This was posted in Off-topic where I also made a comment:
VENEZUELA INFLATION RATE PASSES 1 MILLION PERCENT
Perhaps it should be moved here?
Topic: Let's talk a little about Venezuela (Read 165 times)
Many people want to know how the issue of cryptocurrencies is taking place in Venezuela, I do not know in which publication, but a few days ago the issue of the growth of the use of cryptocurrencies in Venezuela came to light and it is fair to clarify some things that from the outside they seem to happen in a different way, very different from what actually happens.
Let's start by giving some clarifications, in any country in the world, when value is converted, the value calculation of things is taken to a strong currency and from there it is defined if the value is correct, for example, if you travel from Madrid to Miami, when entering Burger King, you convert from Dollars to Euros to know if it is more expensive or cheaper than in your place of origin. Well that does not apply to Venezuela, the change in the dollar is not formal or legal, because the government has frozen its fluctuation, so the references are parallel dollar, or black or B, whatever you want to call it. In any case, international organizations calculate poverty in incomes below 2 dollars per day (I write this and it seems a joke) happens that in Venezuela the minimum monthly salary is 4,800 BsS per month, something like 9 dollars per month, is say 30 cents a day ... so when we talk about poverty, you know where we're going.
Now let's talk about mining, one of the most important factors of mining is the cost of electricity, that in Venezuela is something intangible as well as gasoline, to give you an idea, fill the tank of my car, which is a Jeep truck about 100 liters, there is no currency to pay, since the total consumption is lower than the smallest currency that exists, so I give the employee of the service station 2 BsS (0.004USD $), and Stay with the difference. with electricity it happens the same, it costs 5 BsS (0.01 USD $) per month for a house, so I can not pay it if not by direct discount from my bank account. Of course, this causes problems in the assortment of gasoline, power grid failures etc, but that is worthy of another thread. As for mining, while around the world turn off the machines, because they already consume more electricity than they produce, in Venezuela that is technically almost impossible, for very little of a machine, it will always be more than the electric cost, Makes the flow of mining in Venezuela not stop.
Let us now understand Trading, Venezuela lives perhaps one of the most critical moments in the contemporary history of the country, but it is necessary for its inhabitants, for the mere instinct of conservation, to look for alternatives that allow it to survive in the environment. This is where the cryotomoney trading takes force, it became an alternative, due to the difficulty of access to the regular channels of both investment and monetization, at the moment that the Venezuelans who were undermined were somewhat unable to exchange directly to currencies. As the dollar or the euro and the need to multiply what has been obtained, without possibilities of production or employment, the speculative market is the ideal answer, where we must understand that a Venezuelan who moves $ 100 USD in trading is moving 10 minimum wages, so that the bet is superior comparatively with the youth of the USA who is betting the same amount but only represents 10 hours of work. You have to understand that Venezuela, very beautiful in its geographical accidents, is a roulette every day to be on the street, so betting on the speculative market is relatively more manageable than thinking about going out on the street.
Another aspect is the creation of the Petro, there are multiple threads that explain why and how this deception is done to look like a crypto, but the reality is that there is no serious exchange that receives or exchanges petro, but if there is, you can not buy it if It is not through cryptos or international currencies, so it is practically a government GoFundme, where they give you a thank you card, but nothing redeemable, any other form of purchase does not entitle you to it, if not to an digital account with a supposed amount of petros in custody of the state, which form a savings account from which you receive benefits, and in the end they will refund your invested Bolivares, but you will never manage a Petro itself.
Now let's dismantle some myths.
The public, in general, that is to say the majority, does not even know that it is a cryptocurrency, although Venezuela is perhaps one of the few countries where there are advertisements on the highway of exchanges and currencies for its use. Do not make the idea that you go to a commercial and you can pay with cryptocurrencies, it is necessary to talk to the manager, to call 10 people, so that the owner comes and does the "favor" of accepting the cryptocurrency which will change you with undifferential to his favor, for, according to him, run the risk of receiving it.
The Petro does not imply in any case oil, is not exchangeable for oil, does not imply a state debt, I know at least 5 working groups, who are traveling the world, looking for who receives the Petro in exchange for hard currency (Dollars or Euros), today, I have only known 2 fables, one that receives them in Italy, as a guarantee for a cash advance 1 for 10, for an investment fund, which at 45 days will start receiving reditos, the other case is a refinery in Houston that receives and delivers the dollars directly, at this level of madness we are, because nobody has ever done it, they are just fables.
As for Dash, I totally applaud the initiative to incorporate more retail businesses to its chain, I love the project of form and substance, but they are colliding with a reality on a daily basis, the management of local nodes is still occupied by mining operations and trading, very little is oriented to consumption, more is the investment in advertising and marketing than in consumer culture, I insist, I like the project, have a brutal drive and an admirable energy, but either give a change of rudder or burn the embers without roasting the meat, because they are not reaching the common user, they continue with the technicians in conference halls and social networks, but my friends, merchants of a shopping center, still do not understand and those who understand do not trust.
Bitcoin is still the queen of the party, obviously have achieved the maximum marketing, make your brand a concept, everyone knows about it, but the language is still far above the common people, so people prefer to talk of dollars, why does this happen? in venezuela, I have already lost count of the number of scams and attempts of them that I have seen, coins that have been created with the simple objective of circumventing the exchange control rules of the country, coins to raise capital without an objective of use. but the hardest thing is that the language has not helped but technology, in a country where downloading an app can consume at least a quarter of your entire data plan for the month, we do not agree on the use of pre-existing applications, if not a new genius appears every day with the intention of promoting YOUR solution as the best, without understanding that this mistrusts the previous 10 and that of him also distrusting when a new one comes next week. Everyone is developing a Wallet, there are those who develop BlockChain complete for each project and experts in the field, they are even more improvised, I have friends who asked me to explain them on the subject, after two days explaining them as children of 5 YO , they loved the topic and they ran out to create a consulting firm, now they give talks as experts, at that level we are.
At the end of the day there is no complete legislation in Venezuela about it, everything is between the legal and the illegal, where the truth is that everything is as the government likes it or not, recently authorized 6 exchanges to operate in Venezuela, investigate a little about them, and at least 2 of them are the same people with 2 different companies, and the 6 in general, I do not want to mention any more details, let's leave it up there, there are only 6 authorized and none is 2 years old. waiting for a Petro to be delivered, I do not know if it would happen some day.
In short, the situation of the cryptos in Venezuela, is not elective, it is survival, everything is done from the shadows, there are no projects in public view, those who are exposed, need a "godfather" someone from the government, armed force, political police force or public force that prevents them from going against them, hence the largest miners in Venezuela, are the military, the largest farms are in military strong and use electricity that they do not pay, we pay citizens with taxes . Trading is nothing more than a self-employment with hopes that through LocalBitcoin will become the next month's food, all that while someone decides to spend the Petro, because in the street no one knows about cryptos, why? because there is no way to capitalize a project locally, unless you receive dirty government money in some form, based on the above, from which cryptoactive market in Venezuela do you speak to me?
(The orthographic errors and redaction are only a guarantee that it was written from Venezuela, so do not pay attention, just pay attention to the content.)
Let's start by giving some clarifications, in any country in the world, when value is converted, the value calculation of things is taken to a strong currency and from there it is defined if the value is correct, for example, if you travel from Madrid to Miami, when entering Burger King, you convert from Dollars to Euros to know if it is more expensive or cheaper than in your place of origin. Well that does not apply to Venezuela, the change in the dollar is not formal or legal, because the government has frozen its fluctuation, so the references are parallel dollar, or black or B, whatever you want to call it. In any case, international organizations calculate poverty in incomes below 2 dollars per day (I write this and it seems a joke) happens that in Venezuela the minimum monthly salary is 4,800 BsS per month, something like 9 dollars per month, is say 30 cents a day ... so when we talk about poverty, you know where we're going.
Now let's talk about mining, one of the most important factors of mining is the cost of electricity, that in Venezuela is something intangible as well as gasoline, to give you an idea, fill the tank of my car, which is a Jeep truck about 100 liters, there is no currency to pay, since the total consumption is lower than the smallest currency that exists, so I give the employee of the service station 2 BsS (0.004USD $), and Stay with the difference. with electricity it happens the same, it costs 5 BsS (0.01 USD $) per month for a house, so I can not pay it if not by direct discount from my bank account. Of course, this causes problems in the assortment of gasoline, power grid failures etc, but that is worthy of another thread. As for mining, while around the world turn off the machines, because they already consume more electricity than they produce, in Venezuela that is technically almost impossible, for very little of a machine, it will always be more than the electric cost, Makes the flow of mining in Venezuela not stop.
Let us now understand Trading, Venezuela lives perhaps one of the most critical moments in the contemporary history of the country, but it is necessary for its inhabitants, for the mere instinct of conservation, to look for alternatives that allow it to survive in the environment. This is where the cryotomoney trading takes force, it became an alternative, due to the difficulty of access to the regular channels of both investment and monetization, at the moment that the Venezuelans who were undermined were somewhat unable to exchange directly to currencies. As the dollar or the euro and the need to multiply what has been obtained, without possibilities of production or employment, the speculative market is the ideal answer, where we must understand that a Venezuelan who moves $ 100 USD in trading is moving 10 minimum wages, so that the bet is superior comparatively with the youth of the USA who is betting the same amount but only represents 10 hours of work. You have to understand that Venezuela, very beautiful in its geographical accidents, is a roulette every day to be on the street, so betting on the speculative market is relatively more manageable than thinking about going out on the street.
Another aspect is the creation of the Petro, there are multiple threads that explain why and how this deception is done to look like a crypto, but the reality is that there is no serious exchange that receives or exchanges petro, but if there is, you can not buy it if It is not through cryptos or international currencies, so it is practically a government GoFundme, where they give you a thank you card, but nothing redeemable, any other form of purchase does not entitle you to it, if not to an digital account with a supposed amount of petros in custody of the state, which form a savings account from which you receive benefits, and in the end they will refund your invested Bolivares, but you will never manage a Petro itself.
Now let's dismantle some myths.
The public, in general, that is to say the majority, does not even know that it is a cryptocurrency, although Venezuela is perhaps one of the few countries where there are advertisements on the highway of exchanges and currencies for its use. Do not make the idea that you go to a commercial and you can pay with cryptocurrencies, it is necessary to talk to the manager, to call 10 people, so that the owner comes and does the "favor" of accepting the cryptocurrency which will change you with undifferential to his favor, for, according to him, run the risk of receiving it.
The Petro does not imply in any case oil, is not exchangeable for oil, does not imply a state debt, I know at least 5 working groups, who are traveling the world, looking for who receives the Petro in exchange for hard currency (Dollars or Euros), today, I have only known 2 fables, one that receives them in Italy, as a guarantee for a cash advance 1 for 10, for an investment fund, which at 45 days will start receiving reditos, the other case is a refinery in Houston that receives and delivers the dollars directly, at this level of madness we are, because nobody has ever done it, they are just fables.
As for Dash, I totally applaud the initiative to incorporate more retail businesses to its chain, I love the project of form and substance, but they are colliding with a reality on a daily basis, the management of local nodes is still occupied by mining operations and trading, very little is oriented to consumption, more is the investment in advertising and marketing than in consumer culture, I insist, I like the project, have a brutal drive and an admirable energy, but either give a change of rudder or burn the embers without roasting the meat, because they are not reaching the common user, they continue with the technicians in conference halls and social networks, but my friends, merchants of a shopping center, still do not understand and those who understand do not trust.
Bitcoin is still the queen of the party, obviously have achieved the maximum marketing, make your brand a concept, everyone knows about it, but the language is still far above the common people, so people prefer to talk of dollars, why does this happen? in venezuela, I have already lost count of the number of scams and attempts of them that I have seen, coins that have been created with the simple objective of circumventing the exchange control rules of the country, coins to raise capital without an objective of use. but the hardest thing is that the language has not helped but technology, in a country where downloading an app can consume at least a quarter of your entire data plan for the month, we do not agree on the use of pre-existing applications, if not a new genius appears every day with the intention of promoting YOUR solution as the best, without understanding that this mistrusts the previous 10 and that of him also distrusting when a new one comes next week. Everyone is developing a Wallet, there are those who develop BlockChain complete for each project and experts in the field, they are even more improvised, I have friends who asked me to explain them on the subject, after two days explaining them as children of 5 YO , they loved the topic and they ran out to create a consulting firm, now they give talks as experts, at that level we are.
At the end of the day there is no complete legislation in Venezuela about it, everything is between the legal and the illegal, where the truth is that everything is as the government likes it or not, recently authorized 6 exchanges to operate in Venezuela, investigate a little about them, and at least 2 of them are the same people with 2 different companies, and the 6 in general, I do not want to mention any more details, let's leave it up there, there are only 6 authorized and none is 2 years old. waiting for a Petro to be delivered, I do not know if it would happen some day.
In short, the situation of the cryptos in Venezuela, is not elective, it is survival, everything is done from the shadows, there are no projects in public view, those who are exposed, need a "godfather" someone from the government, armed force, political police force or public force that prevents them from going against them, hence the largest miners in Venezuela, are the military, the largest farms are in military strong and use electricity that they do not pay, we pay citizens with taxes . Trading is nothing more than a self-employment with hopes that through LocalBitcoin will become the next month's food, all that while someone decides to spend the Petro, because in the street no one knows about cryptos, why? because there is no way to capitalize a project locally, unless you receive dirty government money in some form, based on the above, from which cryptoactive market in Venezuela do you speak to me?
(The orthographic errors and redaction are only a guarantee that it was written from Venezuela, so do not pay attention, just pay attention to the content.)
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