Topic: Can bitcoin help rebuild Venezuela? - Darb Finance - page 6. (Read 1463 times)

Bitcoin can be a tool yes, but I think the people who are governing the country have the responsibility and capability to rebuild Venezuela.  Remember it is not Bitcoin that runs the government, it is their elected officials that runs and implement programs that can develop the country. 

Bitcoin can't help that case . Only people can do that
Venezuela is owned by military junta .It is always very hard to overcome any regime
Regime will always like to keep wealth for them self
Venezuela is rich country because of oil but people are poor because of regime
It is the same like in a case of Africa Nations countries
 

Not sure if any of you are familiar with an online video game called Runescape but Venezuelans have flocked to that game in mass in order to farm video game gold and sell it for real money.  They make much more farming gold, up to 10x the amount than they would make working a regular job in their economy.

Anytime you have a country where the confidence in government has collapsed (Venezuela, Zimbabwe, Weimar Germany, Argentina, etc) it will also collapse the economy using that currency even if there may be significant resources in the country which might otherwise have it flourish.  When money changes hands, it is the speed at which it changes hands that implies a healthy economy and vice versa.  When the currency collapses the speed of exchange drops to catastrophic levels doing serious damage to the economy. On top of this the government killed the free market (by trying to price fix everything, never works because business just flees the country). In order to counteract this, people in that country will adopt outside currencies not only to preserve wealth but also to maintain some ability to do business.  Bitcoin falls squarely in this category as something that is easy to transport and holds its value well (although it's very volatile to use as money).  Maduro has created some sort of centralized oil pegged crypto (which will likely fail miserably since the government could just as easily cancel the peg at any time, not to mention it's centralized so the gov't controls it).  Venezuela will improve in the future (bitcoin will be a small part of it) but not until free markets return.

My question is how is the Bitcoin going to be of help to the Venezuelans? Is it of help to those who are poor or only to those who are rich in that country? Cause I’m very sure that all those poor people in that country cannot be able to afford buying a Bitcoin… even an average person there might find it very difficult to buy Bitcoin. So my question is how is Bitcoin going to be of benefit to them? I don’t even see a way that would be possible… Except for those of them that are rich, it would be a method for them to earn more money and add to their wealth.

Venezuela is now a country that has a very devastated economy due to massive inflation, but if the government wants to improve the economy of that country with bitcoin this might be possible even if it is not very effective because bitcoin has a big risk but also has great results.  the government is really focused and confident about bitcoin so this will help their declining economy a little

i don`t know if your opinion will hundred percent works. In fact, I have doubt with it because Venezuela is a country not a province. In some point, bitcoin might become their tool in order to stop the inflation. But I think that is not enough. They really need to borrow a money from other countries or so called, foreign loan. In that case, they can easily stand again their economy.

It could but the main problem is the political situation.
If the political situation in this country remains the same, uncertainty , corruption , greed dominates over peoples voice , then no crypto will help this system.

Bitcoin can help a lot of the citizen maintain the price of their savings. But what Venezuela needs is good leadership. Believe it or not Chavez wasn't that bad. He had his vision, his plans, and so knew how to execute it. Maduro, he doesn't have his own vision, but more than that he's incompetent and corrupted.

Bitcoin's economy is insignificant on a large scale of things - people like comparing Bitcoin's marketcap with marketcaps of various companies, but it doesn't tell us anything about Bitcoin's ecosystem, and this ecosystem is actually tiny, because so few people use it as a currency, most of Bitcoin's economy is just exchanges, gambling and darknet markets. So, connecting a wrecked country to Bitcoin's economy won't solve any problems.

I think the best part about bitcoin and Venezuela is that it can be an example to whole world. If Venezuela somehow gets out of this mess they are in thanks to crypto currency then other countries with the same problem but not as big may start to use it as well.

I mean not just bitcoin but they are building their own currency as well, oil is priced in dollar everywhere around the world, if they decide to sell it via Petro the crypto currency they print then they can just sell it to whoever they want and not sell it with their own national currency and make Petro more loved by other countries (forced to love to buy oil) and that is how they can come out of this mess. If other countries with problems on their currency used this tactic after that and go out then whole world may do the same.

Not only in Venezuela it is going to to protect people from the inflation all over the world and it is going to happen in the near future like less than 10 years. Many productions says that people will convert into digital currency payment and it is going to be decentralized the chances of Bitcoin is going to rule the world in the future is high.

Venezuela, one country that is currently hit by the worst economy that has so far been afflicting,
This American neighbor has become a public concern that is very concerned by all countries.
For Bitcoin itself to boost the Venezuelan economy, it is very thin if it is adjusted to the country's currency, because bitcoin is currently traded with the currency of each country, for one bitcoin it needs one sack of Venezuelan money, so in my opinion it is very difficult to groweconomy of Venezuela.

in my opinion, the cryptocurrency like Bitcoin is very capable of rebuilding Venezuela, the Venezuelan government took advantage of the profits obtained from Bitcoin to buy gold as their country's foreign exchange reserves so that the Venezuelan economy rose again. I really hope the economic and political conditions in Venezuela improve.

Nope. I have seen an article where the inflation in Venezuela is so extreme that even other currencies and other commodities such as the U.S. dollar and gold are still affected by the inflation. Venezuela have started accepting other fiat currencies in their country hoping that it won't be affected by inflation but still it failed. Reuters reported that its not due to the Bolivar's devaluation but because the goods in the country are becoming more scarcer and scarcer. You can read the full article here.

well we still not sure about the value of bitcoin and if you think using bitcoin to make a stable value i do think its absurd. Lets think about why boulevard are loosing value on the first place. I think the economy in venezuela is full of fraud and it makes the value of the money down and also they can even control the inflation. Venezuela bankrupt cause they only have one big resources income which is oil and when oil price drop they are rekt and its impact to the value of the boulevard.

Why do we really hope bitcoin to save the country that is really at the bottom of the sea, why not use bitcoin as a prevention instead of construction from zero? I mean if you ask me bitcoin should not be something that should save an already destroyed country like Venezuela but it should be something to use so you do not become like Venezuela.

What do you think will happen to all countries in the world? You think the economy will not get worse and worse? Look at how our financial system is leveraged, it is totally unsustainable and we will keep getting those 2008 type of crisis over and over again until the system is actually stopped and changed to something else. A country that is purely bitcoin based would be safe from all of this and would never become like Venezuela at all.

Yeah yeah., the CIA,  the Illuminati, the Rothschilds, the Bilderberg...we know
Not the taxi driver made president, not the socialist leader whose daughter has billions in banks, the others are to blame.

Every time socialism fails is because of the others, or because that wasn't real socialism!
Do you know what country didn't go the way of real socialism?   Denmark /s

America is willing to spend billions and trillions to get millions and billions in resources...
Before even starting the whole debate about how the US is stealing oil from the middle east how about you look who is exploring what in Irak and you'll be surprised seeing China and Russia taking a bigger chunk of the oil fields there.

And speaking of Russia...
How Russia sank billions of dollars into Venezuelan quicksand

The us has enough oil to don't give a damn about Venezuela, there is cheaper oil in Canada  billions waiting for a pipe, this whole propaganda of the evil west trying to rob poor socialist nations is just a show to hide the fact that they are morons who would go broke even if they would shit and fart money


Which is not going to happen.
Most people that wanted a change have fled the country, the majority that is left is trapped in a situation where reform means them losing their invented and useless jobs, and those guys have behind the votes of their family who depend on the government checks. This is why Maduro is still in power and is still going to be for a long time...
Too many people depend on them and they are afraid that if things change they will lose their jobs, privileges and so on.

Anyhow, none of the things that need to be made/achieved can be done with Bitcoin alone, unlike some suggest.
Bottom line, Bitcoin is not a magic pill or a magic trick.

Venezuela has been systematically been destroyed from outside nations.  Don't believe what you hear in the media about socialism failing and this being a result of only their own government.  Countries are thirsty for their natural resources as as seen in the middle east before America will do anything to get it.

Venezuela won't go anywhere, not until they still have oil beneath their lands. All the rich power hungry nations will keep trying their best to get their hands on those bad boys.

As for backing petro with oil, its not such a bad decision, like its kinda a smart move, but only for the wrong country,if that makes sense. You see, Venezuela is fucked up in so many ways, even petrol/oil isn't going to be enough to help them out of this shithole of a mess that is their economy. While petrol is a good resource that is backing up what is arguably one of the worst crypto-currencies, if petro ever gets screwed, and they dont money to extract the oil and sell it, then there is no use of having it as a backup in the first place. What Venezuela needs is a huge loan from the World Bank and do a massive revamp of their economy, make all kinds of socio-economic reforms, and not make any more stupid mistakes.