Price of bitcoin in bolivars

[subwoofer12]

Is this formula a good way of determining the spot market price?

DolarToday * Bitstamp

Code:

793.10 * 238.6

1 BTC = 189,233 VEF

Although the price on LocalBitcoins is somewhat lower 164,712 VEF (Caracas average)

[GermanGiant]

Use this => http://preev.com/btc/vef

[unholycactus]

I'm confused, isn't 189K VEF around 28K USD?
So unless I didn't understand something, this can't be the right exchange rate.

[subwoofer12]

I'm confused, isn't 189K VEF around 28K USD?
So unless I didn't understand something, this can't be the right exchange rate.

The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD

Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html

[unholycactus]

I'm confused, isn't 189K VEF around 28K USD?
So unless I didn't understand something, this can't be the right exchange rate.

The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD

Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html

Very interesting, so it seems like the government has a strong control on the "official" currency rate?

[Possum577]

Yes, if you want your spot price marked in Bolivars (which you do, obviously). The conversion is simple -> BTC : Dollars : Bolivars

[christycalhoun]

Local exchangers in venezuala will most likely prefer to do transactions in USD since their currency is pretty much garbage.

[pilscoop]

I've seen in Facebook groups like "Bitcoin Venezuela" that they use BitVen as reference http://www.bitven.com/, which is basically the conversion at DolarToday's rate (https://dolartoday.com/)

[subwoofer12]

I've seen in Facebook groups like "Bitcoin Venezuela" that they use BitVen as reference http://www.bitven.com/, which is basically the conversion at DolarToday's rate (https://dolartoday.com/)

It looks like they're using the same formula that I came up with. I'm still curious which of these three is most accurate:

BitVen
LocalBitcoins
SurBitcoin

[subwoofer12]

I'm confused, isn't 189K VEF around 28K USD?
So unless I didn't understand something, this can't be the right exchange rate.

The official exchange rate 1 USD = 6.35 VEF, but in reality the actual rate is several hundred bolivars to 1 USD

Here's a good article explaining this: http://www.tripadvisor.com/Travel-g294324-s601/Venezuela:Banks.And.Money.html

Very interesting, so it seems like the government has a strong control on the "official" currency rate?

The government is in denial and will not admit their currency is failing. This is why the rich in Venezuela have most their wealth invested in real estate.

Another interesting article http://www.bloomberg.com/news/articles/2015-05-17/in-land-of-200-inflation-mastercard-s-business-is-doing-great

MasterCard recently tried an unconventional hedge to protect the value of those bolivars. It took out a bank loan in local currency and then used the cash to buy property, whose value is typically set in dollars in Venezuela.

[OROBTC]

...

And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela.  It is not clear to me what is happening there.

But, I would certainly be curious to know how the outage is affecting BTC price there in Venezuela.  If their .gov is able to keep their citizens from using BTC services, that is not good for them (nor for longer-term confidence in Bitcoin).  If the Venezuelan people are able to keep trading in BTC and Bolivares, that is good.

Maybe this is a test-case, an interesting example to watch...

[subwoofer12]

And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela.

The Venezuelan government is known for their censorship, more people need to learn about pluggable transports.

[neutraLTC]

...

And elsewhere there is discussion of various BTC sites being cut-off by CANTV today in Venezuela.  It is not clear to me what is happening there.

But, I would certainly be curious to know how the outage is affecting BTC price there in Venezuela.  If their .gov is able to keep their citizens from using BTC services, that is not good for them (nor for longer-term confidence in Bitcoin).  If the Venezuelan people are able to keep trading in BTC and Bolivares, that is good.

Maybe this is a test-case, an interesting example to watch...

CANTV attempted to block the popular website DolarToday by blocking access to cloudfare, also blocking most sites that use cloudfare. Source: https://d3d5dz3e9kyqan.cloudfront.net/confirmado-cantv-y-conatel-bloquean-medio-internet-para-sacar-dolartoday-del-aire-sin-exito-aqui-la-prueba/

[bigchirv]

Is this formula a good way of determining the spot market price?

DolarToday * Bitstamp

Code:

793.10 * 238.6

1 BTC = 189,233 VEF

Although the price on LocalBitcoins is somewhat lower 164,712 VEF (Caracas average)

There's also sites like BTCParalelo and BitVen that gives you also the price. You should check those.

The 1st one uses Coindesk * Dolartoday, which I think it is also a good price calculation.

[Betwrong]

Is this formula a good way of determining the spot market price?

DolarToday * Bitstamp

Code:

793.10 * 238.6

1 BTC = 189,233 VEF

Although the price on LocalBitcoins is somewhat lower 164,712 VEF (Caracas average)

If you are going to sell your BTC just because of this situation:

http://www.newsbtc.com/2015/10/01/venezuela-reportedly-blocking-bitcoin-websites/

I suggest you to not do it. Bitcoin will rise and  Venezuelan government will fall and you will win. Just relax, don't panic mate. Relax and wait. Governments like this have no future.

[mookid]

As a Venezuela who buys bitcoins almost weekly for saving purposes, i can suggest you to look at the rates of surbitcoin, it's the only bitcoin exchange in Venezuela, particulars who sell bitcoins in the local facebook group typically use that rate (maybe a little lower to sell them quickly). Anyway, prices varies daily because our currency (VEF bolivars) gets devalued every day due to inflation.
Our economy is fucked up.

[subwoofer12]

As a Venezuela who buys bitcoins almost weekly for saving purposes, i can suggest you to look at the rates of surbitcoin, it's the only bitcoin exchange in Venezuela, particulars who sell bitcoins in the local facebook group typically use that rate (maybe a little lower to sell them quickly). Anyway, prices varies daily because our currency (VEF bolivars) gets devalued every day due to inflation.
Our economy is fucked up.

Maybe you can help answer some of my questions 

What do you think is causing the inflation? Is it being caused by socialism?
Is it true DolarToday and bitcoin related websites are blocked?
Which is more volatile, bitcoin or the bolivar?