Topic: Venezuela - communists are falling, so might btc (Read 320 times)

I don't think that if Venezuelan public will start selling all their bitcoin's at once. There are many reasons as to why this will not happen.
If at all the political problem get resolved, we are not sure that it will even create an impact on bitcoin's price since the Venezuelan dominance over bitcoin is not so great.
Besides that bitcoin's price is already low so do you think people will start selling all their coins at such a low price when they bitcoin can grow so huge in a short time.

Irrelevant since 100% of Venezuela trading goes OTC on Localbitcoins (well maybe not %100 since I think there are some marginal exchanges but anecdotal volume)


Guaido seems like the textbook US-appointed actor to take over another oil-filled country. But nontheless Maduro is a nutcase, he said the help that was being sent to Venezuela (food and other basic goods) were poisoned or cancerous, the situation is just insane, I don't see good outcomes. Maduro will not give up, is probably going to end up like Gadafi. Venezuela will become another US colony, but overall life quality will probably rise so most people will not care.

The "political nonsense" started years ago (arguably decades ago), it was only slowly getting to boiling point. Precisely because of this nonsense (socialist economy) the local fiat was thrown in the garbage, and people desperately sought for ways to survive, one way is crypto.

After things change, i think people will remember fondly about true crypto (Bitcoin) and be positive for future legislation. While the current illegitimate government made a facade of a crypto, and also made a facade of being "crypto friendly" (they aren't, just to their close "friends"), it turned out to be a huge disappointment. A state backed ICO scam.

I thought that Venezuela was doing ok with its crypto? Before all those political nonsense has begun it demonstrated a good attitude to crypto in general. Hope they'll cope with it.

Some good points in this thread. And some pretty bad ones.

Guaido did not proclaim himself, he was proclaimed by the National Assembly, the Legislative branch that Maduro decided to outlaw because he and his group feels omnipotent to do anything they please. The so called "support" is eroding faster than the bolivar, precisely because Maduro thinks the economy is only for imperialist pigs or something.

The situation is deteriorating fast, because many countries recognize Guaido but not Maduro, for example the United States. Maduro in anger just ordered all US personnel from the US Embassy out of the country, but the US gov. refuses to comply because Maduro is illegitimate and lost the authority to dictate Venezuela's foreign policy. In fact, diplomats from various countries are already presenting credentials to Guaido.

So what is Maduro going to do now, attack the embassy? Good luck with that... You will see how truly thin is this "support" Maduro really has. His government is falling to pieces, and he himself is accelerating the process. There are rumors the military might turn at any moment, and the police is a joke, more like a band of criminals in uniform. Oh and the judiciary? Those appointed to the supreme court by him and the 2nd in command? They simply obey because they themselves have criminal records. It is a gang, with boss, lieutenant, tugs, etc.

Whatever happens in Venezuela the effect on bitcoin is ZERO, the OP is wrong.

Looks like some people are under the delusion that some appointed guy in a suit self-proclaiming itself the president of Venezuela suddenly solves the fiat clusterfuck crisis. Even if it's backed by big nations, you have to be naive to not see that US involvement is mostly due they seeing a nice set of resources to take from Venezuela. I want to make it clear that im not supporting the socialist shithole delivered by Maduro, but neither im deluded enough to not see that USA doesn't really care about the people suffering there, they just want the oil and gold. Now if the side effect of all this intervention is positive it's yet to be seen. My main point is, the underlying fiat weakness is still there no matter how many times the presidents are switched around, so I don't see how any of this doesn't fall into a case of permabull Bitcoin long term regardless of outcome.

- What is the percentage that each person bought in bitcoins?

- What was the value that each person bought in bitcoins?


even if Guaido proclaims himself president of venezuela, unfortunately Maduro still has support from the military, the judiciary and the police. he has control of many things, this problem will not be solved so soon


 

Because every damn time anything worth mentioning in the news is happening somebody finds a way to link it to a new bull or bear run for BTC, no matter how far fetch and stretched and packed and unpacked it is.

The average wage is 5$, 5 (five) f-i-v-e dollars a month!!!!!
There are currently ~ 20 million left in the country with less than half of them working.

How could they ever influence the price or what you have to drink or smoke to imagine it is beyond me.


Yeah, cause it is so damn easy for a guy in Venezuela to send a wire to a bank in hong kong.
Especially since the wire fee is about 5 monthly wages.

I agree with gentlemand that Venezualans probably don't own enough money to make a difference. Bitcoin's daily trading volume is currently 5 billion dollars. Bitcoin is mainly traded for USDT and USD. Fiat curencies that matter here are those of the main Asian countries (China, Japan, South Korea). There could probably cause a 15-20% fall if they acted together, but Venezuela is a very poor country. Moreover, I don't think that politicial issues that have been going for a while there can really be resolved shortly, as you say.

I don't see myself celebrating a psychopathic government that forces men to hunt rats on the streets to feed their families just because they will buy my bags and pump my gambling coins.
I'm extremely happy about Venezuelans and hope that political change does indeed happen. Hopefully Russia and China don't intervene like they've announced.

Economy of Venezuela will take a long time to recover, so the Bitcoin sales will continue for a few more years. Anyway, Venezuela should be always thankful to cryptocurrency for saving their country from economic downfall because of the hyperinflation rate they have been experienced many years ago.

That's what I was going to say.

Venezuela economy is tiny. In a country where 1 USD is enough money to live for some days/weeks, they really can't have no impact in BTC price.

BTC is something for very closed circles I'm Venezuela. Only people with very high financial and cultural standards are buying/mining.

And if the economy recovers there, it will be very good for bitcoin, in my opinion.

If there is somehow a higher adoption there, when the economy recovers those adopters may increase their holdings if they have a better financial situation.

Its going to get resolved one way or the other, watch the news.

You don't need to sell 15% to make the market fall 15%. You should really know this if you're playing the markets.

lol...I have never seen a so deep analysis on price bassd on Venezuela and their so called economic problems like this before. Anyway i think you're a bit right because every single entity in the cryptospace is important at this time but one thing I believe is that Venezuela has little effect on the overall performance of Bitcoin in terms of volume, trading, transactions of use cases, etc. I'd be more concerned about Europe/America and some Asian countries (Japan, South Korea)

I don't think we should think about the relationship between the Venezuela falling and btc falling. Because clearly, there isn't any relationship between the two. Both are different parties in different aspects. And when it comes to the rise or fall of bitcoin, no one really knows what will happen in the future. Every thing you read is just a mere speculation.

How much of the total amount of BTC in the world can be in Venezuela?

We might be scared if there is the same situation in one of the Asian countries, but I think Venezuela's influence is not great.

is there really a connection between venezuela, being a communists type of government and the bitcoin or rather the crypto world, i dont see any connection between these three so it means it wont affect the price of bitcoin in the crypto market. And i dont think venezuelan had a greater impact in crypto world as of these days.

@OP I don't know why you are focusing on a small country. Small economy countries won't affect the world economy too much. I'm more worried if the top-20 countries by GDP collapse. Moreover, historically, the 3rd world (or developing) countries never became the technology driver. Technology adoption always came from the developed countries first.*

*CMIIW

This is wrong on many accounts. Most people did not buy bitcoins for holding (some did of course), but mostly to evade the draconian exchange control in both directions. A Venezuelan can't easily buy USD, but can buy BTC and sell it for USD. If someone wants to send USD to the country, doing it directly will most likely either be seized or forced thru an absurd "official" exchange where they are valued half of the street prize. So again, buy BTC with your USD, send those BTC, and the local sells the BTC for VES (local fiat, currently the world's worst inflation, above a million percent a year).

As others have told you this would NOT affect bitcoin's price on a global scale. In fact, if the socialist regime falls, the economy would flourish and it would mean more wealth and bitcoin purchases. After all, it is harder to invest in bitcoin when your monthly wage is under 8 USD a month...

As for exchanges, localbitcoins is the only one that matters. The others are garbage, nearly zero volume or outright scammers.