Limit mining a new alt-coin to a specific country.

[Porcupine]

We understand your situation, just that Bitcoin IS the best answer.

I don't believe it's the answer for one simple reason.

There are not enough bitcoins offered at any premium in Venezuela, and even if there were, the dollar still would be a better option in the black market. So bitcoins are like antiques traded in secret for a high premium by geeks only. A healthy market can never fluorish under these conditions.

Personally, I would never buy a bitcoin unless I had to diversify my portfolio, in which case I'd buy dollars first for their liquidity, then gold, then silver, then bitcoins, then litecoins. All of them are hard to get, if not impossible. That's why I believe VEN-coins can take the number one spot.

Now let me ask you, would you sell your BTCs for bolivares? I can guess the answer.

Please excuse my stubbornness.

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[Stephen Gornick]

Now let me ask you, would you sell your BTCs for bolivares?

If I had plans to make purchases with bolivares, and I could get them at a 20% discount simply by making a trade, exchanging my Bitcoins locally for bolivares, then yes I would sell my BTCs.  This is presuming, of course, that I could buy or earn more bitcoins to replenish my Bitcoin position ... without having to pay such a premium.

So not every person needs to be able to convert bolivares to bitcoins.  There are some who have cash outside of Venezula but spend domestically -- so they would be wise then to buy bitcoins with those funds and trade those coins locally for bolivares.   Or take the example of the graphic designer who essentially has a service that can be exported.  The designer can ask the employer to pay using Bitcoin and offer a 10% discount even, and still come out ahead (in terms of the number of bolivares earned) if those coins can then be sold to a buyer who will pay a 20% premium.

[Porcupine]

If you take a dollar bill out of your pocket people will kill you to have it at any price (from 40 to 45 bolivares right now, far from the official 6.5) and still people don't come to venezuela with briefcases full of dollars, not because there aren't dollars, but because they wouldn't know what to do with bolivares.

If people don't do that easily with dollars, much less with bitcoins.

See a pattern here?

Bolivares are worthless for outside sellers in quantities large enough to start a parallel economy. Sure, a designer can charge in bitcoins and he will solely save his capital. But that is just a drop in the bucket. Still no parallel economy.

VEN-coins would be different (or so we hope) because sellers would be local (miners) and would spend their money in day to day consumption, in great quantities.

[QuantPlus]

Hi guys, we are designing a currency for Venezuela and we would like to know your insights about limiting the mining and trading to a specific country, in this case Venezuela. Is that a good idea or even possible?

The purpose is to mine and trade with venezuelan currency, which is 'bolivares', and since nobody in the world wants them and foreign exchange is restricted in our country it would be a good idea for venezuelan miners to get paid in bolivares so they can spend it for daily living while people buy the alt-coins for savings. So, slowly we change our shitty bolivares for XVEs and in a matter of years we may be able to start an exchange to trade XBTs for XVEs, you know, like in a real world monetary system (without govt intervention of course).

See, our currency just got debased 600% in one year and we are sick of government robbing us at gunpoint.

No, we can not buy BTCs (the main purpose of a world currency like BTC) because we have no access to dollars, euros, yens or whatever strong currencies and nobody takes our bolivares.

Believe me when I tell you we are fucked.

Ideas?

Dude, this is a good idea...
Pick the right Alt Coin with PoW/PoS.. like PPC or YAC...
Fork it, make it Spanish... and launch, baby, launch.

Just plan on lauching 2 coins...
A 1st test coin (3 months)... and your 2nd great coin (6 months).

Bitcoin is an Elitist California coin whereby Hipsters patronize the Third World...
Russia, China gonna have LOTS of regional coins... why not Venezuala?

When the Muslim Brotherhood launches a coin... the infidel Bitcoin will be left in the dust.

[Stephen Gornick]

Pick the right Alt Coin with PoW/PoS.. like PPC or YAC...
Fork it, make it Spanish... and launch, baby, launch.

I'll agree with that.   A straight PoW-based alt will get clobbered by a 51% attack if it starts getting used in commerce (and thus growing to have sufficient value to make it worth performing the attack) prior to having sufficient hashing capacity to reduce any economic benefit to performing the attack.

[Porcupine]

launch, baby, launch

The most inspiring words in the whole thread.

I'll spend a couple of days researching alt-coins to pick the most suitable and...

LAUNCH!


 

[MarioSPGroup]

LAUNCH!

I'm very interested in results of the thread after about one year. Has vencoin been launched? I can't see on vencoin.org?

[HeroCat]

It is may be possible if country have specific law to new crypto currency - then yes, it can be possible - otherwise - mining can be all over the world.

[Snail2]

If someone set up a pool in Venezuela then all your efforts will be in vain.