This is how 0.037 Bitcoins looks like in Venezuela

[luciann]

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

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 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.

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[worhiper_-_]

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.

[RealBitcoin]

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

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!!

[RealBitcoin]

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

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 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.

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

[crazywack]

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

Post war Germany! Damn I need a stack!

[OROBTC]

...

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.

[Sourgummies]

That is a pretty cool picture the op has there.

[cjmoles]

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!!!!

[bojan92]

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

[vrm86]

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

[cjmoles]

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!

[lahm-44]

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

[pitham1]

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

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. 

[bryant.coleman]

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

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.

[OROBTC]

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

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...

[lorylore]

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?

[manselr]

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

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 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.

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

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.

[gentlemand]

Would like really to see and make a tour in Venezuela, with 100$ i could live good in a month or?

 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.

[lorylore]

Would like really to see and make a tour in Venezuela, with 100$ i could live good in a month or?

 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

[Inkvor]

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