4 ms·
Tell that to a Venezuelan, who can provide a family with a single antminer. It will make sense to you in 5 years.
by lrns_ 9y ago
Tell that to a Venezuelan, who can provide a family with a single antminer.
It will make sense to you in 5 years.
- rspeer 9y agoYour feel-good story about Venezuela is unrelated to what I said.
- lrns_ 9y agoExcuse me. Was more a reaction on "The only thing people are actually using Bitcoin for right now is to sell to other people for more than they bought it (or maybe to sell for less than they bought it to launder money)."
- pjc50 9y agoHow exactly? Who is doing this? Withdrawal from exchanges into Venezuela? Who is buying bitcoins for Bolivars? How did the family get the capital asset of an antminer in the first place? How are they paying for electricity? How is this sustainable? Why is a random family able to compete with businesses that have real economy of scale, rather than having their margin driven to zero?
- lrns_ 9y agohttps://hackernoon.com/extortion-police-raids-and-secrecy-inside-the-venezuelan-bitcoin-mining-world-6e97a25e7402 https://hackernoon.com/extortion-police-raids-and-secrecy-in... https://coin.dance/volume/localbitcoins/VEF https://coin.dance/volume/localbitcoins/VEF (example of local trading) Remittances, family abroad (easy via BTC to circumvent restrictions). Bitcoin is stable compared to a hyper inflation of +2,616%.