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Have you looked at how you actually buy Dollars in Venezuela? Using an illegal black market and paying a large commission? And with US financial restrictions on

by exdsq 6y ago

Have you looked at how you actually buy Dollars in Venezuela? Using an illegal black market and paying a large commission? And with US financial restrictions on the country, along with tourists bringing across high-denominations of dollars rather than change, the fact that they've had to develop IOU policies to cope with that too? And if they want to use an application such as Zelle, how do they set up a US bank account to sign up? This is a much more complex issue than people seem to realise and it is a valid usecase for cryptocurrencies where you can create a wallet quickly and transfer small denominations cheaply, if not necessarily via bitcoin. Edit: At a minimum, could you see the perks that a stablecoin like USDT might offer?

gus_massa 6y ago
> Using an illegal black market and paying a large commission? Buying any cryptocoin probably has the a similar big commission, nobody will sell you Bitcoins at the official exchange value of Bolivars. > At a minimum, could you see the perks that a stablecoin like USDT might offer? We had "Convertible" Pesos here in Argentina. 1 Peso = 1 Dollar. (And at some time, each province had also it's own local "Convertible"^2 money.) All the stablecoins are fully backed up, until they aren't. https://en.wikipedia.org/wiki/Convertibility_plan https://en.wikipedia.org/wiki/Convertibility_plan