[2018-08-30] Venezuela Shatters Bitcoin Trading Records With 500,000,000 Bolivar

[eternalgloom]

https://bitcoinist.com/venezuela-bitcoin-500000000-bolivar-week/

Data source on https://coin.dance/volume/localbitcoins/VES (If you don't want to read the article)

Interesting to note is that new regulations will come into effect, forcing citizens to notify their banks when they are traveling abroad.
Banks also have to reveal IP addresses of customers who access their online banking from abroad.

Might make it more difficult to do fiat/crypto exchanges without the government noticing.

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[cr1776]

Every day Venezuela loses more control of their people - which is a good thing.  Anyone who trusts the socialists (or communists or fascists or any authoritarian/collectivist for that matter) has their head in the sand and will eventually lose whatever money they have in something the socialists are able to steal.

There is no such thing as a free lunch no matter how many times they claim there is even if it may have seemed like it in Venezuela 2 decades ago.  It took about 20 years for the socialists to take Venezuela from being a prosperous country that was reasonably free to a hell-hole where people are starving and have to flee the country to survive.  

The people of Venezuela were sold - and then bought when they elected Chavez - a bill of goods.  I hope (but doubt) that other countries will learn from this and not go down the road to socialist slavery.

[Slow death]

It is very sad what the people of Venezuela are suffering. there is a lot of poverty, people are fleeing from venezuela to other countries and the government is only worsening the situation. What irritated me the most was seeing the news that Maduro is asking for the Venezuelans to return to their country, but Maduro is not creating good conditions so that his people can live well in their country. It would be enough good faith on the part of the leaders of venezuela so that its people lived very well.

[BitHodler]

people are fleeing from venezuela to other countries and the government is only worsening the situation.

If that isn't enough, Venezuelan refugees (that are suffering badly already) are being treated like shit in neighbour countries.

It's sickening how there isn't more understanding and respect when it comes to dealing with these people in a humane way. Animals are being treated better than Venezuelan refugees, which is far beyond insane.

I saw news coverage where a mother was left alone in a neighbour country with her kids and no money to do anything. The only thing she had with her was a near empty back pack and the clothes they wore.

Imagine how bad the situation would be if there wasn't such a thing as Bitcoin. It's people's only way to freedom and less barbaric torture from criminal governments. What's happening in Venezuela is a modern form of genocide.

[monocolor]

500,000,000 Bolivar is how much US dollars? it's only about $2000. So this title is very misleading, lol

[squatter]

500,000,000 Bolivar is how much US dollars? it's only about $2000. So this title is very misleading, lol

The story is clickbait. It's trying to feed into that narrative that economic crisis is good for BTC adoption. The reality is that Venezuelans want USD.

And I would expect new [bolivar-denominated] volume records. After all, the government devalued the bolivar by 95% just a week or two ago. That means it took 95% less trading to reach the previous volume record.

[magneto]

https://bitcoinist.com/venezuela-bitcoin-500000000-bolivar-week/

Data source on https://coin.dance/volume/localbitcoins/VES (If you don't want to read the article)

Interesting to note is that new regulations will come into effect, forcing citizens to notify their banks when they are traveling abroad.
Banks also have to reveal IP addresses of customers who access their online banking from abroad.

Might make it more difficult to do fiat/crypto exchanges without the government noticing.

If you switch the figures on coin.dance of the trading volume on Localbitcoins from Venezuelan Bolivars to BTC, you will see the whole picture.

The fact is that trading volume is not increasing at least on localbitcoins, in terms of BTC terms.

I honestly don't know whether this is because of the fact that Venezuelans simply can't afford to buy more BTC due to depreciation of their fiat currency, general disinterest, or their government wanting to push their centralised crypto.

Squatter raises a valid point, that most venezuelans most likely only want USD. It doesn't give BTC any less credit, imo, as it is the currency allowing them to do so.

[squatter]

If you switch the figures on coin.dance of the trading volume on Localbitcoins from Venezuelan Bolivars to BTC, you will see the whole picture.

The fact is that trading volume is not increasing at least on localbitcoins, in terms of BTC terms.

I honestly don't know whether this is because of the fact that Venezuelans simply can't afford to buy more BTC due to depreciation of their fiat currency, general disinterest, or their government wanting to push their centralised crypto.

Squatter raises a valid point, that most venezuelans most likely only want USD. It doesn't give BTC any less credit, imo, as it is the currency allowing them to do so.

I'm not even sure the minimum wage is equivalent to $1/month anymore. Between the erosion of the bolivar and massive capital flight to safety, there just isn't much money left for speculative assets like BTC.

Also, if you have BTC in Caracas, do you really want to sell it for bolivars?!

Venezuelans need stability more than anything. I figure they're not looking an asset that can make them money. They just want to put their money into something (like USD) that won't lose half its value (or worse) overnight.