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97 sats \ 19 replies \ @Undisciplined 7 May \ on: What is it like to live in Venezuela currently? Current economy econ
I like to highlight for people in the Western economies that the primary beneficiaries of bitcoin are not going to be us.
The "Global South" is where it is most urgently needed, because that's where people are dealing with the most monetary chaos and state overreach.
I really appreciate the update.
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99 sats \ 10 replies \ @bief57 OP 7 May
Correct, bitcoin is a lifeline to an economy that has devalued its currency by 700% in two years, education about crypto is vital and necessary to prevent more families from being destroyed by extreme poverty. Another aspect that I forgot to mention and I just remembered is that in Venezuela for many it has been a paradise for mining, the cost of electricity is practically zero (that is why it does not work), but people have looked for alternative solutions to obtain electricity, many people have returned, and apparently live "quietly" thanks to bitcoin.
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20 sats \ 8 replies \ @Undisciplined 7 May
I remember reading about the big bitcoin mining operations in Venezuela a few years ago. That happens everywhere that energy is heavily subsidized.
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21 sats \ 7 replies \ @Satosora 7 May
but they never seem to survive. Too much corruption.
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10 sats \ 6 replies \ @Undisciplined 7 May
Price ceilings create shortages. Bitcoin miners were just one of the more convenient groups to scapegoat for the inevitable result of bad policy.
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0 sats \ 5 replies \ @Satosora 7 May freebie
Plus it is pretty easy to move bitcoin and make it disappear. I thought with their unlimited energy, there wouldnt be a ceiling?
0 sats \ 0 replies \ @Satosora 7 May
I heard buying gasoline is a chore, and super expensive.
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21 sats \ 0 replies \ @kepford 8 May
Exactly. This is why we have a much harder time getting through to our people. When the time comes and times get hard it will be much easier.
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21 sats \ 6 replies \ @Satosora 7 May
What happens if the USA buys into btc? You think everyone would follow?
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10 sats \ 5 replies \ @Undisciplined 8 May
Since that would mean the dollar has collapsed, they would kinda have to.
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21 sats \ 4 replies \ @Satosora 8 May
Could they do it without collapsing the dollar?
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10 sats \ 3 replies \ @Undisciplined 8 May
I guess they could hypothetically back the dollar with bitcoin. That would indirectly put the rest of the world on a de facto bitcoin standard.
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21 sats \ 2 replies \ @Satosora 8 May
Right? Its not impossible...but unlikely. But if someone major hops on that train....the USA would also have to do it. Isnt that why they are starting all the mining rigs here?
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10 sats \ 1 reply \ @Undisciplined 8 May
I don't know much about any of that.
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0 sats \ 0 replies \ @Satosora 8 May
I thought the US was trying to convince mining operations to happen in the USA?
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