At least Venezuela exists. What is backing bitcoin? Faith? Worse, blind faith?
Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
41–50 of 66 posts
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#42Earlier quoted context omitted.
How are they going to securely store those USD?
You're getting into the same exact box with Bitcoin. You're not going to securely store anything in Venezuela until order and a functioning government system is restored. Venezuela is an entirely collapsed nation at this point. You're lucky to have any access to electricity to use Bitcoin and things are still getting worse there. Safely store your Bitcoin. Gun to the head, you lose your Bitcoin and your life if you d…
To each their own I guess. There's numerous reasons I'd feel safer with my savings in Bitcoin.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#43Earlier quoted context omitted.
> don't you need reliable electricity Electricity is only needed to send a transaction. > and internet first You can send a transaction via sms.
On Lightning Network, node must be always online for receiving transactions.
Ok, but that's not what we're talking about is it?
I'm happy to switch the discussion to Lightning.
As a consumer, I don't always need to be online. I can open my channel and only come online when I want to send a payment to a merchant.
As a merchant, I need to be online only when accepting payments. I also need to monitor my open channels to make sure no one's trying to cheat. To monitor a channel, I would need to check roughly once per day -- though I could require channels created with me take 4 weeks to close if I desired.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#44Earlier 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
American Revolutionary War death toll 25,000 people who believed in scenario B
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#45Venezuelan here.
This won't work.
Our problems go way beyond having a way to store our wealth
It's literally impossible to do bitcoin transactions in normal circunstances because this is not San Francisco and your regular store doesn't even have internet access, we have one of the worts internet acess in the world [1].
Then there is the problem created by the violence/crime[2]. I myself have to leave my phone at home everytime I go out, there is no way to take public transportation regulary without suffering a robery, it's just so common that it became a meme within Venezuelans.
There has been so many cases where people has been killed over the most stupid and trivial things to the point that if you google from venezuela "lo mataron por ______" (Murdered because ____) you get pages and pages of crazy reasons of why venezuelans have killed other venezuelans. Fast examples:
Murdered for playing carnival (throwing water ballons to other ppl during carnival, venezuelan tradition) https://www.el-carabobeno.com/lo-mataron-de-un-disparo-por-j...
Murdered to steal 60$ he had on his pocket: http://runrun.es/nacional/337760/monitordevictimas-mataron-a...
So now imagine someone figures out that I have bitcoins and that they have a value of lets say 300$. There is no fucking way I will risk my life that way.
So in order to use bitcoin in Venezuela i have to do this:
1. Risk my life by having to pull my phone or using my phone outside.
2. Risk my life by letting others know that I own/hold bitcoin.
The merchant has to:
1. Fight all the problems to be able to accept it (electricity problems, internet access).
2. Hope that someone doesnt just come into your store and steal your hardware.
3. Gov crazy actions.
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Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#46Earlier quoted context omitted.
> 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.
> Any reason why the Venezuelan Government would continue to keep SMS BTC transactions live?
How would they stop them?
I could send the transaction via carrier pigeon if I really needed to. I can encode them however I please.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#47lots of negativity here. i think it's a cool idea, and i hope he runs with this. if you're problem with bitcoin is "it's not quite perfect enough" then that's a bad reason to not attempt this it has obvious benefits (and some cons) over the bolivar or a foreign fiat currency, but ya know, baby with the bathwater i look forward to seeing where this goes but i do agree about LN mainnet not being appropriate to use yet
The problem with Venezuela isn't just inflation. Inflation is a symptom of the political and economical chaos they are going through. Before you can attempt to fix their inflation you need to first get them out of the borderline civil war they are going through.
This is also not the first time I see these suggestions that bitcoin is going to solve all of Venezuela's troubles. Overall these suggestions strike me as foreign bitcoin holders hoping that the venezuelans will push up the value of their speculative investment.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#48Bitcoin 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...
All your post submissions are for that domain. Your post history has several off-topic replies with links to that domain. I assume you're just shamelessly spamming us with that site?
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#49There are far better cryptocurrencies to do this than BTC. Today, an actual venezuelan, part of the team working on a cryptocurrency called Nano, twitted that he paid for his meal with it. This would have never been possible with BTC, why? Mainly because the meal's cost was .5 NANO, which currently amounts to ~5 USD, that would have been the cost of the transaction fee alone for BTC, or even more. Nano is feeless and…
> , part of the team working on a cryptocurrency called Nano
Please, stop shilling.
Re: Leveraging Bitcoin to Solve Venezuela’s Hyperinflation
#50Venezuelan here. This won't work. Our problems go way beyond having a way to store our wealth It's literally impossible to do bitcoin transactions in normal circunstances because this is not San Francisco and your regular store doesn't even have internet access, we have one of the worts internet acess in the world [1]. Then there is the problem created by the violence/crime[2]. I myself have to leave my phone at home…
If you could choose between bolivares and some valuable cryptocurrency, what would you choose?