3 ms·

How do you deal with the ongoing devaluation of the bolivar currently?

arcticbull 6y ago
Truthfully? There's no good answer, period. The government needs to be replaced. This is the false promise of bitcoin. As long as the government needs to be replaced you have much bigger problems than the currency. As soon as the government is replaced, you no longer have to worry about the currency. Bitcoin always has been, and always will be, a solution in search of a problem. Forget Venezuela for a second and ask yourself how Bitcoin is helping the North Koreans.
- ric2b 6y ago
  How is the USD helping the North Koreans? No one claimed that Bitcoin is useful in NK so I don't get the point of the question.
  - GutenMFRea 6y ago
    They print USD. And perhaps buying methamphetamine -base-products from China or whereever is more plausably deniable or less WONG or whatever than f around with chinese bills. Whatever they do, they're doing all kinds of shit. And they print USD, or has, and, everything else they do isn't really great, all the time. They counterfeit USD and probably tons of other shit. All the 'coinage' in paper-form from everywhere around the country or the world probably, bar the 3d and biometric and advanced shit probably. It's all shit over there man. In terms of the governance, governing, it's not good!
  - arcticbull 6y ago
    The point is that yes, an authoritarian government can definitely just shut down bitcoin, so authoritarian government resistance is not a feature of bitcoin.
firekvz 6y ago
Sorry for late answer. The best way to deal with devaluation is just, spend the money instantly, is not really that hard, people barely get Venezuelan Bolivars (minimum wage is 3$ month equivalent) and like 90% of all transactions are already done in USD So people really don't hold venezuelan bolivars for more than 1 day, savings in bolivars doesnt exist at all in this country. In case you actually need to just save the money, you just trade it (it takes barely no time) for USD and hold the usd either in cash or in some usa bank (most people have access to them) or paypal. So, the unofficial "forex" market is always there.. BTW this might sound funny but with only 450million USD you can buy the entire M2 in venezuela. So yeah, hyperinflation might be solved really easy whenever we actually get a new goverment

Truthfully? There's no good answer, period. The government needs to be replaced. This is the false promise of bitcoin. As long as the government needs to be replaced you have much bigger problems than the currency. As soon as the government is replaced, you no longer have to worry about the currency. Bitcoin always has been, and always will be, a solution in search of a problem. Forget Venezuela for a second and ask yourself how Bitcoin is helping the North Koreans.

ric2b 6y ago
How is the USD helping the North Koreans? No one claimed that Bitcoin is useful in NK so I don't get the point of the question.
- GutenMFRea 6y ago
  They print USD. And perhaps buying methamphetamine -base-products from China or whereever is more plausably deniable or less WONG or whatever than f around with chinese bills. Whatever they do, they're doing all kinds of shit. And they print USD, or has, and, everything else they do isn't really great, all the time. They counterfeit USD and probably tons of other shit. All the 'coinage' in paper-form from everywhere around the country or the world probably, bar the 3d and biometric and advanced shit probably. It's all shit over there man. In terms of the governance, governing, it's not good!
- arcticbull 6y ago
  The point is that yes, an authoritarian government can definitely just shut down bitcoin, so authoritarian government resistance is not a feature of bitcoin.

firekvz 6y ago

Sorry for late answer. The best way to deal with devaluation is just, spend the money instantly, is not really that hard, people barely get Venezuelan Bolivars (minimum wage is 3$ month equivalent) and like 90% of all transactions are already done in USD So people really don't hold venezuelan bolivars for more than 1 day, savings in bolivars doesnt exist at all in this country. In case you actually need to just save the money, you just trade it (it takes barely no time) for USD and hold the usd either in cash or in some usa bank (most people have access to them) or paypal. So, the unofficial "forex" market is always there.. BTW this might sound funny but with only 450million USD you can buy the entire M2 in venezuela. So yeah, hyperinflation might be solved really easy whenever we actually get a new goverment