This is how 0.037 Bitcoins looks like in Venezuela

[Gyrsur]

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

[Swordsoffreedom]

...

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$.

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/

[mattiadeabtc]

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

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

[EternalWingsofGod]

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.

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

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

175 Quadrillion Zimbabwean Dollars Now Equals $5

HARARE, Zimbabwe — Zimbabweans will start exchanging quadrillions of local dollars for a few U.S. dollars next week, as President Robert Mugabe's government discards its virtually worthless national currency.

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

[acquafredda]

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

[lottery248]

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.

[aakashsangwan]

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.

[HeroCat]

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

[Hazir]

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.

[OROBTC]

...

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.

[kampretkabur]

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

[joust]

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

[thejaytiesto]

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.

[maku]

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

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...

[Harry Hood]

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

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?

[bolivarcoin]

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

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

[lottery248]

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

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.

[OROBTC]

...

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.

[Swordsoffreedom]

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

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




$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



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

[Wexlike]

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

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.