This is how 0.037 Bitcoins looks like in Venezuela

[btvGainer]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

Absolutely.When their currency has been devalued so much,prices are bound to go high

[gentlemand]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

Absolutely.When their currency has been devalued so much,prices are bound to go high

Goddammit. There go my get rich quick plans.

[wxa7115]

With a such rate (even the higer is still cheap), starting a company there is really a good idea.

Why?  They don't really have anything of value to give you in exchange for your goods or services.  And it would be crazy to keep any assets in their currency.

Workers seems to be cheap comparing to other countries. Plus in case of something like Bitcoin your money come from the rest of the world.

Unless some other form of currency takes over the hyperinflating one there, it wouldn't be smart to do any business there.

I wouldn't think many people there are able to spend much time researching into bitcoins when they're struggling to survive with their dead economy there.

No the plan is : your fund your company there. You build a factory that produces something, let's say spoons. They manufacture it. Then you sell it in country where you make a profit and then you pay your workers 2x the average salary. In the country where you sell it it's nothing, so you still make a profit.

Well the problem with that plan, is that the Venezuelan government can take everything away from you, and not pay you a dime. That’s why foreign investment is very low in Venezuela.

Venezuela seems to have a very high corruption, so if someone doesn't want you to settle, with a couple of bucks, he can make the government seize everything you have. In fact that's a big problem. So I now I think it's a bad idea.

Don’t worry, it happens the same to me all the time, I have an idea and I think it’s the greatest thing since sliced bread and then I realize it’s not, so there’s no problem.

[Pt0x]

This is the story of a guy that lived one month in my country (Venezuela) with 100€.

http://www.vice.com/es_mx/read/chicas-drogas-y-autos-vivi-un-mes-como-rey-en-venezuela-con-solo-un-billete-100-euros?utm_source=vicetwittermx

It's written in Spanish but try to translate it with Google.

I can say that I'm happy to be a bitcoin miner over here .

[ANdr0id]

This is the story of a guy that lived one month in my country (Venezuela) with 100€.

http://www.vice.com/es_mx/read/chicas-drogas-y-autos-vivi-un-mes-como-rey-en-venezuela-con-solo-un-billete-100-euros?utm_source=vicetwittermx

It's written in Spanish but try to translate it with Google.

I can say that I'm happy to be a bitcoin miner over here .

From the pictures he doesn't look to happy. 
Looks like he either works in a bottle depot or he has to return his bottles to make some money on the side to be able to fly back home

[Pt0x]

This is the story of a guy that lived one month in my country (Venezuela) with 100€.

http://www.vice.com/es_mx/read/chicas-drogas-y-autos-vivi-un-mes-como-rey-en-venezuela-con-solo-un-billete-100-euros?utm_source=vicetwittermx

It's written in Spanish but try to translate it with Google.

I can say that I'm happy to be a bitcoin miner over here .

From the pictures he doesn't look to happy. 
Looks like he either works in a bottle depot or he has to return his bottles to make some money on the side to be able to fly back home

He bought all those beers (238 Total) for just 10 euros. Just to make his point.

[anthonycamp]

well geting to zinbabwe its a bit more even like trillions of their currency thats why we all use dollar there but 12 dollars a month i imagine a house to buy there must be like 3000$ a good apartment.

[Pt0x]

well geting to zinbabwe its a bit more even like trillions of their currency thats why we all use dollar there but 12 dollars a month i imagine a house to buy there must be like 3000$ a good apartment.

Not Really. if you seek in http://www.tuinmueble.com.ve/ and use https://dolartoday.com/ exchange rate, in no time you will find out that  apartments prices in Venezuela are adjusted just as fast as the rate of inflation. Crazy right?.

Turns out that every smart company with Venezuelan FIAT over here would end up buying real state assets to protect their wealth from inflation.

[RealBitcoin]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

Absolutely.When their currency has been devalued so much,prices are bound to go high

Goddammit. There go my get rich quick plans.

You can still buy a truckload of it, pray that they stop printing, and one day that truckload of money will be worth billions of $$.

Venezuela might discover cure for cancer, gold synthetization machine, or nano assembly lines that might boost the GDP enormously and make it the richest country on earth.

But if not then you just wasted your money

[TastyChillySauce00]

the inflation was really insane , thought it will becoming like zimbabwe ,its very annoying to bring 5kg of money just to buy an egg  

[salmion]

If the electricity price is really cheap... what about mining?

[thejaytiesto]

Well, the price has gone up since that picture got taken, so now it would take even a whole lot more of papers stacked up in horizontal position to fit the equivalent in Bitcoin within a picture
And wait until we are 1K+ again, then it will be pretty funny to see the equivalents in paper.

[Raimonn]

I think that in countries that money devaluation can be big and fast, bitcoin is good for savings, if you deposite your money in a bank, your money is loosing value, if you buy one bitcoin could be that when you need to redem to your local coin you have doubled your money.

[ANdr0id]

This is the story of a guy that lived one month in my country (Venezuela) with 100€.

http://www.vice.com/es_mx/read/chicas-drogas-y-autos-vivi-un-mes-como-rey-en-venezuela-con-solo-un-billete-100-euros?utm_source=vicetwittermx

It's written in Spanish but try to translate it with Google.

I can say that I'm happy to be a bitcoin miner over here .

From the pictures he doesn't look to happy. 
Looks like he either works in a bottle depot or he has to return his bottles to make some money on the side to be able to fly back home

He bought all those beers (238 Total) for just 10 euros. Just to make his point.

Then I would be extremely happy for a half a years supply for almost nothing.
I bet he was smiling later after having a few.

[pereira4]

But you still have to spend the same ratio as the amount's worth...you can't just convert into their currency, come back, and be rich

Absolutely.When their currency has been devalued so much,prices are bound to go high

Goddammit. There go my get rich quick plans.

You can still buy a truckload of it, pray that they stop printing, and one day that truckload of money will be worth billions of $$.

Venezuela might discover cure for cancer, gold synthetization machine, or nano assembly lines that might boost the GDP enormously and make it the richest country on earth.

But if not then you just wasted your money

Seems like a waste of time and money. Might as well bet it all on Bitcoin. It's insanely cheap right now compared to the total growth for potential and has more possibilities of changing the world than a country with an endless list of problems such as Venezuela where they will put you on jail if you disagree with the dictator in charge.

[OROBTC]

...

Venezuela apparently has been selling a big part of its gold stash (which is a pretty large 370 tonnes, or was...):

http://www.zerohedge.com/news/2015-10-29/venezuela-sells-billions-gold-repay-its-debt

They will have to sell more before too long, or else they will be unable to borrow.

Note that the New York banksters are perfectly OK with receiving gold as "money"!

[zimmah]

...

Venezuela apparently has been selling a big part of its gold stash (which is a pretty large 370 tonnes, or was...):

http://www.zerohedge.com/news/2015-10-29/venezuela-sells-billions-gold-repay-its-debt

They will have to sell more before too long, or else they will be unable to borrow.

Note that the New York banksters are perfectly OK with receiving gold as "money"!

gold is more true money than fiat currency.

fiat currency isn't money at all in fact.

[RealBitcoin]

...

Venezuela apparently has been selling a big part of its gold stash (which is a pretty large 370 tonnes, or was...):

http://www.zerohedge.com/news/2015-10-29/venezuela-sells-billions-gold-repay-its-debt

They will have to sell more before too long, or else they will be unable to borrow.

Note that the New York banksters are perfectly OK with receiving gold as "money"!

gold is more true money than fiat currency.

fiat currency isn't money at all in fact.

Gold isnt money either, because it's hard to divide and it has fungibility problems due to forgery.

Bitcoin is the only money around that is both limited, representative of value, and the biggest / safest one out there.

Fiat currency is just a bank note which is = promises that cant be fulfilled.

[StevenLiang]

...

Venezuela apparently has been selling a big part of its gold stash (which is a pretty large 370 tonnes, or was...):

http://www.zerohedge.com/news/2015-10-29/venezuela-sells-billions-gold-repay-its-debt

They will have to sell more before too long, or else they will be unable to borrow.

Note that the New York banksters are perfectly OK with receiving gold as "money"!

gold is more true money than fiat currency.

fiat currency isn't money at all in fact.

Gold isnt money either, because it's hard to divide and it has fungibility problems due to forgery.

Bitcoin is the only money around that is both limited, representative of value, and the biggest / safest one out there.

Fiat currency is just a bank note which is = promises that cant be fulfilled.

All of them (fiat money, gold, dollar, yuan and other currencies) are used for trade stuff.
Flash back, i really salute with satoshi nakamoto who can turn their "digital stuff" into real money. (Satoshi Nakamoto is a group name, not only stand for 1 people)

Will come many altcoin too in future.
And when that happen.. Population of bitcoin users will reduced up to 40%

40% Bitcoin and 60% Altcoin.

[RealBitcoin]

All of them (fiat money, gold, dollar, yuan and other currencies) are used for trade stuff.
Flash back, i really salute with satoshi nakamoto who can turn their "digital stuff" into real money. (Satoshi Nakamoto is a group name, not only stand for 1 people)

Fiat money is crap.

Gold used to be currency, but now we have better technology. You are not using washing board instead of washing machine? Do you make a campfire in your room or you use an owen?

Bitcoin is superior technology and it is the real money in 21 century.

40% Bitcoin and 60% Altcoin.

No thats not true, thats the lame excuse gold bugs say to demonize bitcoin as money.

We already have thousands of altcoins, and bitcoin makes up 89.022% of the total cryptocurrency sector:

Total Market Cap: $ 5,308,580,616
Bitcoin Market Cap: $ 4,725,833,968
http://coinmarketcap.com/all/views/all/