Topic: This is how 0.037 Bitcoins looks like in Venezuela - page 13. (Read 31697 times)
Never knew that the currency in Venezuela was so inflated. Better invest in bitcoins
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
Um, you sure? I think it would be a better idea to calculate pros and cons on a macro level and identify what could go wrong and if it is really sensible. Investing in real estate is smart, only if you are fully satisfied with all aspects which makes it affordable.
I have to agree with HarHarHar...
Venezuela used to be "almost a nice place" (it had always had more crime and poverty than most outsiders knew). Argentina has its problems too (though it is slightly better than, say, 2 years ago).
It seems that the places where BTC is having success are places with serious problems.
Find a way to travel to Venezuela, bring enough BTC to pay for your trip, but you should consider LIVING ELSEWHERE.
yeah, I believe that you should live at a place which suits the best climatic conditions and isn't a hazard to your health, it has schools and recreational parks around with friendly neighbors. Live in a community where people respect each other, but of course you might not get all the qualities you want so you might have to settle sometimes.
Venezuela is heaven for those who get paid in Dollars$$, the main negative aspect of living here is crime and assassination rates.
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
If u want to move to a cheap country and live like a king, you should go to Philippines, its fun and girls are hot, 40 peso or 1$ and u can eat all rice u want on a restaurant, and u can live with less than 1000$ a month, retirement visa for over 35 years old its only 10.000 and u can use that money to buy real estate.
I been there a few times, and I'm planning to move there soon.
But Venezuela its unsafe, I will not thinking going there soon, people its so desperate for food, if u go with a few dollars or you live better than the locals you will be a target for crime.
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
Um, you sure? I think it would be a better idea to calculate pros and cons on a macro level and identify what could go wrong and if it is really sensible. Investing in real estate is smart, only if you are fully satisfied with all aspects which makes it affordable.
I say its only worth your time if you feel like their economy can fight the uphill battle.
I dont read the future, but theres no need to rush into real estate if I get the sense people are fighting someone over a can of sardines. Although maybe improved situations and knowing certain information would be a plus.
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
Um, you sure? I think it would be a better idea to calculate pros and cons on a macro level and identify what could go wrong and if it is really sensible. Investing in real estate is smart, only if you are fully satisfied with all aspects which makes it affordable.
I have to agree with HarHarHar...
Venezuela used to be "almost a nice place" (it had always had more crime and poverty than most outsiders knew). Argentina has its problems too (though it is slightly better than, say, 2 years ago).
It seems that the places where BTC is having success are places with serious problems.
Find a way to travel to Venezuela, bring enough BTC to pay for your trip, but you should consider LIVING ELSEWHERE.
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
Um, you sure? I think it would be a better idea to calculate pros and cons on a macro level and identify what could go wrong and if it is really sensible. Investing in real estate is smart, only if you are fully satisfied with all aspects which makes it affordable.
If the conditions persists to be stagnant , i will move to Venezuela or Zimbabwe or Argentina.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
I had embraced BTC over 2 years back and i have some sufficient amount.
Please keep updating this thread as it invokes light in me.
good step for crypto currency. Venezuela has initiated it. seems bitcoin first developed in America Latin
I asked a colleague of mine from Venezuela. How is it back home, are the old folks safe? He did not say yes. On the problem of sending money (I don't know the economic situation of his parents, but with borderline hyperinflation a salary can become worthless quickly), he told me he could send money via the bank, it would take a week, there was danger of being robbed (that is what he said, maybe some clerk just confiscating the money for himself), and he would not get the full blue rate (I think he gets the Simadi rate, which is about 1/4 of what he should have got).
I introduced him to localbitcoins, he got an account loaded with some coins. He has a bank account inside the country accessible over the internet, and there are lots of traders in the country, giving a rate slightly worse than the blue rate. After that, he can transfer the bolivars to his relatives' account. After a few days I asked, but he hadn't tried it. He will wait until the a need arises, to avoid some of the inflation. I look forward to hearing of his experience. Anyway I could not wait to write this...
I introduced him to localbitcoins, he got an account loaded with some coins. He has a bank account inside the country accessible over the internet, and there are lots of traders in the country, giving a rate slightly worse than the blue rate. After that, he can transfer the bolivars to his relatives' account. After a few days I asked, but he hadn't tried it. He will wait until the a need arises, to avoid some of the inflation. I look forward to hearing of his experience. Anyway I could not wait to write this...
You might want to advise him to use bitcoin only with a secondary throw away bank account. You don't want to be responsible when the bank is closing his account because they think bitcoin is too risky or they fear money laundering. The trouble to move all payment streams to another bank account is enourmous.
I asked a colleague of mine from Venezuela. How is it back home, are the old folks safe? He did not say yes. On the problem of sending money (I don't know the economic situation of his parents, but with borderline hyperinflation a salary can become worthless quickly), he told me he could send money via the bank, it would take a week, there was danger of being robbed (that is what he said, maybe some clerk just confiscating the money for himself), and he would not get the full blue rate (I think he gets the Simadi rate, which is about 1/4 of what he should have got).
I introduced him to localbitcoins, he got an account loaded with some coins. He has a bank account inside the country accessible over the internet, and there are lots of traders in the country, giving a rate slightly worse than the blue rate. After that, he can transfer the bolivars to his relatives' account. After a few days I asked, but he hadn't tried it. He will wait until the a need arises, to avoid some of the inflation. I look forward to hearing of his experience. Anyway I could not wait to write this...
I introduced him to localbitcoins, he got an account loaded with some coins. He has a bank account inside the country accessible over the internet, and there are lots of traders in the country, giving a rate slightly worse than the blue rate. After that, he can transfer the bolivars to his relatives' account. After a few days I asked, but he hadn't tried it. He will wait until the a need arises, to avoid some of the inflation. I look forward to hearing of his experience. Anyway I could not wait to write this...
really did not have knowledge about such shitty situations taking place there, can't really imagine what a corrupt fuckhead that clerk is, and he pockets good money from the bank as well as robbing off the clients. If it wasn't for digital currency, this situation might have been really sucky. Glad to read a live example of how digitization making lives better in places where infrastructure is often questioned.
If one wanted to purchase Bolivares at the black market exchange rate, does anyone know where one might do this or is there anyone with connections in Venezuela who could ship stacks of these to America?
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Well purchasing power aside I guess the other view is that people are also hoarding a heck of a lot of food to feed the black-market or I guess to starve the community stores.
Instead of waiting in the line to get cheap food.
http://lainfo.es/en/2015/08/16/venezuela-found-tons-of-food-hidden-underground/
http://axisoflogic.com/artman/publish/Article_71293.shtml
The Bolivarian National Guard (GNB) seized 50 tons of food in the San Juan west of Maracaibo (Zulia state), called bachaqueros buried dozens of sacks of sugar in the courtyard of a house in the sector. In other homes, sacks of rice, coffee, pasta, beer, soda, detergent, toothpaste, and chlorine were seized, among others.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
No, they have only small bills.
Na those are small bills they go up to 100 according to wiki the image uses 2 Bolivar Banknotes although they were valued higher historically with the Pre-1998 stuff.
https://en.wikipedia.org/wiki/Venezuelan_bol%C3%ADvar
2008 Series
Banknotes are in denominations of 2, 5, 10, 20, 50 and 100 bolívares.
Instead of waiting in the line to get cheap food.
http://lainfo.es/en/2015/08/16/venezuela-found-tons-of-food-hidden-underground/
http://axisoflogic.com/artman/publish/Article_71293.shtml
The Bolivarian National Guard (GNB) seized 50 tons of food in the San Juan west of Maracaibo (Zulia state), called bachaqueros buried dozens of sacks of sugar in the courtyard of a house in the sector. In other homes, sacks of rice, coffee, pasta, beer, soda, detergent, toothpaste, and chlorine were seized, among others.
...
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
No, they have only small bills.
Na those are small bills they go up to 100 according to wiki the image uses 2 Bolivar Banknotes although they were valued higher historically with the Pre-1998 stuff.
https://en.wikipedia.org/wiki/Venezuelan_bol%C3%ADvar
2008 Series
Banknotes are in denominations of 2, 5, 10, 20, 50 and 100 bolívares.
...
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
No, they have only small bills.
Does anybody know how people go out and buy things with inflation like this? Serious question, do they bring a backpack stuffed full of cash instead of a wallet when they go shopping? Clearly a wallet would not be large enough to fit enough notes to buy anything. Or do they just deposit it all at a bank and use debit cards?
Debit cards still work.
...
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
I don't know re Venezuela and larger bank note denominations.
That is a political decision! Just printing up larger and larger denominations is a clear admission of failure. But, if they do NOT print larger "value" [sic / LOL] notes, then just living becomes much harder, the people might revolt sooner...
As I mentioned (pages back), Venezuela is in real trouble. With huge oil reserves and 300 + tonnes of gold (an unusually large amount for a developing country), .gov Venezuela has screwed up very badly.
And they were in talks with Goldman-Sachs to figure out how to lease their gold for a cash (dollars) transfusion, I do not know the latest on that news item. If Venezuela defaults on paying Goldman back..., then they can kiss their gold good-bye.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
Right now, 100 Bolivar is the largest denomination currency available. Even before the current crisis, there were requests from the public and the businesses for a higher denomination bank note. The official exchange rate is 1 USD to 6.3 VEF (black market rate as of July 2015 was 1 USD = 620 VEF). So even before the crisis, the highest denomination bank not was worth just around $16.
Right now, the highest denomination bank not is worth some $0.16
...
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
Ahh okay thanks. So like the Trillion dollar bill in Zimbabwe, Venezuela has larger denomination bills? I guess by the photo provided I thought they didn't have larger bills available.
...
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
coinableS
One modern response to hyperinflation has been to go out and buy cars, as they hold their value better than the currency.
If their government will print larger denominations, then the bulk of cash needed is reduced. The last hyperinflation I saw in Peru had a bank note of 5,000,000 intis worth some $3.00 at that time (late 1980s IIRC). As hyperinflation continued, they went back to the sol ("New Sol"), their currency has been stable since.
Does anybody know how people go out and buy things with inflation like this? Serious question, do they bring a backpack stuffed full of cash instead of a wallet when they go shopping? Clearly a wallet would not be large enough to fit enough notes to buy anything. Or do they just deposit it all at a bank and use debit cards?
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