Leveraging Bitcoin to Solve Venezuela’s Hyperinflation

Post by kylell » Fri, Feb 16, 2018, 9:16 PM UTC

_Codemonkeyism wrote: post #23

SadWebDeveloper wrote: post #16

Earlier quoted context omitted.

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. [1] https://en.wikipedia.org/wiki/2017_Venezuelan_protests

Post by [deleted] » Fri, Feb 16, 2018, 9:17 PM UTC

_Codemonkeyism wrote: post #14

__s wrote: post #8

Earlier quoted context omitted.

https://en.wikipedia.org/wiki/Reich_Flight_Tax

The main problem was that you couldn't sell your stuff, were forced to sell way below market price to Nazis [1] and countries wouldn't take you in [2] So many people didn't even have money because they couldn't sell at market prices or were murdered because they could not flee outside of Europe. Of those that could flee and sell their stuff, yes, those had to pay a lot of money to get away. But they were only able to…

Post by lawn » Fri, Feb 16, 2018, 9:19 PM UTC

freejulian wrote: post #19

deftnerd wrote: post #13

The 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.

Post by gjjnn » Fri, Feb 16, 2018, 9:24 PM UTC

freejulian wrote: post #15

rb808 wrote: post #6

For 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.

Post by freejulian » Fri, Feb 16, 2018, 9:26 PM UTC

lawn wrote: post #35

freejulian wrote: post #19

Earlier 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.

Those mempool stats doesn't suggest spam at all. It's basically impossible to identify spam transactions. Both Steam and Stripe stopped accepting Bitcoin, that's a fact. It's only logical that people stopped transacting when fees grew sky high.