This is how 0.037 Bitcoins looks like in Venezuela

[valentinabressanutti]

Yes, is very f*cked the situation here. 

A week ago, a woman stabs an old woman to stole her a package of diapers (That she bought doing row by hours) , that happened in a supermarket near my house.

A few years ago wasn't so insecure like now... 

So sad, but this will only get worse, people won't change... 

[OROBTC]

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.

[fluturash]

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 ...

[SimpleIn]

Good topic! I like.

[OROBTC]

Yes, is very f*cked the situation here. 

A week ago, a woman stabs an old woman to stole her a package of diapers (That she bought doing row by hours) , that happened in a supermarket near my house.

A few years ago wasn't so insecure like now... 

So sad, but this will only get worse, people won't change... 

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.

[mookid]

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

[bolivarcoin]

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/

[OROBTC]

...

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.

[OROBTC]

...

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

[wxa7115]

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/

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

[bolivarcoin]

Congratulations To Bolivarian Socialism: Venezuela's Inflation Rate Is 808%

http://www.forbes.com/sites/timworstall/2015/08/28/congratulations-to-bolivarian-socialism-venezuelas-inflation-rate-is-808/

[OROBTC]

Congratulations To Bolivarian Socialism: Venezuela's Inflation Rate Is 808%

http://www.forbes.com/sites/timworstall/2015/08/28/congratulations-to-bolivarian-socialism-venezuelas-inflation-rate-is-808/

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.......

[DebitMe]

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.

[knowhow]

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.

[jeffthebaker]

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

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.

[OROBTC]

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

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...

[Sapholard]

thats really a lot

[lexuz]

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

 0.37 Bitcoins o almost 12 Us$

>>>>

>>>>

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.

Sorry, i made a mistake when posting,

ITS 0.037 BITCOINS, 12 us$
HALF OF MINIMUN WAGE

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

[Q7]

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.

[joksim299]

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

 0.37 Bitcoins o almost 12 Us$

>>>>

>>>>

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.

Sorry, i made a mistake when posting,

ITS 0.037 BITCOINS, 12 us$
HALF OF MINIMUN WAGE

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

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