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If crypto, being "not controlled by a central authority", solves inflation, surely it would already have replaced the default currency in Venezuela by now? "Au
by confiscate 8y ago
If crypto, being "not controlled by a central authority", solves inflation, surely it would already have replaced the default currency in Venezuela by now?
"Authorities have .. permitted trading of bitcoin in Venezuela, though they have heavily fined and detained people who use computers to earn bitcoins by auditing online cryptocurrency transactions. Such “mining” operations use immense amounts of electricity, which is heavily subsidised in Venezuela — meaning the state essentially winds up paying for the process."
"few businesses openly advertise that they accept cryptocurrency out of concern they will be extorted. It’s still difficult to make many purchases in Venezuela with bitcoin"
https://www.news.com.au/technology/online/venezuelans-seeing-bitcoin-boom-as-survival-not-speculation/news-story/b4ee91a802ed265a237699aa2ed4dd44 https://www.news.com.au/technology/online/venezuelans-seeing...
- aclsid 8y agoThey have a national registry that you need to subscribe to if you are a miner. That and you also need to keep in handy your customs paperwork to prove that you paid entry duties for the equipment. Otherwise you open yourself to police extortion.
- confiscate 8y agodoes extortion happen regardless? Because the article seems to imply that the miners were mining legally, but where extorted by police anyways