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I believe Venezuela proves you completely wrong. You should read up on what is going on there with Bitcoin. What Satoshi envisioned is actually happening there.
by russdpale 8y ago
I believe Venezuela proves you completely wrong. You should read up on what is going on there with Bitcoin. What Satoshi envisioned is actually happening there.
The fact that bitcoin has gone 10 years, with limited use, to me signals just how amazing the technology is. Ten years is nothing for a tech that can last 1000 (or more..).
- tobias3 8y agoLast I heard about Venezuela and bitcoins, people there were using the "free" electricity to mine bitcoins, contributing to the rolling blackouts. And then using the bitcoins to import overpriced stuff. Yeah, you shouldn't give people electricity flatrates, because of stuff like this. This is why we can't have nice things, this is why socialism doesn't work etc. But the bitcoin miners are really destructive in this case and not something you should praise.
- bigdaddyrabbit 8y agoYou need to read up about bitcoin. Bitcoin’s success in Venezuela is because it is a inflation hedge. It has allowed Venezuelaeans to hold on to their savings and out of reach from the government’s ability to confisticate wealth via inflation. It is working exactly as Satoshi intended it to.
- 549362-30499 8y agoWhat's going on in Venezuela with Bitcoin? From googling, it sounds like a small fraction of the population is setting up mining operations because electricity is subsidized enough to make it profitable. But I'm not finding anything describing significant adoption of Bitcoin as a currency.