=de&tl=en&u=https%3A%2F%2Fwww.heise.de%2Fnewsticker%2Fmeldung%2FKryptowaehrung-Mit-Bitcoins-habe-ich-wenigstens-eine-Chance-4355908.html

Oh my god that's a lot of pieces of money. But even the pieces is a lot of money in the Venezuela I THINK THE VALUE OF THAT IS VERY LOW. Because there is some money in one country the value is very high. Im not looking to the pieces of the paper of money but Im looking for the value of the pieces of each money if it's very high or not. In dollars rate for sure the pieces of that is only few but high value.

this has been very severe in Venezuela. especially after they switched to cryptocurrency, there was a power outage for several days, this added to the country's difficulty to rise

think so much. well, the financial crisis does make a country's currency so difficult. I think the money is very difficult to carry. I might prefer to use digital transactions rather than holding that much money.

Anyone willing to sell any bolivars yet? What is the current black market exchange rate and I would love to get a few hundred dollars worth in low denomination bills.