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Author Topic: How did Bitcoin save Venezuela?  (Read 1117 times)
Mr. Tan
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August 31, 2017, 01:13:47 AM
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And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.
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August 31, 2017, 08:42:35 AM
 #2

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.


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Seansky
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August 31, 2017, 08:56:32 AM
 #3

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.
Bitcoin didnt become a tool to rescue the people of the country of Venezuela, for sure some are working for bitcoin but not all people do that. All I can say is that bitcoin is not the solution to their problem for them to be rescued by it because even if they do exploit it, bitcoin will save only some people from hunger but once electricity's demand there goes up, price of it will go up too. Therefore, even if some are saved today, it is only temporary.
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August 31, 2017, 09:07:50 AM
 #4

Bitcoin represents innovation, progress an invention developed under capitalism in the private sector. Rather than a development made by the government or under a state funded program.

Communists/socialists hate innovation, progress and capitalism most of all.

This is the reason venezuela's oil rich economy has been driven into ruin and decay.

It would be great if bitcoin could save venezuela but under the current, repressive, regime which hates anything that isn't socialist that isn't likely to happen.

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August 31, 2017, 09:32:09 AM
 #5

It takes investment to buy decent machines for BTC mining.   If you're deep into poverty, you don't really have the choice to invest in thousands of dollars worth of mining gear.

Even if you did, you'd have to convert back into fiat (probably US dollars for relative stability) in order to buy everyday goods and pay your electricity bills.

I'm not saying that BTC can't be useful in countries with unstable fiat currency - it can - but not just as a device to ultimately make fiat money.  Once the situation in Venezuela is more stable, perhaps then people will start seeing inherent problems in the modern fiat currency system.

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August 31, 2017, 09:47:55 AM
 #6

Bitcoin can not save Venezuela, because economics problem in there so complicated and require government to handle it which they are struggling to do it. Bitcoin could save some people who already invested some portions of their wealth into bitcoin, as long as there are exchanges to convert bitcoin into VEF. Once more, bitcoin proven as reliable investment for everyone in short and long-term.

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August 31, 2017, 10:03:28 AM
 #7

Bitcoin is not God. He cannot restore peace and order in the country. Residents are to blame for what happened. And to solve their problems to themselves. Bitcoin is a reward that must be earned. He needs constant protection.

amaral1977
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August 31, 2017, 11:18:06 AM
 #8

Althout i´m not a very right wing liberal i´m far from being Socialist/comunist. So with that kind of government that proved so many times in history that is unable to deliver i don´t thin even BTC is going to save the country. However it can save or help individuals who start to use it.

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mnixxo
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August 31, 2017, 11:28:27 AM
 #9

Bitcoin cannot save Venezuela for sure. Venezuela´s economy is down and bitcoin can rescue it. IN Venezuela almost everything has to be changed. They must start from its goverment, change rules and so on.

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August 31, 2017, 11:45:23 AM
 #10

Bitcoin cannot save Venezuela for sure. Venezuela´s economy is down and bitcoin can rescue it. IN Venezuela almost everything has to be changed. They must start from its goverment, change rules and so on.

Yes, I agree with you. Bitcoin will not cure ailing economy of the country. And not every inhabitant of this country will agree to use bitcoin. People are wary of something new, much less a new one, which has many advantages

Dontme
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August 31, 2017, 11:52:16 AM
 #11

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.
Im not saying that I do not agree that Bitcoin can help a hundreds of life in the term of Poverty but in this case that Bitcoin save Venezuela is one of my curiosity why those people who are in that situation can actually getting connected into internet and got investment in bitcoin while they are experiencing the crisis? How come that they are still connected in bitcoin while they have low of transactions because of their economic problem. I think Bitcoin only help those who are interested but not the whole country if they are now rising again it is because of their government leadership.

TheCoinGrabber
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August 31, 2017, 08:28:08 PM
 #12

Haven't heard. Maybe possible but it would definitely be underground. With the fees and transaction time, I don't think bitcoin would be convenient to use for microtransactions there. The government seems to be cracking down on it so good luck having it exchanged to the already worthless fiat.

The only use I can think of for bitcoin is if the person would somehow be able to manage to sell all their properties and exchange their cash for bitcoins and then flee the country. At least they don't have to carry much and they can just have it exchanged later.

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

Hey, $300 is a huge amount of money, even here in my country that is not on the same level of economic collapse as Venezuela. If I can get at least $300 dollars a month, I'd be golden.
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August 31, 2017, 08:32:07 PM
 #13

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

bitcoin didn't save them... They are still having massive problems and issues with their currency not being worth anything.

I am sure some people wen all in on bitocina nd saved themselves, but they only have so much money to buy bitcoin ahead of time, they likely couldn't help themselves by much....



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August 31, 2017, 10:17:30 PM
 #14

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Also I've heard of cases in which police randomly decides to confiscate mining rigs, claiming that electricity costs are being subsidized not to mine or take advantage of it, but to instead  buy other products of first need. So in terms of government, this could be said that is 'illegal'; same way as if in another country you steal electricity to power you own rigs.

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Jully Bells
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September 30, 2017, 04:36:35 PM
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I think you live in Wonderland. The reason there is contraband is precisely because the government controls everything, from currency up to what gets in and out. Bitcoin means lack of control for the government, and they'll see that quickly once they see they can't stop it, issue it, or hoard it, so they will make it ilegal and call it an evil abomination of the empire. And the first thing that will happen is that your bank accounts in mercantil and other banks will be frozen.
The way Bitcoin will happen in Venezuela will be organic, it will be first out of us eventually convincing people to accept Bitcoin as a form of payment for remote work
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September 30, 2017, 04:47:37 PM
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Venezuela's situation is still complicated.
One of the reasons why bitcoin will save the world is IMF is an organisation that feeds rich with the blood of poor.

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September 30, 2017, 05:44:33 PM
 #17

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

I don't understand why you say there is nothing we can do about it. Chances are, a lot of us here work jobs and come to these forums to discuss Bitcoin or work in campaigns or sell things. With all of those money making ventures, we can donate money for the needy. If Bitcoin offers a platform for donation, we could all impact lives.

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September 30, 2017, 05:55:11 PM
 #18

Money exclusively doesn't save anything. It can make the situation better for a while, but without changing their minds that people will continue on the darkness for a long time yet. And if they think Bitcoin can save them from all their problems, well, rest in peace Venezuela...

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October 02, 2017, 09:38:49 PM
 #19

Maybe bitcoin is just quite a little help because not everyone uses bitcoin. And its a country and they have their government and maybe they needed a help from their co-united nation. And its not easy for bitcoin to give because you have to work on it

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October 02, 2017, 10:21:41 PM
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There have been many reports of people residing in Venezuela turning to bitcoin to protect themselves against the economic failures of the country's socialist government. Venezuelans have used bitcoin because the national currency, Bolivar has been significantly devalued. And citizens who use the currency are suffering with more than 1800% inflation. The enthusiast who detailed in Reddit that bitcoin was saving his family from hunger, and wanted to make this public for everyone to know the potential of the criptomoeda, and that in Venezuela can only be bought on the black market because it is not legalized.
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