[2017-09-28] In Venezuela, 1 Bolivar Now Equals 1 Satoshi

[iamTom123]

Venezuela’s Bolivar (VEF) is now worth just one satoshi as hyperinflation takes an ever deeper hold in the struggling country. The latest ‘exchange rate’ stems from listings for p2p trading platform LocalBitcoins Thursday, uploaded to Reddit by eagle-eyed community members.

The price per Bitcoin in VEF, which uses unofficial exchange rates a fraction of the government-sanctioned $0.10 per VEF, is currently around 104 mln. 2000%+ inflation At Thursday’s BTC price of $4,250, this makes one satoshi equal to one VEF at the unofficial rate - both are worth around $0.00004.

Taken from here...

What is happening in Venezuela is really sad because this is a country with lost of natural and human resources which can be utilized to make the economy vibrant, robust and strong. Sadly, the were into wrong leaders which adopted wrong policies isolating the country to become just another wasted basket.

I remember that their former president used to taunt the USA for many reasons and causes but now the curses have returned to the people...which is really an unfortunate one. This is showing us how bad leadership and wrong priorities can tremendously stifled a resource-rich nation.

[Kprawn]

You cannot buy anything with a single Bolivar anymore, so it does not really mean something. It just shows us what will

happen to Fiat currencies when governments gets involved. Their poor decisions are directly impacting the local currency.

The same thing happened with Zimbabwe and their corrupt government. {Robert Mugabe} ... Bitcoin's price is not immune

to bad political decisions {as we saw with the Chinese government} ....but it only has a short term influence and other good

political decisions, push it upwards again. 

[richardsNY]

I feel really sorry for the people there having to go through such difficult times. It's mind boggling that the government there is allowing this to happen. Sure, far lower income through oil isn't helping either, but what's the point of making people go through all of this? It clearly demonstrates how people there should have taken positions into Bitcoin far sooner. Instead of seeing the wealth they worked their entire life for is becoming worthless, they would right now be in a great financial position. I live in a modern country, but I have a large portion of my wealth already locked into Bitcoin -- you never know what's happening in the next few years.

[cr1776]

The “struggling country” language makes it almost seem like this is due to some natural disaster when in fact it is a man made disaster - totalitarian socialists, Communists, fascists et al have this as their end game. Enrich themselves while enslaving their country.

[darkangel11]

What is happening in Venezuela is really sad because this is a country with lost of natural and human resources which can be utilized to make the economy vibrant, robust and strong. Sadly, the were into wrong leaders which adopted wrong policies isolating the country to become just another wasted basket.

Just like many African countries. They are in a similar situation ruled by people who have no idea about making running a country and no interest in making them prosperous. They are only interested in filling their own pockets. Many countries are rich in resources and still poor because their government is corrupt.

I remember that their former president used to taunt the USA for many reasons and causes but now the curses have returned to the people...which is really an unfortunate one. This is showing us how bad leadership and wrong priorities can tremendously stifled a resource-rich nation.

Kim is doing the same thing. Taunting the West while his people are living in poverty.

[Slow death]

a pity that there are still people who support this situation, the press is censored, there is a lack of food and high crime. of course those who are on top of power do not suffer from food shortages and crime.

Just like many African countries. They are in a similar situation ruled by people who have no idea about making running a country and no interest in making them prosperous. They are only interested in filling their own pockets. Many countries are rich in resources and still poor because their government is corrupt.

I am African and I agree and to add the big problem of African leaders is the corruption, the son of the African presidents become very rich in only one year of mandate of their father as president

[Idaho]

Enrich themselves while enslaving their country.

Sounds like the ambition of the corporate capitalist world too. Increase profits, wealth and ownership for the selected few and reduce wages, costs, and social interference/political oversight.

[1Referee]

Perfect example of what's wrong with this world. Currently it's Venezuela, but eventually every fiat currency in the world will end up exactly like this; a status where the value of a single fiat unit has absolutely no value. Bitcoin offers a way to obtain financial freedom, and a way to escape this on debt based system, anyone not utilizing Bitcoin while knowing it's an available option, will have to accept to consequences of not having done so at a later point. Even the wealthiest countries in the world aren't exempt from going through the same difficulties at some point in the far future. It would be cool to see a picture of how much 1BTC equals in VEF paper bulk. I can remember having seen such a thread quite some time ago, but it was just 0.01BTC worth of paper bulk if I'm not mistaken.