to minero1 :
- how does investing in precious metals work in Venezuela ? caps, taxation ?
- was trying to understand the black market value of bolivars. Basically there are people willing to give away bolivars to get usd. Question is why ? Is there some products available only in USD ? or is it mainly for savings ? (abroad ?)
I am surprised hashing hardware would be expensive in Venezuela. Usually populist governments allows for free import of computer hardware because it is believed it helps education, business, blah blah.
You mean like saving in gold/silver? no caps, no legislation. But the VAT applies to it like it does to everything else.
Black market it is thriving because the oportunist merchants have an excuse to sell their goods at twice the price just by stating they DON'T buy imports at the official rate even when they do enjoy it making prices high enough for anyone to consider importing themselves and saving a buck, yes the black market rate is twice as high the official rate. And i think that answers why hardware is so expensive.
If i was to fly in with mining equipment what's the likelyhood of getting siezed/taxed/hassle? Also, what's the state of internet censorship over there? What's the penalty forblack market moneychanging? It's interesting to know. I also wonder what the moneychangers do with all thier bolivars once they have them.
100% likely to being taxed when nationalizing imports. 0% seized, BIG HASSLE. Maybe some penalties for excess power consumption if you are going big, i'm sure i'm gonna.
internet censorship?? haha that's only a US and China thing. Here, i don't think they even monitor the internet. But like in any other country (i assume) bitcoin is a grey area, not exactly legal but not ilegal either, if you get caught exchanging bolivars outside of the official channels you'll get fined by twice the amount you are exchanging/carrying, this is the most hypocritical law ever because the government is known to issue bonds and sell them at black market rates.
I prefer to not hold currency at all nor bolivars or dollars, i feel a lot better when it is invested