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Title: Price of bitcoin in bolivars Post by: subwoofer12 on September 28, 2015, 09:26:42 PM Is this formula a good way of determining the spot market price?
DolarToday (https://dolartoday.com/indicadores/) * Bitstamp (http://preev.com/btc/usd/source:bitstamp) Code: 793.10 * 238.6 Although the price on LocalBitcoins (https://localbitcoins.com/language/set_language_improved?language=en&next=/country/VE) is somewhat lower 164,712 VEF (Caracas average) Title: Re: Price of bitcoin in bolivars Post by: GermanGiant on September 28, 2015, 09:30:19 PM Use this => http://preev.com/btc/vef
Title: Re: Price of bitcoin in bolivars Post by: unholycactus on September 28, 2015, 09:42:02 PM I'm confused, isn't 189K VEF around 28K USD?
So unless I didn't understand something, this can't be the right exchange rate. Title: Re: Price of bitcoin in bolivars Post by: subwoofer12 on September 28, 2015, 10:15:27 PM I'm confused, isn't 189K VEF around 28K USD? So unless I didn't understand something, this can't be the right exchange rate. The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html Title: Re: Price of bitcoin in bolivars Post by: unholycactus on September 28, 2015, 11:12:46 PM I'm confused, isn't 189K VEF around 28K USD? So unless I didn't understand something, this can't be the right exchange rate. The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html Very interesting, so it seems like the government has a strong control on the "official" currency rate? Title: Re: Price of bitcoin in bolivars Post by: Possum577 on September 29, 2015, 07:26:07 AM Yes, if you want your spot price marked in Bolivars (which you do, obviously). The conversion is simple -> BTC : Dollars : Bolivars
Title: Re: Price of bitcoin in bolivars Post by: christycalhoun on September 29, 2015, 03:55:46 PM Local exchangers in venezuala will most likely prefer to do transactions in USD since their currency is pretty much garbage.
Title: Re: Price of bitcoin in bolivars Post by: pilscoop on September 29, 2015, 05:44:33 PM I've seen in Facebook groups like "Bitcoin Venezuela" that they use BitVen as reference http://www.bitven.com/ (http://www.bitven.com/), which is basically the conversion at DolarToday's rate (https://dolartoday.com/ (https://dolartoday.com/))
Title: Re: Price of bitcoin in bolivars Post by: subwoofer12 on October 01, 2015, 04:01:25 PM I've seen in Facebook groups like "Bitcoin Venezuela" that they use BitVen as reference http://www.bitven.com/ (http://www.bitven.com/), which is basically the conversion at DolarToday's rate (https://dolartoday.com/ (https://dolartoday.com/)) It looks like they're using the same formula that I came up with. I'm still curious which of these three is most accurate: BitVen (http://www.bitven.com/) LocalBitcoins (https://localbitcoins.com/buy-bitcoins-with-cash/627997/venezuela/) SurBitcoin (https://surbitcoin.com/en_US/#market) Title: Re: Price of bitcoin in bolivars Post by: subwoofer12 on October 01, 2015, 04:06:29 PM I'm confused, isn't 189K VEF around 28K USD? So unless I didn't understand something, this can't be the right exchange rate. The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html Very interesting, so it seems like the government has a strong control on the "official" currency rate? The government is in denial and will not admit their currency is failing. This is why the rich in Venezuela have most their wealth invested in real estate. Another interesting article http://www.bloomberg.com/news/articles/2015-05-17/in-land-of-200-inflation-mastercard-s-business-is-doing-great Quote MasterCard recently tried an unconventional hedge to protect the value of those bolivars. It took out a bank loan in local currency and then used the cash to buy property, whose value is typically set in dollars in Venezuela. Title: Re: Price of bitcoin in bolivars Post by: OROBTC on October 01, 2015, 07:13:24 PM ...
And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela. It is not clear to me what is happening there. But, I would certainly be curious to know how the outage is affecting BTC price there in Venezuela. If their .gov is able to keep their citizens from using BTC services, that is not good for them (nor for longer-term confidence in Bitcoin). If the Venezuelan people are able to keep trading in BTC and Bolivares, that is good. Maybe this is a test-case, an interesting example to watch... Title: Re: Price of bitcoin in bolivars Post by: subwoofer12 on October 01, 2015, 09:13:27 PM And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela. The Venezuelan government is known for their censorship, more people need to learn about pluggable transports (https://www.torproject.org/docs/pluggable-transports.html.en). Title: Re: Price of bitcoin in bolivars Post by: neutraLTC on October 02, 2015, 12:44:29 PM ... And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela. It is not clear to me what is happening there. But, I would certainly be curious to know how the outage is affecting BTC price there in Venezuela. If their .gov is able to keep their citizens from using BTC services, that is not good for them (nor for longer-term confidence in Bitcoin). If the Venezuelan people are able to keep trading in BTC and Bolivares, that is good. Maybe this is a test-case, an interesting example to watch... CANTV attempted to block the popular website DolarToday by blocking access to cloudfare, also blocking most sites that use cloudfare. Source: https://d3d5dz3e9kyqan.cloudfront.net/confirmado-cantv-y-conatel-bloquean-medio-internet-para-sacar-dolartoday-del-aire-sin-exito-aqui-la-prueba/ Title: Re: Price of bitcoin in bolivars Post by: bigchirv on October 02, 2015, 05:11:28 PM Is this formula a good way of determining the spot market price? DolarToday (https://dolartoday.com/indicadores/) * Bitstamp (http://preev.com/btc/usd/source:bitstamp) Code: 793.10 * 238.6 Although the price on LocalBitcoins (https://localbitcoins.com/language/set_language_improved?language=en&next=/country/VE) is somewhat lower 164,712 VEF (Caracas average) There's also sites like BTCParalelo (http://btcparalelo.com) and BitVen (http://www.bitven.com) that gives you also the price. You should check those. The 1st one uses Coindesk * Dolartoday, which I think it is also a good price calculation. Title: Re: Price of bitcoin in bolivars Post by: Betwrong on October 02, 2015, 05:52:39 PM Is this formula a good way of determining the spot market price? DolarToday (https://dolartoday.com/indicadores/) * Bitstamp (http://preev.com/btc/usd/source:bitstamp) Code: 793.10 * 238.6 Although the price on LocalBitcoins (https://localbitcoins.com/language/set_language_improved?language=en&next=/country/VE) is somewhat lower 164,712 VEF (Caracas average) If you are going to sell your BTC just because of this situation: http://www.newsbtc.com/2015/10/01/venezuela-reportedly-blocking-bitcoin-websites/ I suggest you to not do it. Bitcoin will rise and Venezuelan government will fall and you will win. Just relax, don't panic mate. Relax and wait. Governments like this have no future. Title: Re: Price of bitcoin in bolivars Post by: mookid on October 02, 2015, 07:26:07 PM As a Venezuela who buys bitcoins almost weekly for saving purposes, i can suggest you to look at the rates of surbitcoin, it's the only bitcoin exchange in Venezuela, particulars who sell bitcoins in the local facebook group typically use that rate (maybe a little lower to sell them quickly). Anyway, prices varies daily because our currency (VEF bolivars) gets devalued every day due to inflation.
Our economy is fucked up. Title: Re: Price of bitcoin in bolivars Post by: subwoofer12 on October 03, 2015, 02:16:04 AM As a Venezuela who buys bitcoins almost weekly for saving purposes, i can suggest you to look at the rates of surbitcoin, it's the only bitcoin exchange in Venezuela, particulars who sell bitcoins in the local facebook group typically use that rate (maybe a little lower to sell them quickly). Anyway, prices varies daily because our currency (VEF bolivars) gets devalued every day due to inflation. Our economy is fucked up. Maybe you can help answer some of my questions ;) What do you think is causing the inflation? Is it being caused by socialism? Is it true DolarToday and bitcoin related websites are blocked? Which is more volatile, bitcoin or the bolivar? |