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Last I heard about Venezuela and bitcoins, people there were using the "free" electricity to mine bitcoins, contributing to the rolling blackouts. And then usin
by tobias3 8y ago
Last 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.