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posted by CoolHand on Monday June 19 2017, @08:07PM   Printer-friendly
from the cyber-rich dept.

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..


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  • (Score: 2) by DeathMonkey on Tuesday June 20 2017, @07:02PM (2 children)

    by DeathMonkey (1380) on Tuesday June 20 2017, @07:02PM (#528653) Journal

    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

    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2  
  • (Score: 2) by The Mighty Buzzard on Wednesday June 21 2017, @08:07AM

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Wednesday June 21 2017, @08:07AM (#528926) Homepage Journal

    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

    by Anonymous Coward on Wednesday June 21 2017, @02:14PM (#529024)

    chiraq, motherfucker!