Bitcoin Forum

Raids on bitcoin miners? Shutting down the bank account of the local bitcoin exchange? People are using scales to weigh the national currency when they want to buy things? Maduro, the bus driver, is still somehow in power. WTF? Seems like Venezuela has devolved from a rich Latin American country known for producing oil, gold, and super models into some hellish version of a Spanish Speaking Zimbabwe.

Can anyone share their stories about what's happening in Venezuela? How much longer do we have to watch this shit show until Venezuelans reform their economic policies and kick out their failing dictator?

I would really like to travel and potentially invest in Venezuela but now really doesn't seem like a good time.

Venezuela was never a rich country. All the wealth of the country plundered. The Communist ideology that was embodied in life, Hugo Chavez was aimed at preserving his dictatorship.

If you look at the natural resources of Venezuela, it is mind blowing. They got huge deposits of Aluminium, gold and crude oil. And still, they are dirt poor. The only reason for that is the existence of rampant corruption among the elected officials.

Venezuela is going through rough times now, there are internal and external problems, but the country won't fail and it will not stay that way forever. With a huge oil reserve and minerals, the country has a huge potential.

I know that Venezuela is having huge deposits of crude oil. But most of these deposits are in the form of heavy oil, in the Orinoco basin. The cost of extraction is very high, and at current prices they are not economically viable for commercial extraction.

Venezuela has been in financial trouble for decades, mainly because it's leader tries to offend most of the richest countries in the world. Their currency is worth very little and ironically - most trade is done in US dollars. Anyone who is earning money will be targeted because the government makes so little. This won't change until they put a proper economic policy in place and the government stays out of private business.

It seems to me that the reason lies elsewhere. Whatever the cost of oil, but Venezuela has always been one of the leaders in sales of oil. It seems to me that the reason is that Chavez collaborated with the Soviet Union.

We do not know the main reason why these are happening to Venezuelan government. What I think is that bitcoin are being used in illegal trades and that is possibly the reason why the government and banks has done such actions. Other possible reasons is maybe the bitcoin miners are not paying tax or doesnt have the permit to operate. This are just opinions but it is also possible that the government doesnt want bitcoin in their country due to influence of third party. But I hope that the problems on bitcoin in their country will be solved as soon as possible.

I'm sure that now the ban on the circulation crypto currency is linked to the unwillingness of the government to track revenues and to levy their tax. The next step will be to deal with bitcoin because of the pressure on the currency market.

I wouldn't advise you to travel in Venezuela, or to invest money there.
Venezuela failed in political chaos and there is a lot political instability and violence there.
It's shame because Venezuela is very rich with natural resources, such as oil, but socialists government (or maybe it's better to say communist) destroyed this country.
Chavez died and nothing is left behind him, only chaos.

It seems to me that Venezuela is no exception. Wherever the country was ruled by the Communists there is a problem. Even in Russia itself, where a very large territory and many natural resources, people live very poorly. Communism is evil!

Visit and travel as a tourist. But do not invest. Because there is political instability.
Do not forget to visit Angel Falls. It's one of the amazing places I want to see.

Communism is the short answer the longer one involves why communism doesn't work in practise.. but yeah, mostly communism

Chavez nationalized most of the oil companies and kicked out the Western corporations. But the issue was that all the revenues were going to the state treasury, while the oil companies got nothing left for investing in the new projects. 

It is chaos there at the moment. The government there doesn't seem to be doing its job.