Venezuela - communists are falling, so might btc

[BurgerCash]

Due to rampant inflation/corruption in Venezuela, quite a substantial percentage of the population had chucked their investments into btc.

Looks like the political problem might be resolved shortly, if it does btc will fall if currency controls are relaxed and the population feel more comfortable.

Expect a 15/20% fall as a result.

I don't see myself celebrating a psychopathic government that forces men to hunt rats on the streets to feed their families just because they will buy my bags and pump my gambling coins.
I'm extremely happy about Venezuelans and hope that political change does indeed happen. Hopefully Russia and China don't intervene like they've announced.

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[kryptqnick]

Due to rampant inflation/corruption in Venezuela, quite a substantial percentage of the population had chucked their investments into btc.

Looks like the political problem might be resolved shortly, if it does btc will fall if currency controls are relaxed and the population feel more comfortable.

Expect a 15/20% fall as a result.

I agree with gentlemand that Venezualans probably don't own enough money to make a difference. Bitcoin's daily trading volume is currently 5 billion dollars. Bitcoin is mainly traded for USDT and USD. Fiat curencies that matter here are those of the main Asian countries (China, Japan, South Korea). There could probably cause a 15-20% fall if they acted together, but Venezuela is a very poor country. Moreover, I don't think that politicial issues that have been going for a while there can really be resolved shortly, as you say.

[stompix]

@OP I don't know why you are focusing on a small country. Small economy countries won't affect the world economy too much. I'm more worried if the top-20 countries by GDP collapse. Moreover, historically, the 3rd world (or developing) countries never became the technology driver. Technology adoption always came from the developed countries first.*

*CMIIW

Because every damn time anything worth mentioning in the news is happening somebody finds a way to link it to a new bull or bear run for BTC, no matter how far fetch and stretched and packed and unpacked it is.

The average wage is 5$, 5 (five) f-i-v-e dollars a month!!!!!
There are currently ~ 20 million left in the country with less than half of them working.

How could they ever influence the price or what you have to drink or smoke to imagine it is beyond me.

Well not since the internet was removed, but prior to that, lots of the population bought btc from foreign exchanges for various reasons. Suspect this money will be repatriates soonish.

Yeah, cause it is so damn easy for a guy in Venezuela to send a wire to a bank in hong kong.
Especially since the wire fee is about 5 monthly wages.

[Slow death]

Due to rampant inflation/corruption in Venezuela, quite a substantial percentage of the population had chucked their investments into btc.

- What is the percentage that each person bought in bitcoins?

- What was the value that each person bought in bitcoins?

Looks like the political problem might be resolved shortly, if it does btc will fall if currency controls are relaxed and the population feel more comfortable.

even if Guaido proclaims himself president of venezuela, unfortunately Maduro still has support from the military, the judiciary and the police. he has control of many things, this problem will not be solved so soon

Expect a 15/20% fall as a result.

 

[cellard]

Looks like some people are under the delusion that some appointed guy in a suit self-proclaiming itself the president of Venezuela suddenly solves the fiat clusterfuck crisis. Even if it's backed by big nations, you have to be naive to not see that US involvement is mostly due they seeing a nice set of resources to take from Venezuela. I want to make it clear that im not supporting the socialist shithole delivered by Maduro, but neither im deluded enough to not see that USA doesn't really care about the people suffering there, they just want the oil and gold. Now if the side effect of all this intervention is positive it's yet to be seen. My main point is, the underlying fiat weakness is still there no matter how many times the presidents are switched around, so I don't see how any of this doesn't fall into a case of permabull Bitcoin long term regardless of outcome.

[Artemis3]

Looks like the political problem might be resolved shortly, if it does btc will fall if currency controls are relaxed and the population feel more comfortable.

even if Guaido proclaims himself president of venezuela, unfortunately Maduro still has support from the military, the judiciary and the police. he has control of many things, this problem will not be solved so soon

Guaido did not proclaim himself, he was proclaimed by the National Assembly, the Legislative branch that Maduro decided to outlaw because he and his group feels omnipotent to do anything they please. The so called "support" is eroding faster than the bolivar, precisely because Maduro thinks the economy is only for imperialist pigs or something.

The situation is deteriorating fast, because many countries recognize Guaido but not Maduro, for example the United States. Maduro in anger just ordered all US personnel from the US Embassy out of the country, but the US gov. refuses to comply because Maduro is illegitimate and lost the authority to dictate Venezuela's foreign policy. In fact, diplomats from various countries are already presenting credentials to Guaido.

So what is Maduro going to do now, attack the embassy? Good luck with that... You will see how truly thin is this "support" Maduro really has. His government is falling to pieces, and he himself is accelerating the process. There are rumors the military might turn at any moment, and the police is a joke, more like a band of criminals in uniform. Oh and the judiciary? Those appointed to the supreme court by him and the 2nd in command? They simply obey because they themselves have criminal records. It is a gang, with boss, lieutenant, tugs, etc.

Whatever happens in Venezuela the effect on bitcoin is ZERO, the OP is wrong.

[andypagonthemove]

Some good points in this thread. And some pretty bad ones.

[Viceroy]

I thought that Venezuela was doing ok with its crypto? Before all those political nonsense has begun it demonstrated a good attitude to crypto in general. Hope they'll cope with it.

[Artemis3]

I thought that Venezuela was doing ok with its crypto? Before all those political nonsense has begun it demonstrated a good attitude to crypto in general. Hope they'll cope with it.

The "political nonsense" started years ago (arguably decades ago), it was only slowly getting to boiling point. Precisely because of this nonsense (socialist economy) the local fiat was thrown in the garbage, and people desperately sought for ways to survive, one way is crypto.

After things change, i think people will remember fondly about true crypto (Bitcoin) and be positive for future legislation. While the current illegitimate government made a facade of a crypto, and also made a facade of being "crypto friendly" (they aren't, just to their close "friends"), it turned out to be a huge disappointment. A state backed ICO scam.

[cellard]

Irrelevant since 100% of Venezuela trading goes OTC on Localbitcoins (well maybe not %100 since I think there are some marginal exchanges but anecdotal volume)

Due to rampant inflation/corruption in Venezuela, quite a substantial percentage of the population had chucked their investments into btc.

- What is the percentage that each person bought in bitcoins?

- What was the value that each person bought in bitcoins?

Looks like the political problem might be resolved shortly, if it does btc will fall if currency controls are relaxed and the population feel more comfortable.

even if Guaido proclaims himself president of venezuela, unfortunately Maduro still has support from the military, the judiciary and the police. he has control of many things, this problem will not be solved so soon

Expect a 15/20% fall as a result.

 

Guaido seems like the textbook US-appointed actor to take over another oil-filled country. But nontheless Maduro is a nutcase, he said the help that was being sent to Venezuela (food and other basic goods) were poisoned or cancerous, the situation is just insane, I don't see good outcomes. Maduro will not give up, is probably going to end up like Gadafi. Venezuela will become another US colony, but overall life quality will probably rise so most people will not care.

[pawanjain]

I don't think that if Venezuelan public will start selling all their bitcoin's at once. There are many reasons as to why this will not happen.
If at all the political problem get resolved, we are not sure that it will even create an impact on bitcoin's price since the Venezuelan dominance over bitcoin is not so great.
Besides that bitcoin's price is already low so do you think people will start selling all their coins at such a low price when they bitcoin can grow so huge in a short time.