Venezuela Breaks Bitcoin Trading Records with 500M Bolivars per Week • Hacker News Board

Re: Venezuela Breaks Bitcoin Trading Records with 500M Bolivars per Week

#11

Post by wyldfire » Thu, Aug 30, 2018, 2:34 PM UTC

mrtksn wrote: post #7

wyldfire wrote: post #6

Earlier quoted context omitted.

1143 BTC != 2000 USD From [1]: > They changed the color of the bank notes and increased their denomination. Then they said they would lop off three zeros. And when that didn’t seem enough, they announced they would cut off two more. [1] https://www.nytimes.com/2018/08/16/world/americas/inflation-...

500,000,000 Bolivars == 2012USD https://ibb.co/cDcbCp

The amount cited is 500,000,000 VES, not 500,000,000 VEF.

From [1]:

> The bolívar soberano (... ISO 4217 code: VES) is the main currency of Venezuela since 20 August 2018. Since that date, it has been due to replace the bolívar fuerte (strong bolívar, sign: Bs.F., ISO 4217 code: VEF) after a transition period.

[1] https://en.wikipedia.org/wiki/Venezuelan_bol%C3%ADvar

Re: Venezuela Breaks Bitcoin Trading Records with 500M Bolivars per Week

#12

Post by mrtksn » Thu, Aug 30, 2018, 2:42 PM UTC

wyldfire wrote: post #11

mrtksn wrote: post #7

Earlier quoted context omitted.

500,000,000 Bolivars == 2012USD https://ibb.co/cDcbCp

The amount cited is 500,000,000 VES, not 500,000,000 VEF. From [1]: > The bolívar soberano (... ISO 4217 code: VES) is the main currency of Venezuela since 20 August 2018. Since that date, it has been due to replace the bolívar fuerte (strong bolívar, sign: Bs.F., ISO 4217 code: VEF) after a transition period. [1] https://en.wikipedia.org/wiki/Venezuelan_bol%C3%ADvar

noted.

Re: Venezuela Breaks Bitcoin Trading Records with 500M Bolivars per Week

#13

Post by Jeff_Brown » Thu, Aug 30, 2018, 8:14 PM UTC

swaggyBoatswain wrote: post #9

I was having a conversation yesterday with someone from Venezuela. The new Soverign Bolivar is a weak desperate attempt at the Venezeulan government to combat runaway inflation with its normal currency, the Bolivar. Its inflation is just as bad as Zimbabawe, although devaluation isn't occuring due to moneyprinting, but rather low oil prices in 2015, which the Venezula economy mostly relied on. Its cheaper to use Boli…

Hyperinflation cannot, although inflation can, be the result of a change in commodity prices. Commodity prices are (to much less than an order of magnitude) constant worldwide, and Venezuela is far from the only economy overwhelmingly dependent on oil, but those others are not seeing triple-digit inflation rates.

Hyperinflation is the result of printing money.