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Venezuelans flock to BTC, the digital currency as inflation has spiraled to the triple digits, debasing the the venezuelan currency, the bolivar (VEF) and depleting savings. Citizens struggle to find everything from food to medicine on store shelves. Ryan Taylor, chief executive officer of crypto currency Dash Core says "If you're going to be in something volatile, you might as well be in something that's volatile and rising than volatile and falling,". Crypto currency Dash Core is the third-largest digital coin by number of transactions. Bitcoin (BTC) trading volume in Venezuela jumped to 1.3 million US$ this week, about double the amount that changed hands two months ago, according to LocalBitcoins.com.
Venezuela's currency has become nearly worthless in the black market, where it takes more than 6000 bolivars (VEF) to buy 1 US$, while bitcoin surged 53% in May-2017 alone. But it's not just about shielding against the falling bolivar, as some Venezuelans are using crypto currencies to buy and sell everyday goods and services, according to Jorge Farias, the CEO of Cryptobuyer.
For those desiring a faster transaction time the crypto currency Ethereum exists with an average block settling time of 14 seconds since April 2016 according to themerkle.com.
Venezuela has 47e9 m³ in proven oil reserves, more than any other nation in the world. So now the only thing missing is to start the sale of oil using crypto currencies so that a military intervention can be justified..
All this happens while since at least 2014, hundreds of thousands of citizens have protested high levels of criminal violence, corruption, hyperinflation, and chronic scarcity of basic goods, arrest of opposition leaders, laws to force citizens to work in agricultural fields and farms for 60 days or longer, 40 inmates dismembered and consumed three fellow inmates, 200 prison riots in Venezuela in 2016 and so on. Tourist hotels probably have an all time low now for that super bargain..
(Score: 2, Insightful) by Anonymous Coward on Tuesday June 20 2017, @12:19AM (4 children)
Yes it is a fucking hellhole. Especially after importing tons and tons of vermin from the other hellhole you listed, Somalia.
And yes Socialism DESTROYS everything it touches.
(Score: 2, Insightful) by Anonymous Coward on Tuesday June 20 2017, @12:58AM
And the reason they continue to do so is because media is used as a nationwide bully, Stasi style. The main culprits are aftonbladet.se dn.se svt.se tv4.se expressen.se svd.se Which means that if you dare to point out any problem or protest these media houses will make sure you are doxxed, out of job, friends, beaten up by local mobs and without means of having a good life in general.
The politicians just behave like dogs to these media houses. No balls.. Authorities has been staffed with people with a immigration agenda and Islamist agents. Ie, don't trust any them. There is a recent case were a hospital worker Fredrik Antonsson [petterssonsblogg.se] just collected news on the situation on the health services. And got hounded by the state media (svt.se).
Caution: Any would be detectives as to my person. Any such attempts may be considered extremely hostile and treated as such.
(Score: 2) by DeathMonkey on Tuesday June 20 2017, @07:02PM (2 children)
Yes. Just look at the socialist hellhole that is Sweeden and Norway compared to the libertarian paradises like Somalia.
World Happiness Index [sciencealert.com]
Norway #1
Sweden #10
Both beating USA at #13
(Score: 2) by The Mighty Buzzard on Wednesday June 21 2017, @08:07AM
You do know there's a difference between libertarians and anarchists, yes? It doesn't even require an eye for nuance to tell them apart, just intellectual honesty.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Wednesday June 21 2017, @02:14PM
chiraq, motherfucker!