Earlier quoted context omitted.
https://en.wikipedia.org/wiki/Reich_Flight_Tax
for people downvoting, what's the actual reason? >Fleeing with your money was not the problem.
Their implication was that the problem was fleeing with your life
Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
21–30 of 66 posts
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#22For crypto currencies, don't you need reliable electricity and internet first?
> don't you need reliable electricity Electricity is only needed to send a transaction. > and internet first You can send a transaction via sms.
> You can send a transaction via sms.
Any reason why the Venezuelan Government would continue to keep SMS BTC transactions live?
IIRC, Venezuelan Government owns all of the infrastructure: electricity, cell phone towers, and the like. They're a socialist nation IIRC, and would easily have the power to crush this option.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#23The government will make Bitcoin the same way illegal as US dollars. Then they can't easily control Bitcoin. Then they will increase prison sentences for owning Bitcoins and Bitcoin apps. Then they will not be able to control that. Then they will monitor the internet for bitcoin transfers. Then they will outlaw any encryption. Then they will send out undercover police who try to pay with Bitcoin. etc. No government w…
You forget to add A and B scenarios to your conclusions.... A) Criminals/Bitcoins-enthusiasts/elites leave the country for the next unregulated paradise. B) Criminals/Bitcoins-enthusiasts/elites overthrown the government due to strict policies regarding free trade. The government can't enforce a laws by itself it needs his citizens to abide by those rules.
The Venezuelan government killed [1] 163 people who believed in scenario B.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#24[deleted]
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#25I'm always a bit suspicious of articles like this that plug for specifically bitcoin versus cryptocurrencies as a whole. Many cryptos can help to fill the needs of Venezuelan citizens. Are we not talking about them since they won't make the author rich?
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#26The government will make Bitcoin the same way illegal as US dollars. Then they can't easily control Bitcoin. Then they will increase prison sentences for owning Bitcoins and Bitcoin apps. Then they will not be able to control that. Then they will monitor the internet for bitcoin transfers. Then they will outlaw any encryption. Then they will send out undercover police who try to pay with Bitcoin. etc. No government w…
The only way this ends now is the people of Venezuela fight a revolution, kill 80-85% of the current government stooges, then rebuild the nation on some kind of sound legal footing while repudiating all debts. Build back up around some form of capitalism. Best of luck.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#27Bitcoin has been great if you understand it. Have been trading futures with TradeStation and have been finding success with the large ups and downs of bitcoin. https://latechnews.org/tradestation-your-broker-wherever-you...
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#28The author seems to be ignorant of some real facts related to Bitcoin availability. Lightning Network going live on Mainnet was against the advice of the LN developers who feel that it's not ready for prime-time usage and admit that the network cannot scale very large without some core difficulties being solved. Additionally, the transaction fees have dropped not because of the introduction of LN or batched transacti…
> Enough retailers have stopped accepting Bitcoin that there are fewer transactions That's one theory. Another theory is that bad actors were spamming the mempool and have stopped. A quick look at historical mempool stats: https://dedi.jochen-hoenicke.de/queue/#1y Makes it look far more likely certain people with an agenda were spamming the network.
Is there a disincentive to spamming the network? I.e. is there a fee associated with putting up a transaction that never goes through?
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#29"Imagine that you could flee Nazi Germany with all of your capital using nothing more than a password in your head" It's sad so many people know so few things about history. Fleeing with your money was not the problem.
Just look at South Africa circa 2018--whites trying to escape with anything except the shirts on their backs and Bitcoin doesn't do fuck all for them, either.
Nazi Germany! Sheeit. The smart people fled the Nazis in 1938. Anyone Jewish who stuck around after Kristallnacht probably didn't make it out at all. They probably got on the relocation trains without once realizing it was a one-way trip, too.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#30Earlier quoted context omitted.
> Enough retailers have stopped accepting Bitcoin that there are fewer transactions That's one theory. Another theory is that bad actors were spamming the mempool and have stopped. A quick look at historical mempool stats: https://dedi.jochen-hoenicke.de/queue/#1y Makes it look far more likely certain people with an agenda were spamming the network.
Is there a disincentive to spamming the network? I.e. is there a fee associated with putting up a transaction that never goes through?
no, although I don't see what the issue with that is. transactions are mined starting with the highest fees, and transactions are evicted from the mempool lowest fees first.