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Topic: Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela - page 2. (Read 574 times)

hero member
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Cats on Mars
Venezuela took the last resort after their currency was worthless after uncontrolled inflation. they decided to switch to cryptocurrency to change their currency. with more adoption, of course the economy will recover, as the price of bitcoin increases
They didn't take any last resort, no one is switching to cryptocurrency, let alone Bitcoin, those who can get bitcoins are either holding it because of its 'store of value' attribute, or they sell it right away in the black market for fiat currency that even though it's worthless, as far as I know, it's still the only official currency accepted for purchases of goods and services.

Btw, tell me, how exactly will the increase in the BTC price help the country recover from the economic collapse?
legendary
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I can understand some sanctions to Venezuelan government in order to stop them a bit and than support the rebels which I think are the rightful rulers but completely stopping them should not be the way to go, maybe have a dealing with the revolution leader to lift of sanctions for them and help the general public but punishing the public in order to send a message to Venezuela is really not the proper way to go with this.

I am not even going to further in detail for Cuba because no matter how close a country to the other if you are punishing the people of a whole country for the wrong doings of the leader of a totally different country than you are definitely not playing it nice at all. Its USA after all and its Trumps advisors so I don't even know what they are thinking.
legendary
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Do you think that the pressure on Maduro will be that effective?


No, because he's not going to give up, and he still has Russian support.

And what does it mean to Venezuelans who's into bitcoin already?


Probably nothing, the economy has been shit for a while. Worst thing that can happen is if Maduro will start confiscating Bitcoins.

Will this sanctions be another use case how bitcoin is really going to be used a medium of exchange?


Sanctions mean that the US and its allies will stop doing some business with Venezuela. No one will want to risk getting in jail or getting huge fines by trying to circumvent those sanctions, so Bitcoin is irrelevant here. Sanctions is much more than just "you can't use our banks now".
legendary
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These sanctions are never going to work. Look at North Korea. Sanctions have been in place for many years. Did Kim Jong Un destroyed his nuclear stockpile? Same with Venezuela. Despite all the sanctions and embargoes, has Maduro been forced to step down? And the less talked about Cuba that better. The American policy has been a gigantic failure for many decades.
full member
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So they have finally seen what will give them practical example of the usefulness of Bitcoin, so until they have problem before they see the solution that has been lying ahead of them.

It is a good thing that bitcoin is already proofing its worthy to not only individuals alone, but to the nations completely, from here, many nations would have also head of what crypto is all about and if it can really solve Venezuela crisis out, then we should expect a mega boom in the price of BTC. I am sure many of these top people would be analyzing BTC already and they may have come into conclusion that it is not a threat to their system, but rather of help.
Venezuela took the last resort after their currency was worthless after uncontrolled inflation. they decided to switch to cryptocurrency to change their currency. with more adoption, of course the economy will recover, as the price of bitcoin increases
legendary
Activity: 2170
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I don't really care about those sanctions. I'm not buying anything from there and not willing to visit Venezuela.
In case with crypto it also won't have any impact. Venezuela is a country where people got 6.70$ monthly income and a huge inflation. I'm a humble BTC holder but even BTC stash is equal to a monthly income of some hundreds of venezuelans. Their satoshies got no income on the general picture.

I think you're missing the bigger picture here. Admittedly, a country such as Venezuela can't do much on its own, but in that region there are plenty of more countries that are going through similar problems, and they all contribute to a growing overall demand for Bitcoin.

The lowest class (the people with $6.70 monthly you are referring to) aren't those who actually buy into Bitcoin, but the classes above them. People with money have the most to lose but also the most incentive to protect that what is left of their wealth. I'm certain that we haven't even seen 1% of what these countries are capable of in terms of Bitcoin adoption.
legendary
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So they have finally seen what will give them practical example of the usefulness of Bitcoin, so until they have problem before they see the solution that has been lying ahead of them.

It is a good thing that bitcoin is already proofing its worthy to not only individuals alone, but to the nations completely, from here, many nations would have also head of what crypto is all about and if it can really solve Venezuela crisis out, then we should expect a mega boom in the price of BTC. I am sure many of these top people would be analyzing BTC already and they may have come into conclusion that it is not a threat to their system, but rather of help.
full member
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I don't really care about those sanctions. I'm not buying anything from there and not willing to visit Venezuela.
In case with crypto it also won't have any impact. Venezuela is a country where people got 6.70$ monthly income and a huge inflation. I'm a humble BTC holder but even BTC stash is equal to a monthly income of some hundreds of venezuelans. Their satoshies got no income on the general picture.
legendary
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Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela
The Republicans are always known for their belligerent administrations. Check the America presidential history, the George Bushes were clear examples if we want to cite the more recent examples. So, I am not sure anyone will be surprised about all the sanctions coming from the US now. I expect more to come but all these will cost Donald Trump his second term ticket.


Do you think that the pressure on Maduro will be that effective? And what does it mean to Venezuelans who's into bitcoin already? Will this sanctions be another use case how bitcoin is really going to be used a medium of exchange?
Venezuela is just a drop of water in the ocean. Apart from her oil, I am sure the US wouldn't have even looked into its internal problems. The US may oust Nicolas Maduro out of office but will that restore normalcy to Venezuela? I don't think so. As for the Bitcoin population there, i also don't think their activities will make any difference to the entire crypto space. Pedro didn't.
member
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As long as the military support maduro he will remain in power. They need to remove the military leadership otherwise the economic sanctions will simply hurt the people even more.
copper member
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I think this is the first step to bring democracy to Venezuela. After coup d'état, it is crucial to plant a puppet dictator to this country. *If you know what I mean*

I'm afraid, Bitcoin is not a long-term solution for political and economic turmoil. However, it could help some Venezuelan to store their wealth so that they could easily escape the country.
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Do you think that the pressure on Maduro will be that effective? And what does it mean to Venezuelans who's into bitcoin already? Will this sanctions be another use case how bitcoin is really going to be used a medium of exchange?


According to some information I updated through several communication channels. People in Venezuela started using Bitcoin as an alternative currency. Bitcoin traders exchanged most transactions with large sums of money through Bitcoin. Bitcoin-using as a cash alternative in this country because of its daily devaluation and its declining value due to hyperinflation in the country.
member
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I think the ban is outside what bitcoin can do or can not because US does not have any global regulation on bit neither do any other country has. So, the usage of bitcoin and cryptocurrency won't be affected in those mentioned countries in my view.
member
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The sanctions that Trump poses to Venezuela would definitely not affect Maduro.
They will possibly affect the nation of Venezuela and the citizens. Maduro is not going to leave his seat so easily and he will probably go it until the end.
Citizens will be just pushed to flee to another country in order to make a better living.
hero member
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Why do so many people end up assuming that everyone will begin using Bitcoin just because their government collapses or some other similar situation? It is definitely much more complicated than that.

Firstly, majority of the world population are still unaware of what Bitcoin actually is and tend to stick to traditional FIAT or gold etc even in such extreme situations.

Assuming that people will automatically adopt Bitcoin in such situations is over-optimism. Be realistic people. It will take a lot more time and effort to help people understand the importance of Bitcoin.
hero member
Activity: 2870
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People is resilient, they will always find a way to survived in crisis such as in Venezuela. If they do think that bitcoin is the only way out and help them bring food in the table so be it. As for question whether there will net effect, yes, I believed so.

And for the sanctions, I don't think that Maduro will just simply step down, he has supporters inside and outside of the country. And unless US led a coup, there's no way he will give up that easy because of the new sanctions.
hero member
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Valenzuela's bitcoin trading volume had spiked and had hit all time-high this is due the inflation that had occured. The reason behind this inflation is caused by corruption and government mismanagement. That is why U.S. is pressuring Maduro and doing everything they can to help venezuelan people by taking all actions to remove him as a leader.
full member
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Well, its up to Trump now. They should had made this long time ago. An economic sanction should be initiated in addition to this. Thats where it hurts most.
hero member
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Cats on Mars
Do you think that the pressure on Maduro will be that effective?
Only time will tell. Maduro and his regime have found several ways to bypass the US sanctions, like selling oil to Turkey and China (since they can't sell it to USA who was their main buyer), selling literally tons of gold to middle east countries in order to have a influx of foreign currency, but in the long run, they'll run out of options to circumvent sanctions.

And what does it mean to Venezuelans who's into bitcoin already?
Not much I think, they'll probably keep using bitcoin as always, as a store of value and to sell it for fiat currency.

Will this sanctions be another use case how bitcoin is really going to be used a medium of exchange?
There are no precedents where sactions to a country translates into bitcoin becoming a [official] medium of exchange.
legendary
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Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela

Quote
MIAMI (Reuters) - U.S. national security adviser John Bolton announced a series of new sanctions against Cuba and Venezuela on Wednesday as the Trump administration sought to boost pressure on Venezuelan leader Nicolas Maduro and the countries that support him.

https://www.reuters.com/article/us-venezuela-politics-bolton/trump-security-adviser-bolton-unveils-new-u-s-sanctions-to-pressure-cuba-idUSKCN1RT29X

Do you think that the pressure on Maduro will be that effective? And what does it mean to Venezuelans who's into bitcoin already? Will this sanctions be another use case how bitcoin is really going to be used a medium of exchange?

Last February I posted this one Bitcoin Trading In Venezuela Keeps Setting New Records and it seems this trend will continue.

Unfortunately i don't think those sanctions are very effective, they are probably hurting the regime but its the people who end hurt the most. Something more substantial, like ordering their capture would move things forward. He should be getting trialed at the Hague tribunal with his close associates. They already accepted and are studying the case, but this moves at a snail pace...

Illegally, Maduro recently sold a lot of Venezuelan gold to the Russians, bypassing all the sanctions in place. This money isn't going to fix the inoperative health system or the vandalized education system, its fat money for more corruption, and crime. And the military are now trafficking newer types of minerals such as coltan or thorium, not just gold...

Its the people that loses power, water, food, medicine, education, security. The leading elite has it all, no Maduro minister is ever seen using public transport or doing grocery at a supermarket with the rest of the population, much less risk their lives in a "hospital" or walk on the streets without armed bodyguards. The truth of socialism always shows in the end, history is merely repeating itself.

Crypto trading is done to: escape hyperinflation, and evade State controls on the exchange of foreign currencies. People here are not holding to them, and can't use them to buy things, so its always exchanged back at the last minute. This is why you see so many transactions, while many in the world are content with simply buy or sell, here is always both operations or more due to the ridiculous limitations imposed to the banks by the de-facto gov What for you could be a single buy and sell operation here it could easily take 10 or more, because the limitations force to use very small amounts to avoid getting their accounts frozen (in the banks, not the exchange).
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