This is how 0.037 Bitcoins looks like in Venezuela - page 10.

bryant.coleman

legendary

Activity: 3654

Merit: 1217

Quote from: vrm86 on September 12, 2015, 06:15:18 PM

Doesn't the cost of printing that amount of paper exceeds its market value ? Shocked

Right now, they are printing only the two highest denomination banknotes (100 Bolivar and 50 Bolivar). But the real issue is that the Venezuelan government is trying to ignore and hide the Bolivar devaluation. The official exchange rate remains at 6.35 Bolivar to one US Dollar, while the black market rate is something like 800 Bolivar to one US Dollar. The Venezuelan government claims that their official exchange rates are the correct ones.

pitham1

legendary

Activity: 1232

Merit: 1000

Quote from: vrm86 on September 12, 2015, 06:15:18 PM

Doesn't the cost of printing that amount of paper exceeds its market value ? Shocked

That is the reason why those notes are no longer printed.
They need to add an extra zero to the notes they print every once in a while.

lahm-44

sr. member

Activity: 336

Merit: 250

wow if i showed anyone that much money he will at first kill me and stell that money ftom me but thank god that o am earning this from bitcoin and in my place the crrency is not much heavy too ..0.035btc will be 2notes hardly

cjmoles

legendary

Activity: 1176

Merit: 1016

It does cost more to print than it's worth but it doesn't begin that way....it's the result of Hyper-inflation....crazy!

vrm86

hero member

Activity: 676

Merit: 500

Doesn't the cost of printing that amount of paper exceeds its market value ? Shocked

bojan92

full member

Activity: 168

Merit: 100

wow that is a lot of paper for 12 bucks. Can they give me blank pieces of paper, so i can write some notes on them

)) How are those people paying rent or buying a car? Hello i want to buy this car his is the truck with the money Tongue

cjmoles

legendary

Activity: 1176

Merit: 1016

I was talking to this guy in Zimbabwe, who said that their fiat went thru such hyper-inflation that they were trading in their larger fiat for bricks of smaller fiat to burn as cooking fuel. Their money was more valuable as burning fuel than it was worth on the market....crazy thought! New meaning to a currency not being worth the paper it was printed on!!!!

Sourgummies

hero member

Activity: 728

Merit: 500

Never ending parties are what Im into.

That is a pretty cool picture the op has there.

OROBTC

legendary

Activity: 2912

Merit: 1852

...

RealBitcoin and crazywack

My take is that for the short-term (at least a year, maybe up to three) the US$ will force a general DEFLATION in the US and perhaps parts of the rest of the world. Probably economic decline, perhaps severe.

The J. Yen and the US$ both have not fallen because money velocity has slowed to almost zero (people are holding on to their cash). This will continue for the US$ in my opinion as other currencies (J. Yen, Chinese Yuan and the Euro) are wrecked before ours is.

King Dollar will reign for a while.

But, then it too will inflate. Big Time. And since the timing is so uncertain, gold and Bitcoin are worth holding.

crazywack

legendary

Activity: 1148

Merit: 1000

Quote from: bolivarcoin on August 11, 2015, 06:26:17 PM

This is why Venezuela will be the first country to adopt a virtual currency.

0.037 Bitcoins o almost 12 Us$

It loos like a lot of money, but is the equivalent to half of the monthly minimum wage

Post war Germany! Damn I need a stack!

RealBitcoin

hero member

Activity: 854

Merit: 1007

JAYCE DESIGNS - http://bit.ly/1tmgIwK

Quote from: luciann on September 09, 2015, 06:13:04 PM

Quote from: mrhelpful on September 08, 2015, 08:19:40 PM

Quote from: Hugroll on September 07, 2015, 12:55:47 PM

is there anything they are doing to fix this hyperinflation. i have no idea how they're going to get out of this mess.

fiat form itself is a no option kinda situation for hyperinflation.

its why you see countries like japan are in the same route. Heck we are all in it as long the paper keeps printing.

what does japan have to deal with hyperinflation?

last time I checked the only reason why they are probably in that mess is because they dont rely on anyone period lol.

My spider sense is telling me that Japan has to get some wheelbarrows soon, because the YEN is going HYPER!!!!

http://www.nationaldebtclocks.org/debtclock/japan

RealBitcoin

hero member

Activity: 854

Merit: 1007

JAYCE DESIGNS - http://bit.ly/1tmgIwK

Quote from: bolivarcoin on August 11, 2015, 06:26:17 PM

This is why Venezuela will be the first country to adopt a virtual currency.

0.037 Bitcoins o almost 12 Us$

It loos like a lot of money, but is the equivalent to half of the monthly minimum wage

Get your wheelbarrow guys because this is how the USD will look like in a few years, coupled with the JPY, EUR, CHF,GBP ,etc...

All fiat currencies will be moved with wheelbarrows in the next decade!!

worhiper_-_

hero member

Activity: 700

Merit: 500

Greece might be like that in the not so near future. Support to eurosceptic parties has started growing. 3 anti-euro parties will probably be in the parliament wfter the new elections. However, those parties aren't looking to cooperate with each other. One of them is golden dawn, the other two are left parties.

luciann

sr. member

Activity: 252

Merit: 250

Quote from: mrhelpful on September 08, 2015, 08:19:40 PM

Quote from: Hugroll on September 07, 2015, 12:55:47 PM

is there anything they are doing to fix this hyperinflation. i have no idea how they're going to get out of this mess.

fiat form itself is a no option kinda situation for hyperinflation.

its why you see countries like japan are in the same route. Heck we are all in it as long the paper keeps printing.

what does japan have to deal with hyperinflation?

last time I checked the only reason why they are probably in that mess is because they dont rely on anyone period lol.

Amph

legendary

Activity: 3206

Merit: 1069

Quote from: wxa7115 on September 07, 2015, 01:43:55 PM

Quote from: tonycamp on September 07, 2015, 01:21:43 PM

you shoud see how it fits into zinbabwe the coffe costs trillions of dollars into their currency soo they adopt also us insted of that left wing dollars

I have a Zimbabwe dollar just to remind myself of the st*pidity of central banks, governments and those that support them.

i don't think they support them, the problem is that, they have no choice, they can't simply go out and adopt bitcoin or crazy shit like this

nickaizoku

sr. member

Activity: 308

Merit: 250

❃ CyberNick ❃

wow! is that alot in Venezuela? i mean can buy alot of thing in there? economy... well if 0.037 in my country, its like RM35, well can eat for 2 days (lunch and dinner)

bolivarcoin

hero member

Activity: 590

Merit: 500

i launched a coin last week, hope it goes well and help the economy, website is in spanish so it will keep foreings away for the moment and in just a few days a little community is growing .
Lack of bills, hyperinflation and economical crisis are the triggers for an alternative economy.
https://bitcointalksearch.org/topic/ann-bolivarcoin-no-premine-x11-pow-boli-block-explorer-and-more-1153330
https://chainz.cryptoid.info/boli/

techgeek

hero member

Activity: 826

Merit: 1000

Quote from: tonycamp on September 07, 2015, 01:21:43 PM

you shoud see how it fits into zinbabwe the coffe costs trillions of dollars into their currency soo they adopt also us insted of that left wing dollars

this is how the u.s will become eventually.

its going to be sooner or later though and when it does its going to be a rude awakening for most people.

luciann

sr. member

Activity: 252

Merit: 250

Quote from: wxa7115 on September 07, 2015, 01:43:55 PM

Quote from: tonycamp on September 07, 2015, 01:21:43 PM

you shoud see how it fits into zinbabwe the coffe costs trillions of dollars into their currency soo they adopt also us insted of that left wing dollars

I have a Zimbabwe dollar just to remind myself of the st*pidity of central banks, governments and those that support them.

Umm when you say people who support them..

You do notice thats everyone right lol. Cause last time I checked everyone has a checkings account belonging to some private bank eg: chase, bank of america, etc.

lissandra

sr. member

Activity: 434

Merit: 250

Quote from: upsidedown75 on September 07, 2015, 01:53:23 PM

Well, this is a great pic to show how fiat currencies could mutate your hard earned wealth into nothing. It is not only Venezuela, but also Zimbabwe or Argentina some years ago. Even Japan has got a high inflation rate.

Basically venezuela isnt the only ones.

I mean its just they have breached to their point sooner then most countries. Look at the U.S though, its ready to hit the stages soon once we actually cant print out anymore money then it needs to..

Topic: This is how 0.037 Bitcoins looks like in Venezuela - page 10. (Read 31697 times)