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0 pointsdrcross9y ago0 comments

There were capital controls restricting more than 100 euro worth of withdrawals from banks per day. Sure it's not helping you if you are buying a coffee but if it's saving parts of your pension that you worked your whole life to earn then it becomes very important.

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sanswork9y ago· 3 in thread

This is a non-answer.

>There were capital controls restricting more than 100 euro worth of withdrawals from banks per day.

Yes and bitcoin didn't help this since the ways to get cash for your bitcoin involved international transfers which exposed you to those restrictions.

>Sure it's not helping you if you are buying a coffee but if it's saving parts of your pension that you worked your whole life to earn then it becomes very important.

I'm not sure what this has to do with the question above. Could you expand on it some more?

ajmurmann9y ago

Not the parent, but what's going on right now in Venezuela speaks to this nicely: http://www.econtalk.org/archives/2017/02/turning_sociali.htm...

LyndsySimon9y ago

I sent someone in Venezuela about USD 40 in Bitcoin in October or November. They were able to convert half of it into more local currency (Bolivares?) than they made in a month at their full-time job.

He said physical US currency was at a huge premium in the country because there wasn't nearly enough of it to go around, and the official exchange rate was clown shoes.

sanswork9y ago

First up the government there have already started arresting the mining operators so probably no longer looking like that wise of an investment on their parts.

Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens.

If you're poor in a country with a government like the Venezuelan one betting your limited funds on a speculative investment that requires an active internet connection to use doesn't seem wise or helpful.

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