4 ms·

There were capital controls restricting more than 100 euro worth of withdrawals from banks per day. Sure it's not helping you if you are buying a coffee but if

by drcross 10y ago

There were capital controls restricting more than 100 euro worth of withdrawals from banks per day. Sure it's not helping you if you are buying a coffee but if it's saving parts of your pension that you worked your whole life to earn then it becomes very important.

sanswork 10y ago
This is a non-answer. >There were capital controls restricting more than 100 euro worth of withdrawals from banks per day. Yes and bitcoin didn't help this since the ways to get cash for your bitcoin involved international transfers which exposed you to those restrictions. >Sure it's not helping you if you are buying a coffee but if it's saving parts of your pension that you worked your whole life to earn then it becomes very important. I'm not sure what this has to do with the question above. Could you expand on it some more?
- ajmurmann 10y ago
  Not the parent, but what's going on right now in Venezuela speaks to this nicely: http://www.econtalk.org/archives/2017/02/turning_sociali.html http://www.econtalk.org/archives/2017/02/turning_sociali.htm...
  - sanswork 10y ago
    First up the government there have already started arresting the mining operators so probably no longer looking like that wise of an investment on their parts. Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens. If you're poor in a country with a government like the Venezuelan one betting your limited funds on a speculative investment that requires an active internet connection to use doesn't seem wise or helpful.
    - LyndsySimon 10y ago
      > Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens. How?
      - sanswork 10y ago
        Black market currency exchanges if you need to convert otherwise you just take payment in USD only and basically treat it as your currency instead of the Bolivar.
  - LyndsySimon 10y ago
    I sent someone in Venezuela about USD 40 in Bitcoin in October or November. They were able to convert half of it into more local currency (Bolivares?) than they made in a month at their full-time job. He said physical US currency was at a huge premium in the country because there wasn't nearly enough of it to go around, and the official exchange rate was clown shoes.

by drcross 10y ago

sanswork 10y ago

This is a non-answer. >There were capital controls restricting more than 100 euro worth of withdrawals from banks per day. Yes and bitcoin didn't help this since the ways to get cash for your bitcoin involved international transfers which exposed you to those restrictions. >Sure it's not helping you if you are buying a coffee but if it's saving parts of your pension that you worked your whole life to earn then it becomes very important. I'm not sure what this has to do with the question above. Could you expand on it some more?

ajmurmann 10y ago
Not the parent, but what's going on right now in Venezuela speaks to this nicely: http://www.econtalk.org/archives/2017/02/turning_sociali.html http://www.econtalk.org/archives/2017/02/turning_sociali.htm...
- sanswork 10y ago
  First up the government there have already started arresting the mining operators so probably no longer looking like that wise of an investment on their parts. Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens. If you're poor in a country with a government like the Venezuelan one betting your limited funds on a speculative investment that requires an active internet connection to use doesn't seem wise or helpful.
  - LyndsySimon 10y ago
    > Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens. How?
    - sanswork 10y ago
      Black market currency exchanges if you need to convert otherwise you just take payment in USD only and basically treat it as your currency instead of the Bolivar.
- LyndsySimon 10y ago
  I sent someone in Venezuela about USD 40 in Bitcoin in October or November. They were able to convert half of it into more local currency (Bolivares?) than they made in a month at their full-time job. He said physical US currency was at a huge premium in the country because there wasn't nearly enough of it to go around, and the official exchange rate was clown shoes.