actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.
take advantage of the best opportunities possible, we must understand the market conditions that occur, so we don't have to stress to deal with them. any bullish or bearish market condition is an opportunity
Topic: R u consider rich holding crypto during hyper inflation (Read 513 times)
if bitcoin was accepcted by most of country in the world , no matter what rightnow price , i will consider rich by holding cryptocurrency rightnow
You can maybe be considered rich if you do not convert your coins to the already depreciating currency(due to inflation)
Inflation devalues money and increases cost of living in general,selling your coins at that time(and converting to fiat)could even mean losses for you.
Inflation devalues money and increases cost of living in general,selling your coins at that time(and converting to fiat)could even mean losses for you.
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consider rich
It wont make you rich, it might allow you to avoid extreme poverty though. Theres a very good study by Marc Faber an economist and investment manager on the effects of national inflation in Mexico and holding stocks within that time. Stocks will adjust for inflation some but the net effect over the time period of something close to a decade was no net gain or net loss. The figures for the stock price might rise so does the cost of bread etc. in effect its like 0% interest on your money in the bank during normal times
I think this is what should be expected
If we assume that inflation is not a thing onto itself but rather an inevitable result and outcome of overall economic decline and downturn. In such circumstances you would not really expect a lot of companies to prosper, which necessarily affects their profits and as a consequence the valuation of their stocks, in a negative way, obviously, and oftentimes with a vengeance at that (read, the scale of the stock market crash may easily exceed the inflation rates)
actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.
take advantage of the best opportunities possible, we must understand the market conditions that occur, so we don't have to stress to deal with them. any bullish or bearish market condition is an opportunity
actually the expectation is always there, but always when the crypto market falls, the bounty also doesn't provide rewards, so I can't buy coins for investment. even though I had planned to buy etherum and bitcoin from the bounty reward obtained.
Quote
consider rich
It wont make you rich, it might allow you to avoid extreme poverty though. Theres a very good study by Marc Faber an economist and investment manager on the effects of national inflation in Mexico and holding stocks within that time. Stocks will adjust for inflation some but the net effect over the time period of something close to a decade was no net gain or net loss. The figures for the stock price might rise so does the cost of bread etc. in effect its like 0% interest on your money in the bank during normal times.
Crypto might be very similar to that, you wont gain especially. Inflation is a form of loss and failure
Bad situation. But if you have crypto currency you will exchange it into a Dollar, Euro... not in bolivar. In situation of hyper inflation with Euro and Dollar, person has good chances to survive tough period. In case like that it is pure richness. Only problem could be possibility of transferring crypto into a fiat. For example, If you have cryptocurrency in your wallet and no one to sell it, or have difficulty to 'cash it out',
Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.
why would feel bad about it ? thats not your fault . they might be rich thats why they throw away thier money . you may feel angry about them instead of feeling sad because they dont value money while other parts of the countries are dying due to poverty .
Crypto coins are of paramount importance here, because they have become extremely ideal options for storing value like country coins. Crypto coins are also among the most sensible options to maintain the value of money, especially in hyperinflation situations, or even to provide a serious income in a possible uptrend. For this reason, even if hyperinflation is on the one hand, even the citizens with high inflation rates should be informed about this issue, so that in the event of a crisis, these individuals do not lose their value.
It can be a saviour from hyper inflation but is that going to make you rich? Don't think so because you can save the before value on crypto which doens't make your bitcoin more valuable.But you can looks like rich if there is no one from your country saved their money while hyper inflation occurs. 
I'm hold my crypto but never had any experience to facing hyper inflation because economy situations in my country are quite good but maybe hold crypto before inflation would be good to avoid go bankrupt because crypto price usually not depend on the situations of particular countries but i'm curious to find the answers from venezuelan people that whether they can able to avoid being poor by holding crypto or it does not change anything
Of course, this is an automatic ticket to riches when you hold crypto during hyperinflation in a country.
It might not have any effect on the amount of crypto you are holding but it does have an effect when you intend changing it to the fiat currency because the exchange value has far appreciate than when it was bought, it only backfires when buying crypto currency that time, it makes buying of crypto way too expensive because of exchange.
The only challenge with hyperinflation in a country is that it destroys the country’s currency, so the holder has to be very fast then before any form of correction occurs.
It might not have any effect on the amount of crypto you are holding but it does have an effect when you intend changing it to the fiat currency because the exchange value has far appreciate than when it was bought, it only backfires when buying crypto currency that time, it makes buying of crypto way too expensive because of exchange.
The only challenge with hyperinflation in a country is that it destroys the country’s currency, so the holder has to be very fast then before any form of correction occurs.
You may not that be sort of rich person but you will be able to survive in this economic crisis if you have saved the value of your money through bitcoin.
Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.
I feel bad for the people of Venezuela as well but bitcoin was created to help people in those desperate circumstances, when there is hyperinflation the most valuable commodity is not food or water, it is money itself, if you have a form of money that is not losing its value at an incredible speed you have a huge advantage so anyone with access to dollars, gold or bitcoin can protect the value of their efforts and can exchange their money for a premium as everyone wants the money that person is holding. Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.
That's very saddening.
if you put your money unto bitcoin , that money will also be lost if bitcoin experience a dump but you can surely survived in economic crisis because all of us do still have other source of income aside from cryptos and bitcoin .
In those desperate situation, they don't have a choice but to look for something that has a better value than their currency.why would feel bad about it ? thats not your fault . they might be rich thats why they throw away thier money . you may feel angry about them instead of feeling sad because they dont value money while other parts of the countries are dying due to poverty .
You don't understand the situation there, do you? 
I feel bad for the people of Venezuela as well but bitcoin was created to help people in those desperate circumstances, when there is hyperinflation the most valuable commodity is not food or water, it is money itself, if you have a form of money that is not losing its value at an incredible speed you have a huge advantage so anyone with access to dollars, gold or bitcoin can protect the value of their efforts and can exchange their money for a premium as everyone wants the money that person is holding.
I feel very bad for them also. it’s a challenging period for the people Venezuela I must say.I understand the government monitors every of their transactions in Bolivars that’s their currency and it freezes the acct of those who spend more than $50 and they have to let their banks know how they made the money but it’s not able to monitor Bitcoin, so the few lucky one who own cryptocurrency would convert it to their bolivars and to buy their everyday needs, they use localbitcoins to look for buyers make use of the same bank and the wire transfer goes through immediately.
In Venezuela ppl r experiencing hyper inflation. It can ruin ppl financially. If u hold crypto before ur currency hyper inflates . U r consider rich? Trouble times but crypto helps in economic times definitely.
Since money value would drop drastically in your country everyone living there would consider themselves poor. So the answer to your question is yes, because you have invested your money and during the inflation period the value of your bitcoin remains the same.To maintain our asset value, we should make investment before hyperinflation happen. Holding bitcoin or gold in normal inflation will keep our asset value maintained when anything happen and i think its more safe to make investment in this bear market
It is a very trying time for the people of Venezuela. This is the major reason is why having Bitcoin is a great necessity. I read the story of a young man who has been saving his family by the help of cryptocurrency. He said crypto has really been supportive. He kept all his money with Bitcoin and only exchanges small amounts in the persistent hyper inflating economy when he deems it necessary.
According to him, he does not own Bolivars, that’s their official currency instead he kept all his money with Bitcoin. The Bitcoin user said he doesn’t even have a bank account. This is how he has been able to stay for his family
According to him, he does not own Bolivars, that’s their official currency instead he kept all his money with Bitcoin. The Bitcoin user said he doesn’t even have a bank account. This is how he has been able to stay for his family
It terms of not getting richer because hyperinflation devaluates the currency, it's not really the case because Bitcoin is limited in supply so even if the purchases are smaller, they still shrink the supply so holders of BTC benefit
Well, it doesn't work any more
It is surprising to see anyone actually believing in this kind of thing now, i.e. that holders diminish the supply and this leads to higher prices. I understand when people were telling this prior to 2018 as it did actually look like that back in the day. But now that we have crashed 6 times, there is enough evidence that whatever effect holders may have on price, it is negligible. Supply may in fact diminish but that doesn't mean higher prices
$3000 was seen as insane prediction by many just a year ago
I'm not sure if it is not your conjecture only
We were trading below 3k as recently as August 2017 (which is a little over a year ago), so it didn't look like "as insane prediction" at all. In simple terms, it was reality back in the day, so there is no way in which people could think of it like "insane". Well, some may have actually thought so, but they obviously fell victim to being deluded
Further, the price rose and then crashed many times which means holders are contributing not so much to price rise as to volatility, if this is what you are asking. If it were not true (read, false), the price couldn't possibly crash from 20k down to 3k, as simple as it is. But since Bitcoin did crash so much, the bottom line is pretty simple, isn't it?
You may not that be sort of rich person but you will be able to survive in this economic crisis if you have saved the value of your money through bitcoin.
if you put your money unto bitcoin , that money will also be lost if bitcoin experience a dump but you can surely survived in economic crisis because all of us do still have other source of income aside from cryptos and bitcoin .
Feeling so bad for the Venezuelans, I've seen too many posts about money being thrown in the streets.
why would feel bad about it ? thats not your fault . they might be rich thats why they throw away thier money . you may feel angry about them instead of feeling sad because they dont value money while other parts of the countries are dying due to poverty .
In Venezuela ppl r experiencing hyper inflation. It can ruin ppl financially. If u hold crypto before ur currency hyper inflates . U r consider rich? Trouble times but crypto helps in economic times definitely.
No, all option either holding crypto and the inflation rate of the currency in your currency means it is a down trend to all of your assets. This never consider one to be rich where all of it are falling down or even if you consider crypto has gone stablize. Still it is not consider that you have grown your asset therefore it is not that one became rich holding crypto before the fiat currenct inflation.Not really mate! If someone has bought crypto before hyper inflation strikes in, they can actually make a good use of it. Because crypto prices are mainly tied with the USD. So if hyper inflation strikes in Venezuela then the purchasing power of the currency will go down. That means, it will take less USD to buy Venezuelan currency compared to past. Similar way, previously bought cryptos will fetch higher amount of Venezuelan currency as it is measured in a similar way as USD.
Previously bought cryptos can indeed proved as a very good support during hyper inflation.
Totally agree with this. I saw in recent news that people there are now using dollars directly. It's like the same situation in Zimbabwe where the currency has become useless.
Main difference is even before this there are already BTC users in Venezuela. People will accept bitcoins as payment since they know it'll be WAY easier to exchange to USD later than the VEB, which I noticed isn't even in Google's exchange rate tool.
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