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Topic: Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela (Read 557 times)

hero member
Activity: 2086
Merit: 994
Cats on Mars
I have a feeling that the petro (proposed Venezuelan cryptocurrency) will be used to make payments for shipments of cocaine from Colombia.
I find it hard to believe that drug lords in Colombia would accept a centralized shitcoin, what are they supposed to do with Petro once they get it if you can only spend it in Venezuela and there are no exchanges in the worlds that allow you to covert it to another currency?

For example, some American gangster can make the payment in petro and the Venezuelan mafia can ship a few tonnes of the drug to Belize or Honduras. And this petro stash can then be resold to USD by the regime.
Wouldn't it be better if an "american gangster" pays with USD or any other fiat currency? And Petro can't be converted to USD as the U.S. prohibited transactions with such scamcoin...You clearly have no idea what you're talking about lol
full member
Activity: 562
Merit: 100
Sanctions will not affect Venezuelans in any way.As for the use of bitcoin, I do not think that because of the sanctions it will be used more.To use them, you need to buy them for something, but alas, from an economic point of view, the country is not in a very good position.
legendary
Activity: 1218
Merit: 1007
I have a feeling that the petro (proposed Venezuelan cryptocurrency) will be used to make payments for shipments of cocaine from Colombia. Crypto can be a very anonymous mode of payment. For example, some American gangster can make the payment in petro and the Venezuelan mafia can ship a few tonnes of the drug to Belize or Honduras. And this petro stash can then be resold to USD by the regime.
I'm unconvinced that there will be much used to pay for illicit materials aside from the USD and local currency (which could the the Petro) when necessary. It's also not like there are a lot of people who can purchase cocaine in Venezuela aside from the highest classes, and even then they likely put most of their money into anything but the Bolivar. If they still need to get their sniff of the white power, they're going to be paying for it in USD.

I'd expect most criminal transactions for illicit goods to take place within the USD since it's easier to get the more valuable currency from the start as opposed to trying to exchange a significant amount of money otherwise. Drugs aren't cheap, there's a lot of money in them, and you can't exactly hide thousands (if not many times that) of dollars being exchanged.
legendary
Activity: 2044
Merit: 1008
I have a feeling that the petro (proposed Venezuelan cryptocurrency) will be used to make payments for shipments of cocaine from Colombia. Crypto can be a very anonymous mode of payment. For example, some American gangster can make the payment in petro and the Venezuelan mafia can ship a few tonnes of the drug to Belize or Honduras. And this petro stash can then be resold to USD by the regime.
legendary
Activity: 3374
Merit: 2198
I stand with Ukraine.
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On the other hand, do we really want these filthy rich hyenas to enter the world of crypto? I'm sure that we are way better off without them, because they will try to gain control over that what they are involved in.

I think we shouldn't be afraid of that. Bitcoin was designed the way I can only say "Good luck with trying to gain control over it!"

This maybe an irrational thought, but I have a feeling that Bitcoin makes things worse for the bad people laying their hands on it. Smiley
hero member
Activity: 2870
Merit: 594
The question is, will Russia accept bitcoin instead? Depends on the price and volatility.

I doubt they even consider Bitcoin to be a viable option. Not because of the price and volatility, but more so because of how Russia seems to be in a hurry when it comes to hoarding as much Gold as possible. The same applies to China. I am fairly sure that the publicly known figures about their aggressive Gold buying doesn't reflect the reality, which is much and much higher.

Another thing is that we don't know how much value the Petrocoin has in this specific case, and if Russia is willing to prop it up and cause some sort of a pump and dump effect.

Did Russia really support Petro though? I thought report surfaces saying that this is FUD.

https://bitcoinist.com/russia-venezuela-petro-not-happening/

And this, U.S Treasury Adds Russian Bank To Sanctions For Petro Involvement. So it's hard to say what extend is Russia involvement in Petro.
legendary
Activity: 1218
Merit: 1007
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.

North Korea is helped by China.

Venezuela is helped by both Russia and China - but both will extract a price. Nobody helps for free. Maduro is using Venezuela's gold reserves to buy stuff from Russia. The question is, will Russia accept bitcoin instead? Depends on the price and volatility.

North Korea is helped by both China and Russia, because they don't want the American military bases near their territorial border (the Americans already have a number of military bases in South Korea and Japan). Venezuela doesn't have that advantage. It is located far away from both China and Russia. Russia is currently helping them by purchasing gold and other metals, but I don't think that they are going to offer any financial assistance to the Maduro regime.
Russia is taking advantage of the situation to get assets for pennies on the dollar from Venezuela. While it can be considered unethical, if the US is sanctioning Venezuela it means that other countries won't be accessing their market and the Russians can take full advantage of it. The Venezuelans don't have many options to get the basic necessities into their country either. The Russians don't want to invest in the country, but they're definitely going to take what they can get their hands on. Russia couldn't fund a permanent military base and China probably couldn't find a use for having a military base there. Venezuela will sell their resources for next to nothing, and they literally can't do anything about it until they get their internal situation under control.
legendary
Activity: 3276
Merit: 1352
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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.

North Korea is helped by China.

Venezuela is helped by both Russia and China - but both will extract a price. Nobody helps for free. Maduro is using Venezuela's gold reserves to buy stuff from Russia. The question is, will Russia accept bitcoin instead? Depends on the price and volatility.

North Korea is helped by both China and Russia, because they don't want the American military bases near their territorial border (the Americans already have a number of military bases in South Korea and Japan). Venezuela doesn't have that advantage. It is located far away from both China and Russia. Russia is currently helping them by purchasing gold and other metals, but I don't think that they are going to offer any financial assistance to the Maduro regime.
legendary
Activity: 2030
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No country in the world would accept Bitcoin for paymens of goods, services, or whatever. We barely see local stores accepting it as payments, what makes you think a sovereign state would accept Bitcoin?

Because Maduro needs to keep the "elite" happy, by elite I mean his entire crooked cabinet, the armed forces, and the paramilitaries, you know, the people that are keeping him in power. "Feed the people"?, nice joke, if only that were one of the main objective of Maduro's regime, I'm pretty sure that's at the bottom of his priority list right now.

Well so far the Russians have been more than happy to accept our gold as debt payment. Pathetic, given that gold was our reserves, and Maduro spends them illegally, simply because he needs authorization from the Legislative to use them but he doesn't recognize other branches of power that don't obey his whims.

The Chinese are getting crude oil as payment, but they are not giving us any loans anymore, the debt is too tall and the Venezuelan economy too bad.

Putin knows a thing or two about crypto, so its a bit rare he isn't accepting debt payments in bitcoin, perhaps when the next one due October comes we will know (or never) how it is that Maduro is paying debts back to Putin. We know for sure the last one was paid in gold, a plane came and all...
hero member
Activity: 2086
Merit: 994
Cats on Mars
Venezuela is helped by both Russia and China - but both will extract a price. Nobody helps for free. Maduro is using Venezuela's gold reserves to buy stuff from Russia. The question is, will Russia accept bitcoin instead? Depends on the price and volatility.
No country in the world would accept Bitcoin for paymens of goods, services, or whatever. We barely see local stores accepting it as payments, what makes you think a sovereign state would accept Bitcoin?

Why can't they just sell the oil wells to Russia and use that money to feed the people?
Because Maduro needs to keep the "elite" happy, by elite I mean his entire crooked cabinet, the armed forces, and the paramilitaries, you know, the people that are keeping him in power. "Feed the people"?, nice joke, if only that were one of the main objective of Maduro's regime, I'm pretty sure that's at the bottom of his priority list right now.
hero member
Activity: 1134
Merit: 500
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.


There are certain times when you have to let your child grow and the same goes with those two countries, why do they have to intervene if they don't offer a real solution to their financial and political problems?
legendary
Activity: 2044
Merit: 1008
Brent crude is now trading at $72 per barrel and it is well above the cost of production in Venezuela. Ideally, the economy should have stabilized due to the high oil prices. But it looks like there is no improvement in the situation and the oil production is dropping with every passing month. Why can't they just sell the oil wells to Russia and use that money to feed the people?
newbie
Activity: 117
Merit: 0
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.



new sanctions on Venezuela’s central bank to prohibit its access to U.S. dollars, it's a bit strict...
legendary
Activity: 2170
Merit: 1427
The question is, will Russia accept bitcoin instead? Depends on the price and volatility.

I doubt they even consider Bitcoin to be a viable option. Not because of the price and volatility, but more so because of how Russia seems to be in a hurry when it comes to hoarding as much Gold as possible. The same applies to China. I am fairly sure that the publicly known figures about their aggressive Gold buying doesn't reflect the reality, which is much and much higher.

Another thing is that we don't know how much value the Petrocoin has in this specific case, and if Russia is willing to prop it up and cause some sort of a pump and dump effect.
legendary
Activity: 1652
Merit: 1088
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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.

North Korea is helped by China.

Venezuela is helped by both Russia and China - but both will extract a price. Nobody helps for free. Maduro is using Venezuela's gold reserves to buy stuff from Russia. The question is, will Russia accept bitcoin instead? Depends on the price and volatility.
legendary
Activity: 2044
Merit: 1008
Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela

Can they leave Cuba alone?  60 years passed. WTF.   Could not those rich asses that were nationalized already got filthy rich again?  If not, let them buy Bitcoin and will be rich again in 10 years time.   This bullshit has to stop.

It is not that simple. The Cuban American community is very influential in certain states (especially in the swing state of Florida) and in case the president takes a soft stance towards that country, these people will vote en bloc against him. So at least for the next few decades, expect no change in the American stance towards Cuba.
sr. member
Activity: 994
Merit: 302
Venezuelans using bitcoin is not threatened. Since the price is regulated by the market, not the us government. Perhaps the sanctions will affect only the main economy(agriculture for example). For other aspects, there are cryptocurrency moreover, has its own El Petro coin.

Petro coins is scam.

I guess bitcoin has been established in Venezuela already and as inflation goes up, more people will tend to see bitcoin as their saviour. The blackouts recently cause a lot of problems and if you are a bitcoin miner in Venezuela then you are heavily affected by it.

As fas as use case, well it has been proven already so I guess these recent sanctions will just push people to really go and use bitcoin as a hedge, imho.

Isn't it ironic that as the the power outages increase in frequency more and more people are using bitcoins? Wouldn't this put a hamper to bitcoin adoption there?

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.

Fight or flight. History is filled with despots who have been deposed via revolution, Marcos, Ceaucescu, etc. Pull a cat's whiskers long enough and it will lash back.
legendary
Activity: 2030
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CLEAN non GPL infringing code made in Rust lang
On the other hand, do we really want these filthy rich hyenas to enter the world of crypto? I'm sure that we are way better off without them, because they will try to gain control over that what they are involved in.

And not everyone buying are "clean". I can imagine more than one corrupt politician from the regime moving their ill gotten assets into crypto, if they haven't done so already...

That cannot be stopped easily, at least if they are able to use one of the anonymized altcoins. Petro is garbage/scam that will simply disappear should they fall. It is pegged, yet they change the value at whim. It has infinite supply, all nodes are in a single datacenter, code is not released... Pure garbage.

Its ironic now with crypto even rogue govs can do their ill. It used to be Swiss bank accounts but not anymore...
legendary
Activity: 1526
Merit: 1179
Can they leave Cuba alone?  60 years passed. WTF.   Could not those rich asses that were nationalized already got filthy rich again?  If not, let them buy Bitcoin and will be rich again in 10 years time.   This bullshit has to stop.
Apparently, this bullshit is worth continuing for many more decades. It really seems that there is something playing behind the scenes that we don't know about, which is the reason these sanctions look nonsensical to us.

Bitcoin they can buy at any time of the year, they don't mind seeing the price pump to $10-$20k because of how this asset could easily reach over $100k one day. This market has always been generous offering entry points.

On the other hand, do we really want these filthy rich hyenas to enter the world of crypto? I'm sure that we are way better off without them, because they will try to gain control over that what they are involved in.
legendary
Activity: 2730
Merit: 1288
Trump security adviser unveils new U.S. sanctions to pressure Cuba, Venezuela

Can they leave Cuba alone?  60 years passed. WTF.   Could not those rich asses that were nationalized already got filthy rich again?  If not, let them buy Bitcoin and will be rich again in 10 years time.   This bullshit has to stop.
hero member
Activity: 2086
Merit: 994
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
Activity: 1652
Merit: 1057
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
Activity: 3024
Merit: 2148

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
Activity: 3276
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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
Activity: 1442
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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
Merit: 1427
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
Activity: 1302
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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
Activity: 924
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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
Activity: 2716
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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.
full member
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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
Activity: 1302
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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
Activity: 3178
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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
Merit: 594
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
Activity: 688
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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
Activity: 2030
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CLEAN non GPL infringing code made in Rust lang
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).
hero member
Activity: 1414
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I also don't think the sanctions will affect the crypto price, but this will affect the countries and i hope on future all countries somehow to make decent jobs for people and they can live from jobs and also get enough money so they can economy a part.
full member
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I doubt if the sanction will directly impact crypto in any way, besides, since the heightened inflation in Venezuela, the level of Bitcoin usage hasn't changed much - it's not like it matters much that the citizens are gradually becoming dependent on Bitcoin.
hero member
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Venezuelans using bitcoin is not threatened. Since the price is regulated by the market, not the us government. Perhaps the sanctions will affect only the main economy(agriculture for example). For other aspects, there are cryptocurrency moreover, has its own El Petro coin.

Petro coins is scam.

I guess bitcoin has been established in Venezuela already and as inflation goes up, more people will tend to see bitcoin as their saviour. The blackouts recently cause a lot of problems and if you are a bitcoin miner in Venezuela then you are heavily affected by it.

As fas as use case, well it has been proven already so I guess these recent sanctions will just push people to really go and use bitcoin as a hedge, imho.
full member
Activity: 980
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Venezuelans using bitcoin is not threatened. Since the price is regulated by the market, not the us government. Perhaps the sanctions will affect only the main economy(agriculture for example). For other aspects, there are cryptocurrency moreover, has its own El Petro coin.
hero member
Activity: 1862
Merit: 830
I would make it short and simple:-

It won't affect the cryptocurrency in any way .
Since the cryptocurrency is already being regulated by the IS government and Bitcoins is doing good enough with some restrictions then I don't think they are doing this in relationship with Bitcoins or any other cryptocurrencies.
Cuba's leader needs to be pressurized so that he doesn't take over the step of the former leader .
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.

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