Can bitcoin help rebuild Venezuela? - Darb Finance

[guoyu78]

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.

This is the only way that I see Venezuela benefiting from cryptocurrency, at least it will help them add more money to their GDP if they use cryptocurrency to develop applications that people can makes use of, and use it to gather wealth from other countries. If I were them, I would also explore that area of gambling, because this session is really raking in so much money for countries where this gambling with cryptocurrency is situated.

Although even if they use cryptocurrency to generate money, they still have to put a lots of structures in place, I think their government too needs to work on their internal system that has been so corrupted which is one of the thing that led to their economy going down, so many areas needs to be tackled first before using crypto to generate money.

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[stompix]

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.

If there is any opportunity to get easy money, then quite a large number of people show themselves in these actions.  Who wants to work physically, If there is an opportunity to come up with something easier.

That's not easy money!
They stay glue to CRT monitor in unventilated rooms, doing the same task for hours after hours, getting up for only a few minutes until the day ends when their eyes can't hold anymore.

Yeah, earning money while playing sounds so nice but when you don't play for fun and when you start farming it's getting so damn annoying is worse than a regular job. I remember when I was playing Diablo 2 and I had to farm the bosses for keys to open the portal, it was so annoying to do the same thing over and over and over it took all the fun from the game.

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.

And you believed that crap?
You really thought somebody will buy those coins and use it to trade with a bankrupt regime?
Venezuela can ask to be paid in anything they want, the problem is that the market is full of oil and there is low quality so they are actually the ones looking for buyers. And when this happens is the buyer that puts the conditions.

Besides, sanctions are not working this way, avoiding sanctions is not smuggling oil.
Sanctions target the opposite party, you can buy with drugs, gold, coins yuans, it doesn't matter once you deal somebody on that list you're also in trouble and you will face the consequences.


Maduro is simply trying to force citizens to buy that crap as it's a clever way to print money with affecting the bolivar (for a while)

[Leyss]

No, Venezuela needs the restoration of the country's real economy and a change of money, even for cryptocurrency, will not solve anything. I read that President Maduro took out the country's gold and currency reserves with the help of Russia, and without him it would be very difficult to restore the economy.
As for the use of bitcoin by the population of Venezuela, then in social networks the most criticism of bitcoin comes from the citizens of Venezuela. Due to hyperinflation for the citizens of Venezuela, Bitcoin’s fees are too high and this causes their discontent.

[Argoo]

No, Venezuela needs the restoration of the country's real economy and a change of money, even for cryptocurrency, will not solve anything. I read that President Maduro took out the country's gold and currency reserves with the help of Russia, and without him it would be very difficult to restore the economy.
As for the use of bitcoin by the population of Venezuela, then in social networks the most criticism of bitcoin comes from the citizens of Venezuela. Due to hyperinflation for the citizens of Venezuela, Bitcoin’s fees are too high and this causes their discontent.

Yes, it's true. In order for Bitcoin to help restore the economy of Venezuela, for this you first need to eliminate the general crisis in this country, and above all the political one. There he is already so sharp that no one, even the best means of payment, will save this country. In my opinion, President Maduro does not cope with the situation there, he relies on force, many people are dying. It's horrible.

[South Park]

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.

If there is any opportunity to get easy money, then quite a large number of people show themselves in these actions.  Who wants to work physically, If there is an opportunity to come up with something easier.

To me that is not an example of people trying to get easy money, that is an example of people choosing an unorthodox way of making money since their economy is completely destroyed by the economic decisions of their leaders, I have always found incredible how politicians can destroy countries that are so rich and with so many natural resources, how they could crash the economy when they have the largest reserves of oil in the world? An effective politician could even find a way to run a small government just based on the oil profits and tourism.

[BitHodler]

I have always found incredible how politicians can destroy countries that are so rich and with so many natural resources, how they could crash the economy when they have the largest reserves of oil in the world? An effective politician could even find a way to run a small government just based on the oil profits and tourism.

Corruption. If the highest positioned politicians are in it, which they are in countries such as Venezuela, it happens almost as if it is natural. You either choose to participate or pay a hefty price for not participating.

The government there is one of the highest paying employers by far, so what is the alternative? Not many are brave enough to go against Maduro even if they don't agree with his way of "leading" the country.

In the western world you have so much more wealth and freedom available that it's hard to imagine someone would do that, but in these countries it's just the way it is. People are and will remain stuck in a shitty situation.

[fiulpro]

I think there comes two factors when we talk about Bitcoins helping Venezuela.

1. Government cannot control it
     Government can control the money supply , the banking system , they can shut down the major institutions, they can even ban the usage of Bitcoins but you can always make a personal wallet and trade person to person.

2.It doesn't depend on the economy
     Even if the economy goes down the fact that Bitcoins is based on investments makes it a major advantage for the people of Venezuela, they actually could easily be able to gain profit even if the market in Venezuela is not at a good state.

[Wolfwar]

Venezuela has a practical leading position on the ownership of deposits of oil reserves of our planet.  I think that my proposal is the answer to how Venezuelan citizens can solve all their problems.  The only problem of Venezuela is a vile, corrupt and deceitful government.  Their country is very rich, but it does not work for the good of its citizens.

[angel55]

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.

If there is any opportunity to get easy money, then quite a large number of people show themselves in these actions.  Who wants to work physically, If there is an opportunity to come up with something easier.

To me that is not an example of people trying to get easy money, that is an example of people choosing an unorthodox way of making money since their economy is completely destroyed by the economic decisions of their leaders, I have always found incredible how politicians can destroy countries that are so rich and with so many natural resources, how they could crash the economy when they have the largest reserves of oil in the world? An effective politician could even find a way to run a small government just based on the oil profits and tourism.

I think it is still better than hard physical labor out in the sun all day.  Grindy video games are very popular even though you just repeat the same task over and over.  If there was no onw to buy those vritual items in the first place they wouldn't be farming them.

[bitgolden]

Venezuela has a practical leading position on the ownership of deposits of oil reserves of our planet.  I think that my proposal is the answer to how Venezuelan citizens can solve all their problems.  The only problem of Venezuela is a vile, corrupt and deceitful government.  Their country is very rich, but it does not work for the good of its citizens.

Then I don’t think that they will ever have any solution to their problem, because when it comes to country with very high corruption rate, virtually 80 percent of their leaders are involved in corruption, so who is going to fight who? The only thing that suites all those corrupt countries, is either what happened to Ghana during the time of Jerry rollins, who killed all the corrupt leader happens in that country too, or better still, the creator of the universe comes to wipe those corrupt leader off the face of the earth.

So, long as those corrupt officials are still, in government, economy will always be bad, and the cryptocurrency that would have also help built for their economy will be used wrongly, because the only thing they will use it for it to launder and hide money with it.

[FrozenBit]

Will a country's economy depend on Bitcoin? Does this really happen?
In my opinion, no. Bitcoin is known as a deflation tool that makes money more and more valuable.
But one thing people need to keep in mind is that the whales are controlling the value of Bitcoin and can make it disappear at any time.
This is a great challenge for Venezuelans in investing in Bitcoin.
I think, they should only invest in real estate or gold. It will be safer for them.

[Wolfwar]

Why exactly cryptocurrency is needed to help Venezuela?  As far as I have information, this country has rather large reserves of oil.  I think that Black Gold would give every opportunity to improve people's lives.  It seems to me that first of all you need to talk not about the cryptocurrency for Venezuela, but about the change of power.

[daarul50]

I think for now bitcoin can be used as a temporary solution to overcome the economic crisis in the country. But, if bitcoin is used as the main solution then I think it will become an additional problem in the future because bitcoin is not a currency that can be used as a currency for a country.

[JohnBitCo]

I think for now bitcoin can be used as a temporary solution to overcome the economic crisis in the country. But, if bitcoin is used as the main solution then I think it will become an additional problem in the future because bitcoin is not a currency that can be used as a currency for a country.

If the Venezuela government  do not want to be dependent on the US  Dollar,  they can use of bitcoin in the country as a main currency.  If the Bitcoin is implemented  in a country it will really help in recovering from the economic crisis of the country.

[Jane2019]

Now they need peace as 1st thing, without it all financial reforms, aid and so on is just burning money. Bitcoin, or maybe rather non printing memory, is a great idea but it needs time and stable situation...

[iMark]

I think for now bitcoin can be used as a temporary solution to overcome the economic crisis in the country. But, if bitcoin is used as the main solution then I think it will become an additional problem in the future because bitcoin is not a currency that can be used as a currency for a country.

If the Venezuela government  do not want to be dependent on the US  Dollar,  they can use of bitcoin in the country as a main currency.  If the Bitcoin is implemented  in a country it will really help in recovering from the economic crisis of the country.

Its funny, first Venezuela does not depend on the dollar, and secondly how can you explain that when Venezuela uses bitcoin as a main currency then improves the country's economy?
the country's economy is bad because of many weak human resources, bad government, unsupportive geography, weak exports, and many other things. do you think bitcoin can help that?

[joelsamuya]

Bitcoin is certainly helping many Venezuelans mitigate the burden of the economic malady that descended the country ever since it was under the regime of the famous Hugo and even into the current administration of Maduro. The people suffered a lot and many of them left the country for good and many more are planning to escape the country to seek for greener pasture somewhere else.

The thing is that although Bitcoin can be of help, the solutions to the country's problems should start with the people. The people should decide that enough is enough and it is time for real change...real change that can come only when a new regime that represented the real aspirations of the people and their visions can come into power.

This is easier to say than do, I accept. Under a regime of a dictator, change of power is not that easy as elections can easily be rigged in favor of those in power. Still, am hopeful that the time is coming when real change can occur. Good luck and more to the people of Venezuela!

[SirLancelot]

Its funny, first Venezuela does not depend on the dollar, and secondly how can you explain that when Venezuela uses bitcoin as a main currency then improves the country's economy?
the country's economy is bad because of many weak human resources, bad government, unsupportive geography, weak exports, and many other things. do you think bitcoin can help that?

That is what they need to understand that cryptocurrency is just to help the payment system of the country while the blockchain technology entire could assist different part of their organization to run smoothly, but that is when the system has not been damaged as much as it is right now.

The thing that can help Venezuela is for them to adjust on those things that are listed there, most especially their government, and I think this issue should be as a result of bad government that they have, I learnt that the current president got there as a result of coup, so how do we expect things like this not to happen, when the leadership of the country is probably in the hand of someone who does not know anything much about how to run government.

[fenixosup]

Only right goverment there can really help to rebulid it. BTC may help but only a bit

[AjithBtc]

Venezuela failed in implementing the possible ways of bitcoin into the management in a perfect way. If this was executed in the stepped manner now the Venezuela economy could have got recovered to some level compared to the present situation that is prevailing within the country.