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You're using Venezuela as an example of the success of "real currencies" hahaha Look at Bitcoin's yearly lows, and tell me more people aren't finding it useful

You're using Venezuela as an example of the success of "real currencies" hahaha Look at Bitcoin's yearly lows, and tell me more people aren't finding it useful every year. Again, YOU mentioned the Venezuela example, and IT IS BEING USED THERE. I never claimed it would save that country, nor have I heard anyone else make that claim. Clearly some people there find it more useful than other alternatives to their hyperinflationary fiat currency. Bitcoin doesn't care about Venezuela nor any other specific use case. It keeps existing because people keep running the software. You can deny this, but there's no point being exasperated over it. Just let it go and concentrate on whatever you do care about. But don't go around claiming fiat currencies are the final solution when situations like Venezuela are happening right before our eyes.

arcticbull 8y ago
I don't claim Venezuela's currency is an example of success. I'm saying that their currency's failure is a result of the failure of their government, and even waving a wand and switching everyone over to BTC (which again, the initial distribution problem) won't magically make their government work. They can't control BTC but they sure can control the populace. They'd make it illegal and beat everyone with BTC until they handed it in to the central government, and smash everyone's computers. Bitcoin's weakness there is still a rubber hose. I'm saying that trading existing BTC between themselves is a zero-sum problem since the total quantity of BTC and the total quantity of Bolivars (hence the total value) remains exactly the same within Venezuela, and mining isn't an option due to nationalization and low yields. Trading with other countries opens up many different options for storing value like fiat currencies backed by 'stable' governments like AUD, CAD, NZD, USD, EUR -- or assets like gold, equities, real estate, etc. Each of which would have stored value 5X better than BTC over the last 2 years. However, the real issue remains, you have to trade to obtain either these assets or BTC and nobody wants to trade anything for Venezuelan Bolivars because they in turn don't believe they'll get anything for them. That won't be solved until the government is replaced. Until the government is replaced any BTC "solutions" for the Venezuelans are efforts to legitimize BTC and increase the value of the holdings of the "helpers," not to really solve the problems on the ground there. If they were trying to help, they'd just raise money for NGOs.
- thinkmassive 8y ago
  What does any of that have to do with Bitcoin?
  - arcticbull 8y ago
    Ah, we’re on the same page! It solves nothing for the Venezuelans.

arcticbull 8y ago

I don't claim Venezuela's currency is an example of success. I'm saying that their currency's failure is a result of the failure of their government, and even waving a wand and switching everyone over to BTC (which again, the initial distribution problem) won't magically make their government work. They can't control BTC but they sure can control the populace. They'd make it illegal and beat everyone with BTC until they handed it in to the central government, and smash everyone's computers. Bitcoin's weakness there is still a rubber hose. I'm saying that trading existing BTC between themselves is a zero-sum problem since the total quantity of BTC and the total quantity of Bolivars (hence the total value) remains exactly the same within Venezuela, and mining isn't an option due to nationalization and low yields. Trading with other countries opens up many different options for storing value like fiat currencies backed by 'stable' governments like AUD, CAD, NZD, USD, EUR -- or assets like gold, equities, real estate, etc. Each of which would have stored value 5X better than BTC over the last 2 years. However, the real issue remains, you have to trade to obtain either these assets or BTC and nobody wants to trade anything for Venezuelan Bolivars because they in turn don't believe they'll get anything for them. That won't be solved until the government is replaced. Until the government is replaced any BTC "solutions" for the Venezuelans are efforts to legitimize BTC and increase the value of the holdings of the "helpers," not to really solve the problems on the ground there. If they were trying to help, they'd just raise money for NGOs.

thinkmassive 8y ago
What does any of that have to do with Bitcoin?
- arcticbull 8y ago
  Ah, we’re on the same page! It solves nothing for the Venezuelans.