Can bitcoin help rebuild Venezuela? - Darb Finance

[beerlover]

Why do we really hope bitcoin to save the country that is really at the bottom of the sea, why not use bitcoin as a prevention instead of construction from zero? I mean if you ask me bitcoin should not be something that should save an already destroyed country like Venezuela but it should be something to use so you do not become like Venezuela.

What do you think will happen to all countries in the world? You think the economy will not get worse and worse? Look at how our financial system is leveraged, it is totally unsustainable and we will keep getting those 2008 type of crisis over and over again until the system is actually stopped and changed to something else. A country that is purely bitcoin based would be safe from all of this and would never become like Venezuela at all.

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[indrakusumaindra]

Why do we really hope bitcoin to save the country that is really at the bottom of the sea, why not use bitcoin as a prevention instead of construction from zero? I mean if you ask me bitcoin should not be something that should save an already destroyed country like Venezuela but it should be something to use so you do not become like Venezuela.

What do you think will happen to all countries in the world? You think the economy will not get worse and worse? Look at how our financial system is leveraged, it is totally unsustainable and we will keep getting those 2008 type of crisis over and over again until the system is actually stopped and changed to something else. A country that is purely bitcoin based would be safe from all of this and would never become like Venezuela at all.

well we still not sure about the value of bitcoin and if you think using bitcoin to make a stable value i do think its absurd. Lets think about why boulevard are loosing value on the first place. I think the economy in venezuela is full of fraud and it makes the value of the money down and also they can even control the inflation. Venezuela bankrupt cause they only have one big resources income which is oil and when oil price drop they are rekt and its impact to the value of the boulevard.

[Harlot]

Nope. I have seen an article where the inflation in Venezuela is so extreme that even other currencies and other commodities such as the U.S. dollar and gold are still affected by the inflation. Venezuela have started accepting other fiat currencies in their country hoping that it won't be affected by inflation but still it failed. Reuters reported that its not due to the Bolivar's devaluation but because the goods in the country are becoming more scarcer and scarcer. You can read the full article here.

[Sirait]

in my opinion, the cryptocurrency like Bitcoin is very capable of rebuilding Venezuela, the Venezuelan government took advantage of the profits obtained from Bitcoin to buy gold as their country's foreign exchange reserves so that the Venezuelan economy rose again. I really hope the economic and political conditions in Venezuela improve.

[YOSHIE]

Venezuela, one country that is currently hit by the worst economy that has so far been afflicting,
This American neighbor has become a public concern that is very concerned by all countries.
For Bitcoin itself to boost the Venezuelan economy, it is very thin if it is adjusted to the country's currency, because bitcoin is currently traded with the currency of each country, for one bitcoin it needs one sack of Venezuelan money, so in my opinion it is very difficult to groweconomy of Venezuela.

[mersal]

Not only in Venezuela it is going to to protect people from the inflation all over the world and it is going to happen in the near future like less than 10 years. Many productions says that people will convert into digital currency payment and it is going to be decentralized the chances of Bitcoin is going to rule the world in the future is high.

[justdimin]

I think the best part about bitcoin and Venezuela is that it can be an example to whole world. If Venezuela somehow gets out of this mess they are in thanks to crypto currency then other countries with the same problem but not as big may start to use it as well.

I mean not just bitcoin but they are building their own currency as well, oil is priced in dollar everywhere around the world, if they decide to sell it via Petro the crypto currency they print then they can just sell it to whoever they want and not sell it with their own national currency and make Petro more loved by other countries (forced to love to buy oil) and that is how they can come out of this mess. If other countries with problems on their currency used this tactic after that and go out then whole world may do the same.

[hatshepsut93]

Bitcoin's economy is insignificant on a large scale of things - people like comparing Bitcoin's marketcap with marketcaps of various companies, but it doesn't tell us anything about Bitcoin's ecosystem, and this ecosystem is actually tiny, because so few people use it as a currency, most of Bitcoin's economy is just exchanges, gambling and darknet markets. So, connecting a wrecked country to Bitcoin's economy won't solve any problems.

[Lightsource]

Bitcoin can help a lot of the citizen maintain the price of their savings. But what Venezuela needs is good leadership. Believe it or not Chavez wasn't that bad. He had his vision, his plans, and so knew how to execute it. Maduro, he doesn't have his own vision, but more than that he's incompetent and corrupted.

[Schirer]

It could but the main problem is the political situation.
If the political situation in this country remains the same, uncertainty , corruption , greed dominates over peoples voice , then no crypto will help this system.

[bettercrypto]

    It can really help since their money have zero value already and USD was banned  which is not useable at all so they prefer to use bitcoin , indeed they are buying 16 thousands  BTC to circulate Venezuela and establishments and Mall are accepting it for payment .

i don`t know if your opinion will hundred percent works. In fact, I have doubt with it because Venezuela is a country not a province. In some point, bitcoin might become their tool in order to stop the inflation. But I think that is not enough. They really need to borrow a money from other countries or so called, foreign loan. In that case, they can easily stand again their economy.

[Carreuh]

Venezuela is now a country that has a very devastated economy due to massive inflation, but if the government wants to improve the economy of that country with bitcoin this might be possible even if it is not very effective because bitcoin has a big risk but also has great results.  the government is really focused and confident about bitcoin so this will help their declining economy a little

[pokeronlinestatus]

My question is how is the Bitcoin going to be of help to the Venezuelans? Is it of help to those who are poor or only to those who are rich in that country? Cause I’m very sure that all those poor people in that country cannot be able to afford buying a Bitcoin… even an average person there might find it very difficult to buy Bitcoin. So my question is how is Bitcoin going to be of benefit to them? I don’t even see a way that would be possible… Except for those of them that are rich, it would be a method for them to earn more money and add to their wealth.

[MTL4]

Anytime you have a country where the confidence in government has collapsed (Venezuela, Zimbabwe, Weimar Germany, Argentina, etc) it will also collapse the economy using that currency even if there may be significant resources in the country which might otherwise have it flourish.  When money changes hands, it is the speed at which it changes hands that implies a healthy economy and vice versa.  When the currency collapses the speed of exchange drops to catastrophic levels doing serious damage to the economy. On top of this the government killed the free market (by trying to price fix everything, never works because business just flees the country). In order to counteract this, people in that country will adopt outside currencies not only to preserve wealth but also to maintain some ability to do business.  Bitcoin falls squarely in this category as something that is easy to transport and holds its value well (although it's very volatile to use as money).  Maduro has created some sort of centralized oil pegged crypto (which will likely fail miserably since the government could just as easily cancel the peg at any time, not to mention it's centralized so the gov't controls it).  Venezuela will improve in the future (bitcoin will be a small part of it) but not until free markets return.

[Indamuck]

Not sure if any of you are familiar with an online video game called Runescape but Venezuelans have flocked to that game in mass in order to farm video game gold and sell it for real money.  They make much more farming gold, up to 10x the amount than they would make working a regular job in their economy.

[Pab]

Bitcoin can't help that case . Only people can do that
Venezuela is owned by military junta .It is always very hard to overcome any regime
Regime will always like to keep wealth for them self
Venezuela is rich country because of oil but people are poor because of regime
It is the same like in a case of Africa Nations countries
 

[serjent05]

Bitcoin can be a tool yes, but I think the people who are governing the country have the responsibility and capability to rebuild Venezuela.  Remember it is not Bitcoin that runs the government, it is their elected officials that runs and implement programs that can develop the country. 

[Renampun]

I think Bitcoin can't help rebuild Venezuela, the most vital problem facing Venezuela is politics in their country. it will be very difficult to improve the economy in Venezuela if the political temperature in their country is hot.. homework for heads of state and government in Venezuela is to improve the political temperature in their country, then after that Bitcoin might help a little to rebuild the economy of their country.

[jonaire99]

Restore peace and order first before building Venezuela. Bitcoin might help rebuild the country if the government legalized it to become a legal tender in their transactions. Bitcoin can only help people or their citizens in their financial need on a limited basis. The whole nation will still depend on an effective leadership that can bail out Venezuela from its present misery.

[Sithara007]

Does anyone knows anything about Petro, the cryptocurrency that was created by the Maduro regime? I wanted to check the market cap and trade volumes, but there is no entry for this coin at the coinmarketcap website. There is a listing for PetroDollar (XPD), but I guess that one is a different altcoin. I am surprised because there was news that Petro is being actively used to evade sanctions.