Venezuelan refugees enter Colombia in search of food to feed their families. Inflation, projected at a maximum of 1 million percent, has turned the bolivars into waste paper. More than 3 million Venezuelans have fled since 2014 and 5,500 leave every day. Escaping with almost nothing, desperate and vulnerable, turning the Venezuelan into one of the worst refugee crisis in the world.
"Today, Venezuelans are adopting and experimenting with Bitcoin and other cryptocurrencies to evade hyperinflation and strict financial controls."
"Today, Venezuelans are adopting and experimenting with Bitcoin and other cryptocurrencies to evade hyperinflation and strict financial controls."
The industry of cryptocurrencies and the Blockchain has been overshadowed by speculation, fraud and greed, thus undermining its real and liberating potential. But for people living under authoritarian governments, Blockchain can be a valuable financial tool as a means of exchange resistant to censorship.
****************************************************************************************
Remittances
The new laws force Venezuelans to go to local banks to conduct transactions abroad and require banks to disclose information about how people obtain and use their money. A bank transfer can find a rate as high as 56% as it goes from dollars to bolivars in a process that can last several weeks. The regulations have prevented customers from using foreign IP addresses to access their online accounts.
As an alternative to this situation, some Venezuelans have begun to receive Crypto from their relatives abroad. The censorship of the government is not possible, since they are not routed through a bank or a third party, instead, it reaches the wallet in a peer-to-peer manner. Then, moments later, you can sell your new crypto to fiat through a local exchange in the style of Craigslist, or upload it to a flash drive.
****************************************************************************************
Double Edge
We must pay attention to the dark side of emerging technology. Public intellectuals such as Yuval Noah Harari and Elon Musk warned that AI and the Bigdata could strengthen tyrants and authoritarians around the world. The regimes in Venezuela, Iran and Saudi Arabia are even trying to mutate and centralize the concept of digital money on an equal footing to create state-controlled cryptomonedas like Petro, which could allow them to more effectively censor transactions and monitor the accounts of the users and evade sanctions.
****************************************************************************************
Hope
But the decentralization of technologies can provide a counterforce. By building and investing in tools such as Signal and Tor, cryptocurrencies that preserve privacy like Zcash and Monero, mesh network devices such as goTenna and censorship-resistant storage systems such as IPFS. We can guarantee that our cities, social networks and financial systems do not become monitoring and control tools.
Money in paper or metal, being virtually anonymous, remains one of the best ways to exercise freedom of expression because it can be used without government oversight. But in Venezuela, cash is becoming less practical, and is vulnerable to theft or seizures.
"It is vital that we adopt electronic money as a tool to preserve the quality of money among peers for future generations. With the evolution of Blockchain platforms, each day will be easier to use and more accessible."
"It is vital that we adopt electronic money as a tool to preserve the quality of money among peers for future generations. With the evolution of Blockchain platforms, each day will be easier to use and more accessible."
****************************************************************************************
Less than 1% of the world population (no more than 40 million people) has used Bitcoin. But, according to the Human Rights Foundation, more than 50% of the world's population lives under an authoritarian regime. If we invest time and resources to develop easy-to-use wallets, more exchanges and better educational materials, we will have the potential to make a real difference for the 4 billion people who can not trust their rulers or who can not access the banking system.
As it is for the Venezuelans, for them also the Crypto can be a way out.
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Hi @juanmolina. Happy new year! I hope this year becomes a better one.
Regarding this post I have another question: gold or silver has been used in Venezuela as a medium of exchange?
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This post is supported by $0.1 @tipU upvote funded by @piotrmajda :)
@tipU voting service guide | For investors.
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Crypto is too volatile to replace the currency. Since at least 1933, countries have ended hyperinflation by dollarization, either by using USD or pegging a new currency to the dollar. USD has a reputation for stability, which is what these economies need. Occasionally, a country reforms and stabilizes its currency so that it can replace USD. Israel is an example of this.
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Hi dear @rufusfirefly.
It is not about replacing the national currency with crypto. But the way in which the people can help themselves economically with the investment or use of crypto. Participating in communities like steemit, mining, buying some tokens as an investment way.
Thank you for having part of your time to read my publication.
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You just planted 0.08 tree(s)!
Thanks to @rufusfirefly
We have planted already
6418.95 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 32240.84
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
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Dear @juanmolina, as i wrote in my latest post (https://steemit.com/scam/@intellihandling/one-year-of-crypto-and) you from Venezuela are always in my mind.
I am appreciating what @crypto.piotr is doing for you and may be some time i do some mistake in order to make more visible your situation (in my last comment some whales say i am doing spam promoting it, but i think for charity is never spam), but i am worry that crypto are not the right solution of your problems, after 2018 what you have better than your goverment give you? If you invested your saving in Steem some months ago what is the result now with looses more than 10 time its value? Bolivar is worse?
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Friend @intellihandling
It is difficult to understand for many what happens in my country, inflation this year, as he wrote @juanmolina is 1 million percent.
That is, if the BTC fell 10 times its value, like Steem, the bolivar fell its value 1 million times.
There is no way that you can subsist on a salary.
I am a nurse and surgeon, being in Venezuela did not earn bad, compared to others, but still, I could not buy food to eat a month. I tell you this, now with what you get paid for a month's work, you only buy a kilo and a half of meat. You need up to 40 minimum wages to buy a phone. 2 or 3 salaries to buy a pair of shoes.
It is incredible for many who live outside the country.
I thank @ crypto, piotr for recommending this post.
I am sure that if they could know my country personally, their name, they would be attached to who we are. Everything turned into a joke, always looking for a way to have a good time, despite the situation, not to mention the natural landscape, in short, Venezuela is more than the crisis, or its corrupt rulers, it will be the paradise again It was, that place where many Europeans went to live when they were in wars because they knew that we would welcome them with open arms, and that my country would offer them the possibility of peace and growth.
Happiness.
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Dear @josevas217, i am very sorry about It, in europe nobody talk about It and for us Is unbelievable that someone Can drive a country like this. I Hope you Can find a Better way to keep your Money than crypto which in my opinion cannot be a saving right now...😔
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Hi @intellihandling
hahaha :) I love it! :) You're just so innocent sometimes ... that's so cute :)
Bolicar dropped more than crypto did. Imagie if 1 BTC would drop from 20k to 1usd. That's how Bolivar has been affected. Crazy shit
Cheers
Piotr
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Yes my friend Piotr, is unbelievable how Is this situation, but i am still convinced that crypto cannot Be the solution for survive, these people Need something reliable for their Life and in my opinion crypto Is not It at all...☹️
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Hi @intellihandling
Cryto can hold a value way better than Boliviar and on top of that it seem to be easier to cash out / sell than gold or silver would be.
Can you imagine cashing out 10usd from your stack of silver? Not possible. Plus easy to get robbed.
Crypto still seem to be one of the best and accessable store of value for those people.
Yours
Piotr
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Thank you for your insight & generosity once again sir @crypto.piotr! I certainly agree it would not be practical to flee thru the rain forests of Central America with a backpack of silver bullion in search of a happier home! At the other end of the spectrum at some point technology bites us square in the backside! Hopefully, a happy-medium solution is on the horizon that is simple (and fair) enough for any person to comprehend, utilize effectively and contribute to the good of mankind as whole.
Always,
P.S. I would enjoy a deep-dive into what Singapore is doing so well that the rest of us just don't get?! *Cheers brother Piotr!
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Thx for your comment @lanceman
I've lost you here.
Hopefully 2019 will be better for all of us :)
Yours
Piotr
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Dear EVERYONE, especially VENEZUELIANS
I've been following several youtube channels about issues related to current situation in Venezuela. And I believe most people understand by now that this country suffer huge inflation, which destroyed all lifesavings of pretty one everyone who had cash / savings in the bank.
One thing that interests me the most, is the answer to two questions:
- How would you prepare yourself ...
for upcoming situation if you would be at potentaially early stage of hyperinflation (as South Africa may just be).
What would you do then? If you were living 5 years earlier and you would anticipate future events?
- A bit more economic based question:
from my understanding hyperinflation can "reset" debt very easily. So those who owned money to the bank then year later those debts would be very easily be paid off. Is that correct?
And I'm even more interested with morgtages (long term loans we take to buy housing property). How does it work in the country hit by hyperinflation? ANYONE KNOWS?
Now perhaps someone here could help me out and find the answer to those two questions?Yours
Piotr
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My response to this crisis using cryptos in Venezuela:
There should be crypto-merchants that can handle transactions in all acceptable cryptocurrencies payments of every goods. More like a private-individual cryptobank. It could be a group of people, or a business establishment or something. Building a micro economy/or it will be called-black market, running in cryptocurrencies.
Is this already in place, or people trying this kind of thing.?
This will help, people around the world to funnel money/help to Venezuelans slowly and safely.
Hope my idea/question make sense.
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This is very difficult to happen, although it is true that the crypts are more stable than the currency of Venezuela, as a common Venezuelan does to get the crypts and be able to live on that? In Venezuela there are establishments that accept BTC LTC ETH and some others but almost nobody has to earn them, so almost nobody pays with crypts
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Do you know Faircoin and its coop?
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Mathematically it seems to make sense that if you owed someone $100K (say for what's left of your mortgage) but $100K become as if nothing due to hyper inflation, they you would seem to owe not so much..
But the real killer is that the bread that costs you say 3 bux now costs 10,000 bux. Or rather, it seems that way, since the 3 bux are now like 3 cents and you have to come up with something akin to this new price of bread.. and you make nothing because everyday what you 'made' working yesterday is now worth nothing..
As long as there is government and banks they will try to ensure they collect on the debt in some way... However, when money's worth nothing, confidence in the civil structures of society fail, and people flee, or there is enough unrest that worrying about food and shelter becomes more important than worrying about debt..
And fleeing, still 'costs' something to the people who transport you. They want some kind of exchange for services..
I remember there were issues that I tired to follow a few years back with Zimbabwe. I imagine if you look into the effects from that historic example, you can get an idea of what's to come for us all if/when economic systems in a country collapse.. I am sure there are probably tons of academic articles about just such a thing..
However every situation would be somewhat unique, as systems involving humans typically morph and change to accommodate human interactions and reactions to situations... (i.e. I have read but not explored the idea that some economic indicators that were used to measure the health of an economy are no longer valid because investors used them/reacted to them and the markets adapted to compensate. I have not explored this idea in any way, and the articles I read about it are probably staledated by now)
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Thank you for your amazing comment @darrenfj
I'm only trying to figure out how hyperinflation can affect those with debts. I do completly agree on everything you said.
I remember hearing from Polish older generation, that when strong inflation hit out country (back in the days) then most lost their savings but many got weatlhy because money they borrowed to start up businesses.
Or got a morgage, which they could pay off a year or two later pretty much fully (assuming that they survived financial crisis somehow).
So Im really wondering, how does it work with debts during hyperinflation?
Yours
Piotr
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Hi @crypto.piotr
Typically banks do not have a clause in its mortgage document dealing with inflation (hyper or otherwise). Therefore regardless of the value of the money being depreciated you still pay the same amount to the bank, usually, monthly. Whilst the price of essential goods and services like food, transport etc goes up in accordance with the inflation, your mortgage repayment remains the same. Meanwhile it is likely that your salary also goes up somewhat to keep pace with inflation. This makes it much easier to pay off the mortgage, provided there is no default in payment of the mortgage because typically banks do reserve a right to vary the interest rates in the event of a default.
As for preparing yourself 5 years in advance, I would think that you would have to look at inflation beating investments like gold, real estate, and possibly depository receipts for investments in securities in countries with low inflation. Although cryptocurrencies (in particular Bitcoin) have been mooted as a possible alternative for gold in the event of a crash in share market etc., it has not come to pass; Recent events have shown that cryptocurrencies tend to follow the share market trend. This could change in the future, especially if the price of gold shoots up astronomically.
I am not an economist and therefore the above in a layman's view to your questions.
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Dear @devann
What an amazing comment. Thanks again for taking the time to write it all down.
Very informative. Appreciate it a lot.
Whats your profession if you don't mind me asking? Your knowledge is mindlowing.
Yours
Piotr
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I am trained in law and insurance. My specialty lies in insurance law.
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Dear @devann
Would you consider your job market threatened by developing technology? Like AI?
Yours
Piotr
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Dear @crypto.piotr,
If we speak of developing technologies, there are many: 3dp, ai, ar, vr, kdd, iot, self-healing materials, BCI (BMI), Nuclear Energy using thorium, 2d materials like graphene etc.
Many of these technologies are being experimented and are being developed and in a decade or so we should see them put to use in unimaginable applications. Many of these applications will utilize a combinations of these technologies. For instance, we can expect ai, iot and kdd technologies to combine to produce numerous applications. Likewise, we can expect 3dp and graphene combine to produce numerous applications.
Even if we take just one of the above technologies, say, 2d materials, currently the research efforts are concentrated only on one 2d material called graphene. It is reckoned that most of the elements in the periodic table are capable of producing a unique 2 d material of its own, with very unique qualities which can be put to use in numerous imagined and unimaginable industrial applications in the future.
Our lives revolves around risks. As a business and as individuals we are always managing risks, at work, at home and everywhere else, even if we care not to admit it. We can pass some of these risks (which are called insurable risks) to insurance companies. Others, we have to manage it ourselves.
What these new technologies will do is that they will, in some cases, either reduce or completely eliminate the existing risks and in some other cases, they will create new risks. For instance, for autonomous vehicles, you may soon find that motor vehicles insurance may become redundant. However, the same autonomous vehicle, which relies on data, may be subject to the risk of data corruption and the consequent risks arising from it, which in itself may create additional types of insurance, yet not thought of. This line of reasoning can be applied to all the other technologies.
Insofar as ai is concerned I foresee, for certain, a lot of jobs of repetitive nature losing ground to robots. But ai relies on data, big data, which originates from activities, be it from human or otherwise. These knowledge derived from data is no replacement for intuitive knowledge like that readily exhibited by Einstein, Stephen Hawkins, Srinivasa Ramanujan and all the other great scientists, which does not originate from data but from certain level of consciousness. All of us are capable of exhibiting intuitive knowledge at varying degrees, although not as readily as Einstein or Stephen Hawkins. That is an abstruse subject reserved for another day!
So my argument is: Life will go on, and if you keep up with the technology and constantly upgrade yourself you have nothing to fear. Those who don't keep up, will likely suffer in every conceivable way you can think of.
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I wonder if there's any documentation on what happened on the debt load in Zimbabwe at that time?
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Very unlikely @darrenfj :(
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Without being a financial expert, it seems that people take out loans with the idea that inflation will make the loan cheaper and cheaper with time. I know that in the US, yearly inflation is built into the system and many work on that principal - borrowing money since it is cheaper in the long run. Unless the government puts measures in place to not allow loans to be paid off, people should be able to get debt free - even though they might be starving at the same time since food is super expensive.
My parents went through an inflation and basically, those that had property did okay after when everyone got the same amount of money to start out anew.
And farmers did okay because they had food.
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Thank you for your amazing answer @mariannewest
You mind sharing with me when did they go through inflation? And in which country? Just curious.
Yours
Piotr
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My parents were born right around the time of the first inflation in Germany and then, went through another one after the War and a complete change in currency. Everyone started out with the same amount of cash - ergo, the ones with property were way ahead of the game...
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Hi @mariannewest
Thank you again for your reply. This is quite fascinating to me to learn about history I've never heard of.
Yours
Piotr
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You are welcome 😀
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@crypto.piotr Germany did and Holland did and I assume more European countries after the 2nd World War (so 1945). That is really not that long ago and look where these countries are standing now. They are seen as the richest countries in Europe, they carry the EU ballast on their shoulders. Holland is at place 4 of the most crowded countries in the world. Everybody seems to think it is the paradise, no need to work, you get everything for free.
To rebuild a country you need people, strong people, people willing to rebuild it, helping each other out. The crooks who did come out of the war rich, suddenly had nothing. Had to start at zero too.
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Thank you for your reply. I didn't know that Holland went throught hyperinflation. I'm wondering if europe would sort of their economical problems without help from US.
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I am a Venezuela living in the country and can tell that económics it's in worst case, hyperinflayion is still in the raise, every month products cost twice the price han before. No so our salares. It's very dificult to buy food or anything to cover básicos needs.
The inflation 1000000% anually acording to economics experts getting into tje worst levels in the world.
I don't know there is hope, the currency has almost no.value, because of that mostró peple.use dollars por criptocurrency as an alternative
We have the potencial recover of hyperonflation history has shown many countries has done ir before. What se need is freedom in order to acomplish the económica recovery of Venezuela.
Regards.
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Hi @slwzl
I don't think we ever had a chance to meet each other. Thank you for your kind comment.
Can people use usd to pay for goods?
ps.
God bless Venezuela.
Yours,
Piotr
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Yes. It is not legal according to the government regime, but everything is charged in dollars.
Nice to meet you. I know about you by @Belkisa758
Thanks for all that you do.
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Hi @crypto.piotr, i searched for your query in google. I am unsure if it answers your query, but still gave a try.
https://www.quora.com/What-happens-to-a-mortgage-when-hyperinflation-in-a-specific-country-hits
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Thank you for that link dear @marvyinnovation
Appreciate. Piotr
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It is really difficult to answer this question, the most sensible thing I think it would be to leave the country and prepare to give support from outside. Here inside you not only have the problem of hyperinflation, situation to which you could have prepared by investing in Bitcoin in time. Crime and extortion by the authorities are also part of our daily lives and even if I had enough money I wouldn't have a quality of life.
This is true, but not all citizens have the possibility of receiving a loan, especially the most vulnerable classes who cannot collect the necessary documentation, for example in my case, I already have half a year of unemployment and I can not apply for any kind of credit.
Thank you very much for taking care of our country and for supporting these publications @crypto.piotr.
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hi @darthgexe
That's exactly my way of thinking. Some people would consider me a "rat" for running from drowning country.
Thank you again for your kind comment. And hope to "see you" in 2019 :)
I presume that you're also from Venezuela? Caracass or some smaller place? Hope you dont mind me asking.
Yours
Piotr
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I am from Ciudad Guayana, Bolívar state, in the south of the country.
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@crypto.piotr How can a country be rebuild if everbody runs out? Once gone those people will never return. They need to build a new life. Besides of the fact there is no way to rebuild it from the outside. This is a government issue and they need to restart the whole system. What is lost cannot be given back so those who saved have the biggest lost. Some security for later is gone. Debts are still there, but with a new restart they are gone. Everybody has to start at zero and with 1000$. Everybody this includes directors, presidents as well. All banks have to restart too with a new system. To start without giving loans and making a sky high income on that and ripping people off.
No debts, new start to safe. New prices should be made for bread, milk, cigarettes, taking the bus etc.
Prices should be everywhere the same (the task is to rebuild the country not to make 9 people extremely rich and the resteven suffer more).
Education should be free, since it is needed or just a small amount needed for the teacher to live.
I really would like to have a peep into the safe of some people over there. Cryptocurrencies will not solve the problem. There might be a way to pay a bread with it, but that will never be possible for everyone plus it will not bring a healthy economic either to the country. I assume it needs import and export too to get stronger.
If the country is stronger it can have a new coin of it's own, but to start with it is better to use one that has proved itself, is worldwide accepted and with a good value.
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Dear @wakeupkitty
You need those who will runs out and those who will stay. I remember that I left to Dublin the moment when Poland joined european union.
Stream of money from Polish people working abroad gaved a huge "kick" to economy. Especially in construction and property market sector.
Those people will return. Most of them. Or they will be forced to return. Colombia and Brazil are taking huge amount of them but as far as I know they are only accepting migrants for period of 2 years.
Apart of that I fully agree with you. Again: some people will run, some people will stay. Im runner and Im not proud of it. But I never like to be around any political tornado.
Thank you for your great comment,
piotr
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To answer your questions: I prepare by saving, but not only in my homecountry. There is land to grow food and keep chickens etc plus property so my kids can be safe and will always have a home.
Holland is already rebuild after 1945 and it is broken down now by the government and EU.
The biggest part of all the immigrants will never work. Their country is a mess, our country and houses they get for free are too. Since they are our "future", need to work and pay the sky high taxes we pay now to keep our "social security system" alive and they will never do so, it is not hard to guess what our country will look like in future.
Since two of my children live abroad and have their education there as well, they will likely build their lives over there. It is not more as normal to help the country that gave you a home, a good education and a chance to live a good life.
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Hi @crypto.piotr. Another question could be how to identify early signs of hyperinflation. This may help:
https://www.quora.com/What-were-the-factors-that-led-to-very-high-inflation-in-Argentina-during-the-late-1980s
https://www.quora.com/What-causes-hyperinflation-in-Venezuela
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dear @caribehub
Thank you for sharing those 2 links with me.
Yours
Piotr
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Thanks again @caribehub
Just read those posts and I found them very valuable. Appreciate.
Yours
Piotr
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Thanks for reading my article appreciated friend @crypto.piotr
As for mortgages: the government regime with its totalitarian character sets the interest rates for banks, drowning them too.
This is true. The amounts of the debts become minimum amounts.
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so at least debts are not a real issue for those affected hyperinflation?
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The point is that credit cards limits are ridicoulosly low and banks usually don't adjust to the inflation, also i think the Banks are finding ways to stole your money, for example I used my debit card and the commerce gave me the ticket wich said the card didn't pass then the Bank actually charged me that ammount and never responds when you send proofs to their emails or call..the same has happened to family and friends that's sad
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Omg. That's already awful @jenina619 :/
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These things happen everywhere. A friend from the USA was staying with us in Holland. His bankaccount was robbed in Texas (does not live there), he could prove where he was but no refund. Banks are there to steal, get rich, not there to help you out.
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@wakeupkitty For that Crypto is best!🙌 🌞Hey take a look at @anomadsoul Contest if you'd love to share your New Year's Celebration with the community!!!😊🎉✨ Here is the link: https://steemit.com/steempress/@anomadsoul/contestmy2018welcomingthenewyear-100steeminprizes-mo805y48z7 Good Luck!😁🍀🍀🍀🍀
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Hyperinflation in my country might be a possibility in the future however have no defence against it just yet maybe saving dollars and crypto instead of local currency might be a good start
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Would you mind sharing with us where are you from @khussan?
cheers, Piotr
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Maldives
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@crypto.piotr As you know I am kind of not that knowledgeable in this kind of things but what only option come in mind is cryptocurrency at the moment.
Also I am curious why people are not doing freelancing there , I mean I show post there that some of are writer, some are engg . they can do so much online via remote working and they can get 1000% more than what they are earning now (as I read after full day job they are getting less than $10 ).
What you think ??
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Dear @flash07
As I know, your knowledge has been always blowing my mind :)
Im not sure to tell you the truth. I think many of them are trying to work online and do some jobs here and there. Perhaps it's a problem that they (most of the time) do not speak good english? So it limits their job opportunities.
Cheers
Piotr
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I can understand. I think they have good potential as you know some of them writes great articles and some if them are great designers.
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Dear @flash07
As I know, your knowledge has been always blowing my mind :)
Im not sure to tell you the truth. I think many of them are trying to work online and do some jobs here and there. Perhaps it's a problem that they (most of the time) do not speak good english? So it limits their job opportunities.
Cheers
Piotr
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I don't recognize there's hope, the currency has virtually no.value, thanks to that mostró peple.use greenbacks por criptocurrency as another however solely will recommendation that we have a tendency to simply continue praying.
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Hi @dailyexpress
Terima Kasih for your comment. I was just wondering - how come your reputation is only 14? Did someone downvoted you heavily?
Yours
Piotr
Piotr
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Dear @crypto.piotr
I do not have experience in economic or financial matters, so my answer is based on my own experience and that of people close to me; that is, what I lived and saw in these years of economic debacle.
I will try to clarify about it:
Inflation reversed savings and saving capacity.
Long-term loans, it is very difficult to achieve, even the merchants reject the use of credit cards, because the fixed percentages for the credit fall short, ie too small and the debts become very small (relatively? Regarding the new costs in a couple of weeks.
If I had known about this madness five years ago, I would have used all my little money in buying foreign currency, I would have also sold all non-priority things and used the money for the same purposes.
I would have bought a refrigerator, washing machine, dryer, stove, computer, new television, on credit, to have some security in avoiding repairs for a few years and the possibility of paying in small and devalued installments.
But time passed and reality brought us the chaos that we are living, rather, surviving
Thanks to lot.
Maria Luisa.
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Thank you for your amazing comment @mllg
I appreciate the time it took you to write it all down.
Yours
Piotr
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You're wellcome.
Happy New Year
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Hello @crypto.piotr,
How would you prepare yourself?
I would diversify my portfolio into precious metals (gold and silver), buy a house, buy some cryptocurrency, start a farm, and investing low cap healthcare stocks.
What would you do then? If you were living 5 years earlier and you could anticipate future events?
I would have brought the hell out of bitcoin at under $10 and sold at the the price of $17,500 by this time last year.
For the other question, you are right hyperinflation resets debt as the borrower ends up paying less in terms of real interest rate however dealing with mortgages, most mortgage contracts in my country usually have some clause that allows for a reevaluation of the contract in the occurrence of an event like hyperinflation.
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Thank you for (as usual) amazing reply @straighttalk
Why would you consider buying gold? And not focusing only on silver? Isn't silver easier to manage? (hope my question isnt to silly).
seriously? could you tell me why? I love to hear more! :)
Cheers
Piotr
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Happy New Year @crypto.piotr , Your questions are more than welcome!
Well I would consider buying gold because gold has always & continue to do the real accounting in the economy when ever a flat currency collapse. A case in point would be the 2008 global financial crises. The price of gold jumped from $650 to $1,800 and currently sitting at $1,280.
Silver on the other hand haven't done well looking at historical data but I would still invest in it because she's been suppressed for so long and likely to explode anytime soon.
Why invest low cap healthcare stocks?
Hahaha... Yeah! I knew you were going to ask this one!
I would invest in low cap healthcare stocks because of the going legalization of cannabis across the health sector globally. If a financial crisis (hyperinflation) should occur in the future, this sector will sure do well on all sides of the market from my analysis. (Note: This is not a financial advice.)
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Dear @straighttalk
I love your positive energy buddy :)
I'm still not sure how cannabis can have any effect on that sector. Im glad for your explanation but somehow Im not capable of connecting the "dots" :(
Cheers
Piotr
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Well in case I could get prepared for such an event, I would obviously invest in something that does not have a local value but a global value like gold and real estate because the price of these remain in global market and can this be exchanged globally or locally for certain goods.
As of debt, it is true that the salaries goes up with the prices of essential goods but rise in price of salaries will be lower because at present the government in Venezuela has only one purpose to printing so much of paper money-to pay off foreign debts. This is the thing that actually makes life harder. Yes mortgage debts will be easily paid off. The thing I still can't believe is that no country in this world even tried to help Venezuela( At least for their crude oil availability) by proxy debt pay off. Governments are dead selfish. Good questions @crypto.piotr. Sorry in case I told something completely wrong because I don't know anything about economy much. 😅😅
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hi @n1hal
Thank you again for your kind comment. And hope to "see you" in 2019 :)
Yours
Piotr
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Piotr!!! Thank you so much for your help friend!!! You have brought a light to our life😊 I'm so thankful👼you're an angel!
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To the honest, i never trust or believe any government in this world to handle our country because as we all know it's common knowledge that politicians destroy everything haven't seen or heard any good politicians out there
To answer your question @cypto.piotr if people own lands please make use of them even here in Malaysia i always remind all my friends and families that have a huge amount of lands to plant food.
Because in the end you only need food, shelter and water to live. Other than that is a bonus.
For the economic question, I'm not so good at economics but recently @invech company currently helping Timur Leste to create their own cryptocurrency for the people of Timor-Leste.
You can Google their website they have very interesting plans for the new country to help. I'm sure Vanezuela can adopt the same method the save their country as well. Timur-Leste will be the first blockchain smart city in the world.
Hope it answers your questions and i also hope it will help Venezuelans with the info i shared.
Thank you.
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Thank you for your comment @ragnarhewins90
Im not sure if I agree 100%. From my experience most politicians do care about their own land and own people and are fuckin` up emerging markets more than anything.
Of course Im talking about powerful countries. Venezuela is a complete different story.
To find quality land in Malaysia ... very difficult.
ps. thx. I will check @invech right now.
Yours
Piotr
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Of course, powerful countries are a different story. But Malaysia keep going backwards you can see the news it's like a living laughing stock for people to read.
About the land, i forgot to mention I'm not living in Kuala Lumpur the capital city. I'm in Sabah north Borneo side city of Kota Kinabalu. The locals here own vast land here but I'm sad to say most of the never make use of it. But some of them are very successful due to the selling of vegetables and fruits. Most of the time they don't even buy food because they grow food.
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It will happen more and more people will grow their own food. In Europe too, they do not want to depend on the government or are no longer able to pay the sky high prices or had it with all that waste and the taxes getting higher and higher.
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hi @ragnarhewins90
That is also my impression. Partly that's why I decided to move out for some time. Right now this place is a mess. Plus so hostile towards foreigners. Even if I want to bring business and money to your country - it's hardly possible.
I've noticed (I read your profile:P). Still my impression is that almost entire Malaysia has very little land. It's a jungle everywhere. Comparing to european countries (flat and easy to build farms etc) it's really hard to get quality land in Malaysia. But thats just my impression.
Thx for your comment buddy
Terima Kasih
Piotr
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And what can Timur-Leste do with it if no other place or country does accept this "coin"? But also... what will be done if the city is without power, people are hacked, or... There is no way to import anything with just this coin. I also wonder why a new coin? How come they do not use what is already there? In the end every country or city has its own cryptocurrency?
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That doubt friend @cripto.piotr
In this aspect if you are right in that.
Particularly about 3 or 4 years ago I asked for a loan of one and a half million Bolivares to the bank, at that time they were a few minimum wages. At that precise moment it will be difficult to gather it, but after 6 months, the minimum wage was already an amount similar to the one that had requested a loan.
Then the fee that had to pay the baco was laughable, because with a month of work could pay the bank the total loan requested.
At the time of hyperinflation, it is a good time to ask for loans, because it is known that it is a matter of months or weeks for that loan to be made little.
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Here's what I'll do in those 5 years. I'll invest in human essentials as much as my current funds can take me, food especially. And borrow a little to get it working if need be. Because it's clear that food is going to be the most sought after item. Inflation can only drive the price of food up.
I've never done economics and so I really can't give a technical answer to this, but here's what I think.
The amount owed is fixed and not subject to inflation, so I think the debt will be more easily paid off as it isn't dependent on the price of commodities.
Honestly, these interactions are impacting me positively. Talking to people from around the world on various issues is really enlightening me on various topics. @crypto.piotr has been very instrumental. Steem is making me smarter.
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Dear @naijauser
Thank you for sharing your view on that topic with me. I appreciate it.
Im glad you like it. I also think that finding quality content and promoting it, plus turning into "debate" is way to go far on Steemit. Just have a look at amount of quality comments here :)
yours
Piotr
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Dear Piotr, there are many ways in which one could prepare for potential hyperinflation. I think that it would be better to start raising our own food- like cultivating mini gardens or gardens in a pot or stocking on basic needs like rice, flour, wheat, etc. It does not also hurt to start making inventories on items that can be traded like gold or any precious items. Above all, when shit would really hit the fan as they say and money would really worth nothing, surplus stocks on basic commodities can also be traded.
i think that for the debt part, it will not really be cancelled. The payment would be suspended until the inflation is corrected.
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Hi @nurseanne84,
I agree that in a case of hyperinflation the best way to prepare is to ensure that you have all the commodities you need to survive, like food, water and shelter. I think I would also try to build good relationships with my neighboors and find ways to help each other. To have things of value that are not touched by inflation such as gold or any other device that could be traded would be helpful.
In Venezuela, one of the big problems is that cars, machines, health equipment, are not working anymore because spare parts can't be found to reapare them. Hyperinflation stops economical transactions and it is a kind of reset of the economy. A new economy can only be started when a new means of transaction (money) fullfill the trust of the people.
Best regards,
Achim
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That would be a viable option if you live near a river and can transport water easily, but what if it is not? What if the supply systems fail? That happens currently in several cities of Venezuela. In my area the supply collapsed more than 5 years ago. The invasions of vacant land, propitiated by Hugo Chávez, created chaos. These scoundrels and opportunists diverted the pipes, leaving whole settlements without supply. But that's not all, they also made illegal connections to the electrical system and faults are also bread of the day. The "parasitic" mass of the country enjoys the populism strategy of this government. The working masses, who spent their time in going to universades "for free", who want a better country, we have to buy water.
It seems to me that in order to avoid a situation like the Venezuelan one, we should begin to educate children in schools with subjects that really involve them as citizens. For example, learn to detect corrupt politicians so as not to vote for them. Because the problem of this country is not only the government of Maduro, it is the "opposition" politicians who joined forces in secret with the government to betray Venezuela.
If children learn from their first steps that socialism, communism or populism is equal to POVERTY, HUNGER and DEATH OF A COUNTRY. They will never allow the case of Venezuela to happen again.
(I used the Google Translation)
Eso sería una opción viable si vives cerca de un río y puedes transportar el agua fácilmente, pero qué si no es así? ¿qué si los sistemas de suministro fallan? Eso pasa actualmente en varias ciudades de Venezuela. En mi zona el suministro colapsó hace más de 5 años. Las invasiones de terrenos baldíos, propiciadas por Hugo Chávez, crearon un caos. Estas personas sinverguenzas y oportunistas desviaron las tuberías, dejando a urbanizaciones enteras sin el suministro. Pero eso no es todo, también hicieron conexiones ilegales del sistema eléctrico y las fallas también son pan del día. La masa "parásita" del país disfruta del populismo estrategia de este gobierno. La masa trabajadora, que ocupó su tiempo en ir a universades "gratis", que quiere un mejor país, tenemos que comprar el agua. Me parece que para evitar una situación como la venezolana, se debe comenzar a educar a los niños en las escuelas con materias que realmente lo involucren como ciudadano. Por ejemplo, aprender a detectar a los políticos corruptos para no votar por ellos. Porque el problema de este país no es solo el gobierno de Maduro, son los políticos "opositores" que unieron fuerzas a escondidas con el gobierno para traicionar a Venezuela. Si los niños aprenden desde sus primeros pasos que el socialismo, comunismo o populismo es igual a POBREZA, HAMBRE y MUERTE DE UN PAÍS. Jamás permitirán que el caso de Venezuela vuelva a ocurrir.
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Thank you for your amazing comment @thaishps
Are you also from Venezuela?
Piotr
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Hi @cripto.piotr. Yes, I am.
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hi @thaishps
I hope not Caracass ? I was told that it's the worst place to live in your country.
Piotr
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I live in the capital of the Bolivar State. The conditions of this country are so chaotic that it is almost impossible to decide which city is the worst to live. But we should ask the habitants of the mining towns of the Bolívar state such as Tumeremo or El Callao if they consider Caracas the worst city to live. These populations are besieged by mafias, assassins and Colombian guerrillas. Its inhabitants disappear without leaving traces, others are located in common graves and many bodies are unidentified. No one investigates. The government is not interested.
There is a war for the control of gold, diamonds and coltan between the government, the guerrillas and the miners. There are mining camps that are massacred in a single night. 80 corpses? Yesterday someone just told me that I'm naive. They have counted up to 200 murderous people! A politician @AmericoDeGrazia (twitter) has been denouncing what happens but the government began to harass him.
I avoid talking as much as possible about this topic, the anguish raises my blood pressure. So I'm going to listen to Michael Bublé to get my center back.
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Thank you for your amazing comment @nurseanne84
I'm trying to figure out how hyperinflation can affect those with debts. And I remember hearing from Polish older generation, that when strong inflation hit out country (back in the days) then most lost their savings but many got weatlhy because money they borrowed to start up businesses.
Or got a morgage, which they could pay off a year or two later pretty much fully (assuming that they survived financial crisis somehow).
So Im really wondering, how does it work with debts during hyperinflation?
Yours
Piotr
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Hi @crypto.piotr,
Making depts in a country that risks hyperinflation can be very tricky. I can relate from what happens in Turkey where inflation is quite high at the moment.
The only way to fight inflation for a central bank is to increase the interest rates. So most of the time inflation comes together with very high interest rates. So if you have depts that have fluctuating interest rates, your interests will be adapted and you will have to pay much more. You have to imagine that probably your income is also in this currency and it will be equally devaluated. So even though your dept might seem lower in terms of dollars for example, the interests that you have to pay are much higher.
I have friends in Turkey that took depts in foreign currencies but this was also a catastrophe. Even though interest rates were very low, due to the inflation of the turkish money, the interests that had to be paid in foreign currency represented always a bigger part of their income. Their dept grew bigger in Turkish money and in the end my friend had to sell his house and could hardly cover the bank costs.
Conclusion
I would only take depts in such a situation if I had a revenue in a different currency.
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Thanks @achim03 for giving me example of turkey. It surely allowed me to understand things better and to see a bigger picture.
That can be very risky. I have my mortgage in CHF (as many polish people do) since their interests rates are super attractive comparing to Polish ones. But it's scary to think what can happen if our currency would lose value and CHF would not. I would be burned alive with my debt.
And ENJOY your NY Celebrations.
Yours
Piotr
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Hi @crypto.piotr,
We probably have the lowest interests worldwide. At the moment I have to pay to keep my money on my bank accounts... (negative interests). So mortgages are indeed very cheap in CHF. Mine is 1% p.a. at the moment so I can't complain :-).
I believe as long as our central bank tries at all costs to keep CHF pegged to Euro there is no big risk for you.
I wish you a happy new year !
Regards,
Achim
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Hi @juanmolina,
Thank you for this great article, I think that you see the reality quite clearly. Crypto could really be a way out for Venezuela as long as you keep having access to the internet.
Hyperinflation = death of the economy
What people often to fail to understand is that hyperinflation is not only a mecanisme that devalues money, it also breaks the whole economical system.
Money is a way to transfer value. So in a normal economical situation you might agree to sell food for money because you know that with this money you will be able to buy something else that you need.
In a case of hyperinflation, you don't want to sell your food for money because the money might loose its value while it is in your pocket. So either you have to calculate with this loss and ask much more for the food or you simply keep your food because it keeps the value better than the money.
What is needed is a money people can trust in
The basis for any economical transaction is to have money that both the seller and the buyer trust in. The person selling food wants to be sure that the recieved money will be accepted somewhere else, for other goods.
Cryptocurrencies are certainly not perfectly stable but they are much more stable than Venezuela's money. So they could act as money for economical transactions and be the base of a new economy.
Support my project @help.venezuela to give upvotes to people in Venezuela
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Currently in Venezuela a dollarization process is being developed without the promotion of public administration. It is the citizens themselves who request dollars as payment for goods and services. The value of cryptocurrencies is also estimated with reference to the dollar.
Coins from neighboring countries are also used in border areas. The Colombian peso and the real of Brazil are exchanged in Venezuelan territory.
These currencies generate much more confidence than the bolivar.
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You are completely right, when we visited Zimbabwe in 2006 most places accepted US$ or our South African Rand ZAR, it was only the small local shops that had been restricted to using the then Zimbabwe Dollars.
Buying food meant converting to Zim Dollars, at the tills you had one person checking the food out, another sat next to him/her with a special counting machine to make sure the correct amount was paid, a counting machine was needed since it ran into exceptionally high numbers.
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Here in our country the merchants chose to weigh the garlic pieces of notes. They do not even count them anymore. They know that 250gr of bills of one hundred are 10 thousand bolivars. Paper money is simple garbage.
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Keep strong, it is a world gone crazy!
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I appreciate it dear @joanstewart.
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Do you have free access to foreign currencies or is it on the blackmarket only that you can get them?
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In Venezuela, a control has been established for 20 years. The only official holder of the currency is the state. To obtain foreign currency from the state, you have to comply with bureaucratic processes that take weeks or even months, and when you finally assign them to them, they never give you the requested amount. Then we must resort to the nego market and buy with a high percentage of surcharge.
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So there is no way people would trade using usd? Probably acces to usd must be very limited?
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Access to USD through official administrative sources is very limited. Only dollars are awarded to companies for the purchase of medicines, medicines, etc ...
Naturally, almost no USD is awarded. Unless you are a personero or have "friendship" with the government.
More and more Venezuelans use the American currency for everyday transactions. But they get them in parallel markets or "black markets." There the price of the dollar fluctuates without control and there is much speculation.
Currently 1USD = 100,000,000, or Bs.
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It seems your government is really doing everything possible to take your money away and make your life difficult... I wish that 2019 will be the year when life starts to become better in Venezuela and in all the countries in the world.
Happy New Year !
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Happy 2019 dear friend @achim03.
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Dear @achim03
Thank you again for such an amazing comment. Your knowledge is always blowing my mind.
It seem that people sell for money but right away are trying to spent those money elsewhere.
yours
Piotr
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Hi @crypto.piotr,
You are right and the quicker people spend the money, the faster the inflation will be. It is a vicious cercle...
Best regards,
Achim
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wow, this is an eye opener for me..
thank you for sharing!!
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You´re welcome dear @darrenfj...
Thanks for coming and reading
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Thank you for this article @juanmolina really despite everything we have walked we are still in diapers in a matter of crypts, on the one hand I think it is good that they too are benefiting from this, ie they are miners and that, if not so, they would have closed the Internet window long ago.
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Currently, mining is illegal in Venezuela. The people who practice it do it clandestinely. Recently in the Venezuelan commercial ports there was a giant seizure of mining machines by the authorities.
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Hi @darthgexe, @juanmolina
what does it mean?
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I have an acquaintance who has an apartment full of mining machines. He does not live there, that's not his house, he only uses it to maintain the machines. It has five air conditioners running 24/7.
If some authority discovers that, they expropriate everything. Mining is prohibited.
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The situation seems very bad for you and your people. But what bothers me is that the international media is very quiet on this huge issue. Is there no help or foreign aid being offered? Although for some crypto made help ease their pain, for the majority who do not have it or understand it there is no way forward. The last time inflation hit a country this hard it led to a world war. Please stay safe and keep up the good work on reporting what is happening in your country.
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hi @andyjem
Great comment buddy
Luckily their country didnt turn into war zone. Civil war would be last thing they need. Current economic crisis can be "reversed". Venezuela has oil, amazing nature, it's a great destination for holiday etc. This country could attract investors once their administration will change.
yours
Piotr
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A large part of the population has access to a PC or laptop. But they have no knowledge of the blockchain. In fact, most people are limited to social networks. It's amazing the fanaticism to take a selfie while you have an empty stomach. My people are sunk in great ignorance.
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Amigo lo felicito tienes toda a rozón en todo lo que escribes esa es la situación de Venezuela y de los Venezolanos muy lamentable sobro todo para los que aun vivimos en Venezuela, así que todos los que somos personas de bien debemos unir esfuerzo para salir adelante y ayudar a todos los que se pueda en esta maravilla de plataforma. Cuente con mi apoyo.
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Populist voting has been on the up, people follow like sheep instead of thinking about repercussions, power in the wrong hands can lead to the demise of a country.
Moving crypto p2p may be an answer if there are places where basic necessities are sold. Keeping fiat and crypto may be the answer going forward, rather spread out.
Blockchain technology is still in it's infancy in finance, lack of education, with wolves dressed as sheep, caution must be thrown to the wind on every turn.
Living in South Africa my experience has always been to keep away wherever possible from going into overdraft/debt, owing money for things you do not need.
Too many live beyond their means, they stand to lose a lot if economy moves in the wrong direction, pay off your home in the quickest time possible if you are earning.
Nothing in life is written in stone except we come into this world with nothing, we go out the same way, only taxes are included from time immemorial, so pay your tax!
Having watched what is happening in Venezuela scares one into reality as to how fast a country is able to go from something to nothing in a couple of years.
How to fix it: People voted the person into power, they will have to vote them out. I am in no way political, witness too many injustices happening on a chess board very few control...
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Dear @joanstewart
Amazing comment. Seriously.
In current days it's hard not to follow like a sheep. With all fake news, controlled mass-media and growing censorship of internet it's really hard to know what is going on.
So you just need to chose leaders, who you trust and who would represent your interests. And follow them. No real other way.
That is very true. I was travelling middle east years ago and Syria at that time was a local power. With solid economy. And look what happened to their country.
Entire countries can get demolished so easily. Scary shit.
Yours
Piotr
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@juanmolina excellent post, as Venezuelan I do not know if there are words to really describe what is happening in Venezuela, I have spoken with several people who have no idea what a cryptomoneda is and I really do not know how to live , for me the cryptomoneda has been a blessing all this 2018, has not lacked food at my table, also that my biggest children work and we all carry the expenses, but the fear is present that one day the government will close this door , I really hope not, our future is uncertain what I can say is that hyperinflation happens what we do in cryptomonedas, I for now change only Sbd and Steem to the change in bolivares is not much about the steem, but I stand firm.
@crypto.piotr, really thank you for having that concern for Venezuelans, that if I found in steemit a lot of support and I'm really very grateful
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Many friends and family of mine have relied on steemit and their tokens to cope with this situation that overwhelms us.
With the fall of the value of the cryptomonedas added to hyperinflation and money does not look like a few months ago.
We hope that the market recovers and that we have economic improvements too.
Greetings dear friend
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Dear @jennimorillo
Thank you for your kind words.
Would you be kind to tell me more about those cryptomonedas? What is it and how does it work?
Yours
Piotr
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Sbd and Steem? friend, are the coins that we handle in steemit
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Hi @jennimorillo, @juanmolina
I just never heard word "cryptomonedas" and Im not sure what does it mean.
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Hello friend, I could tell you that cryptomonedas are called to all virtual currencies, if there is another explanation I hope that @juanmolina will help you with that.
Stop by your blog, and although you have many interesting things, I stopped in the post of your marriage, you have a very beautiful wife, you have all the reason after 40 nerves are taken more maturely, two cultures is a challenge in a Relationship of couple, you love each other and that will not be an obstacle to be happy, I like your pet, what's your name?
I wish you and your family a prosperous new year, I hope for this 2019 to keep in touch with you, the support you give to Venezuelans makes you worthy of my respect.
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Thank you for being so responsive @jennimorillo
Happy new year
Piotr
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I agree crypto will make it easier to trade value without having to adhere to rules of any nation and free up users to generate wealth for themselves. Its just going to take time to get an ecosystem going where you can freely use crypto to pay for household items and services without all the conversion, if it were to be the prefered metric of choice for a micro-economy to thrive where users work/generate value and trade in crypto without the need for fiat end to end then I think we can already call that a victory
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In some cities of Venezuela there is a very small number of establishments where they accept payment in crypto. If it were given on a larger scale it would be great. There are POS that allow it.
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Thats pretty cool and have you used it yourself? Would be great if you could document the process on video
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That would indeed be awesome @chekohler
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Thanks, @crypto.piotr for supporting them
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Excelente publicación amigo @juanmolina
Tienes mucha razón en todo lo que dices, soy venezolano, por suerte conocí hace un año el mundo de la blockchain, y lo que mencionas sobre educar a la población al respecto es algo puntual, importante.
Creo que ahí esta la base del problema, que la matoría de las persnas no conoce al respecto o ha oído poco sobre criptomonedas, que casualmente es sólo sobre la volatilidad de las criptos o las estafas a través de internet, y no se ocupan de estudiar, de ver mas allá. de buscar los beneficios que trae todo esto.
En el caso venezolano, como muy bien lo mencionas, saltarse todo el control por parte del estado tirano que gobierna, es una gran ventaja, romper con los intermediarios.
Excellent publication friend @juanmolina
You are quite right in everything you say, I am Venezuelan, luckily I met the world of the blockchain a year ago, and what you mention about educating the population about it is something timely, important.
I think that this is the basis of the problem, that the maternity of the persians does not know about it or has heard little about cryptocurrencies, which coincidentally is only about the volatility of the crypts or the scams through the internet, and does not take care of studying , to see beyond. to look for the benefits that all this brings.
In the Venezuelan case, as you very well mention, skipping all control by the tyrant state that governs, is a great advantage, break with intermediaries.
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Gracias por la lectura querido amigo @josevas217.
Creo que la educación en todo ámbito es la clave de la liberación. Actualmente se hace necesario educar a cerca del blockchain y todo lo referente al crypto.
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Hi @juamolina sorry about all the harsh conditions that you guys are going through k and i hope things get to normal and better for you. Cryptocurrencies can really solve a whole lot of bribery and corruption and that is why most government don't want to approve of its use.
I also write on crypto projects so you can always check them out k :)
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Our government is sick.
My intention with this post is not to talk about politics, but it is almost inevitable not to talk about Venezuela.
Our government is sick.
My intention with this post is not to talk about politics, but it is almost inevitable not to talk about Venezuela.
I'll be attentive to your publications dear @ikkelins
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I feel you @ikkelins
And you're right @juanmolina.
It's hard not to mention politics but at the same time whenever we do, it's best to use general terms like: Administration, goverment etc. Without being to detailed about views.
Cheers buddy
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looking for money with a heart in the right place ... you'll have to excuse me as i'm trying to newyear-resteem and hoping not to forget too many.
maybe the VZ-overlord petro will bring solace but if it does it will probably go to the overlords pockets
as usual :)
happy merry
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I think the petro is a farce. The administration of my country has been saying for a year that the petro is already a reality. But we can not get it in any of the exchanges. The ICO or STO has not been done either.
Let us suppose that one day it will really be realized, that will only serve so that the riches of my country go into the pockets of a few. In the same way that has been happening for 20 years.
Thanks for your comments appreciated @rudyardcatling
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@juanmolina ... ive been absent of the commenting a while, im trying to catch up.
I think that's just what politicians do, the bigger problem is probably they only have people around them who always nod yes to whatever they say so they're under the impression they're doing it right, and maybe a lot actually really believe that as they have absolutely no feeling with what happens outside their towers and mansions.
I don't dare say the situation here is anywhere close to where you live but when it comes to money, its always the happy few who were born with it who keep sitting on top of it.
Until the kettle explodes and then it's ofcourse all to blame on the "instigators". Only a year ago here one of the people responsible for wellfare got in a scandal for organizing a party of about half a million euros (with tax money) for instance but those things are like 3 days of news and then sports, right ?
Back when i made the reply here (almost a month ago, sorry) i was looking around a bit in that "real world" of theirs and it looked to me like the whole world was burning. People out protesting on the streets in all too many countries on every continent all across the globe.
And the big guys in big suits making promises because they know in a few years the governments switch anyway.
Maybe that's different overthere, i dont know, but hereits about every four years.
But still that's an illusion because basically what they do is switch seats, if you turn on that tv-poison you see all the same faces, they're just organized differently. Minister of economy now handles healthcare. Healthcare handles infrastructure (just to give an example) like they're all superhuman, capable of everything.
In the end you vote for a party but they decide who gets the seats and the dough.
So in the end , on the downside, people just have to take care of themselves (at the risk of being considered anti or worse ...)
All the best of luck, lets hope 2019 brings a bit more of the brightside back
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As long as the use of crypto money is still too complicated it will not much help a lot of people in countries with hyperinflation.
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I think that the use of cryptographic money will be more common every day. Thus its use will also be simpler and of greater scope and adoption. I'm convinced that it will be like that.
Thanks for comment appreciated @johano
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have Easy to use plus secret currency wallet
But there is no store that dares to collect secret currency.
As a result, can’t to buy eat food.
Under the rule of an autocratic government
Use plus secret currency,
In the end, it will only be more bloody.
If everyone enthusiastically supports the compatriots in Venezuela with the secret currency,
Can indeed help them,
But there must be local businessmen and foreign businessmen who are advancing with them.
So the point is still, must have some businessman to help them.
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In reality, aid must come from all sectors: friendly nations, private entrepreneurs, global organizations ...
Currently in my country, we can still make public transactions without government intervention. But only time will tell how far the desire for domination can go.
Thanks for your valuable comment friend.
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You are right, too much .
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Hello, I hope you are well, in reference to the question: then, those who were owners of money for the bank in that year later, those debts would be easily paid. Is that correct?
I will tell you that currently the bank where I had little money, is no longer giving credits, cards or online system, because you can pay installments and that over the months its value has nothing to do with which bank I grant, in a few words is lost to the bank. My credit card was not increased anymore.
If the situation here in Venezuela is difficult, on all sides, I try to work and study, but it is not easy, but it is the Internet, it is light, or transport or food, sometimes I would like to run away and that's when I think. If I leave and stop fighting for my country, who will do it. I can only get strength from where I do not have it and keep fighting for it.
I almost do not publish, because I do it from a cyber.
With your first question: for the next situation if you were in a potentially early stage of hyperinflation (such as South Africa).
What are you going to do? If you lived 5 years before and anticipated future events?
If I could go back 5 years, believe me I would buy $ dollars and as much as I could, in order to cope with this difficult situation that is occurring. Since practically everything here is already $ and I do not even have one to at least buy food and some medicines for my mother. Tomorrow maybe we will not have dinner, we will just go to sleep one more day.
Greetings and merry christmas…
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Friend what a dramatic situation you are living!
All the people I know are living or have had to go to bed without eating more than once. I have lost many kilos. I had to open new holes in my belt so I could hold my pants.
I said that about the credits because in micasotenia some credi nóminas and with the reconversion the amounts of the quotas became an insignificance.
If I could go back to the pass I would also buy dollars. I do not own them, not one.
Regards appreciated @pauli0606
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How much kg did you lose @juanmolina?
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I got down three sizes of pants. I was in 34, now I'm 28.
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Dear @pauli0606
That's very noble and Im sure you're a very proud person. I guess Im more of a "rat" who would leave that mess behind as I believe that regular people (even in thousdands) cannot do anything.
Without solid influnce in politics it's hard to change anything.
ps.
I transfered 10 STEEM to you. I dont have much so i cannot help you more. But that should be enough to at least buy some small meal.
Yours
Piotr
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I am very happy to see people in Venezuela benefiting from the freeing power of crypto.
I urge our friends in Venezuela to be careful though, because Bitcoin makes all transactions public and it is possible for abusive governments to oppress its people by investigating users. This is why I believe Zcash is a safer form of currency for transactions in such sensitive situations. Zk-snark technology is extremely useful in this environment, so I suggest you take advantage of that technology for your protection.
Not financial advice, just a personal opinion based on knowledge of technology.
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DASH may be the best choice for them. There is already a huge DASH community in Venezuela that is actively working on businesses taking the currency. They recently got Churches fried chicken to accept it. You have to deliberately turn the privacy feature on, but it is available. You can also convert STEEM/SBD to DASH right here on Blocktrades.
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Dear @indigoocean
I never knew that there is big DASH community in Venezuela. @juanmolina have you heard about it?
Interesting fact.
Yours
Piotr
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Yeah, I've come across a few things about it over the last few months. Here's a recent video:
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Even Venezuelans are in diapers as far as Crypto. Initiatives should be promoted by NGOs to educate the population in this regard.
Thank you for your opinion so successful dear @hobo.media
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Adoption of cryptocurrency will surely help to reduce and control corruption so govt need to take the initiave to approve it for the good sake of their own people. Whatever has happened just happened and now is the time to rectify with corrective action and decisions.
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That should be the way to take acting sensibly. But totalitarian regimes are characterized by the dominance of all areas of the life of their people. This leads to domination.
The decentralized and liberating character of the blockchain has not yet been covered by these regimes.
There is the window to economic freedom. At least until today.
Thanks for your comment appreciated friend @alokkumar121.
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Giving the goverment less power using crypto bravo but if crypto gets banned there then it would be a real problem and i thought that banks always has money 24/7 and 56% bank transfer rate that is outragous by leaving the country you are being free but at the same time giving the goverment more control over the country but that i think doesnt matter since lifes are on the line hope the inflation problem goes away soon . love from Maldives
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dear @khussan
You've mentioned lately that your country can also encounter hyperinflation? Did you mean ... Maldives? How come?
Yours
Piotr
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because of the worsening politics and debt to countries
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Banning the crypto would be as impossible for the government. But you can limit access to the internet. This would be a way to prohibit it.
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yes my point exactly there countries where crypto is banned and even considered having them a crime
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I think unfortunately that's where they're taking us.
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As in China for example?
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yes like china
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It's just so sad to keep reading about what's happening in Venezuela but I believe there's hope for an end to this soonest. It may or may not be cryptocurrencies but all I want if for the people of Venezuela to be economically better off! This post is literally breaking my heart...
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oh! how I regret to know that my publication caused sadness in you.
On the contrary, my intention was to convey a message of hope and joy.
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I know @juanmolina , but it hurt to hear that 5,500 persons are leaving their homeland on a daily basis with nothing and under heavy resistance from the armed forces which could have be avoidable if not for the excessive greed in the hearts & veins of our sit-tight leaders who have nothing or little to offer at their old age!
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likewise brother ...
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Wow! Thanks for these insights. I have never really thought of such problems as these until now.
I'm really now beginning to see how cryptocurrency can be of help to people under government clamp.
The truth is that there are many countries on the brink of disaster and their governments seem to have no clue of what to do or they're just interested in enriching themselves.
Tor is doing it's bit already to empower people with anonymity, cryptocurrency might be the next big wave.
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We are already sailing that great wave.
Greetings dear @naijauser.
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Happy and prosperous year 2019
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hi @surika
I always enjoy reading your comments.
Please allow me to give you small suggestion. Perhaps you could cosider using "enter" sometimes to separate blocks of text? It would make it much easier to read.
Yours
Piotr
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Dear Crypto.piotr- Santa from Venezuela. Grateful for all your support to all of us in Venezuela.
What you asked me (I think I understand) is not to write so glued, and to do it in separate blocks.
Will it be like I'm presenting this comment now?
I wish you a happy 2019, full of health, love and prosperity for your family.
Many hugs and kisses from Caracas, your friend @surika.
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Dear @surika
Thank you for your amazing comment. The way you presented your comment now is just so much easier to read and reply.
Caracass? Isn't the most dangerous place in Venezuela?
Yours
Piotr
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Pleasure to meet you. I'm glad you liked the way I wrote the comment.
And forever grateful for the help you have given to Venezuela.
Unfortunately Caracas has become a dangerous city.
is a sad reality.
But someday we will get out of all this nightmare.
She will be eternally grateful, yours @surika
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Exactly...
Happy new year @surika
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It's really an arms race between the people and the governments. Technology is like nuclear energy or just like AI. You can use it for anything. Only way we can make sure crypto is used for good is to make it impossible for the governments to do anything about it. They may persecute 1% of the population. They may even persecute 10% of the population. They will have a tough time with 25% of the population and they will never ever subdue 50% of the population without some alien mind control trick or some super weapon.
I hear lots of Dash adoption news regarding Venezuela (http://www.discoverdash.com/) I think this is the right thing to do. Crypto can save a lot of people from a lot of trouble. But people need to adopt using cheap, fast, private crypto like Dash, PIVX etc.
The devs should also make things easier to use for common people. Most mobile wallets are now in a good condition. If you can bring lots of people from Venezuela to STEEM, it'd be a great thing. Current prices are very low and little bits you make today can end up being worth a lot.
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Interesting article you wrote. You said_The regimes in Venezuela, Iran and Saudi Arabia are even trying to mutate and centralize the concept of digital money on an equal footing to create state-controlled_... you really believe other countries are not doing so? I can tell you Holland is. Anonymity and freedom thanks to crypto? You can forget about that and no matter how much you have in your wallet, if there is no way to spend it, it is useless. And if it comes to spending it, world wide there is no way to do so. So this is not the solution.
There are plenty of countries in history who had todeal with inflation, I wonder why "rulers" do not learn from it. Are they too stubborn to or do they simply close their eyes for what is going on? Italy had the same problem before the euro and Turkey has too.
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It's the same everywhere, whether in Venezuela, Africa, Kurdistan, Syria. People like me are called "conspiracy theorists" to muzzle people like me as fast as possible! It's all the same, in the background these people are working and well networked so that it is nearly impossibleto get them uncovered and so many states are either made bankrupt or even worse battled between two different groups! Often it's about natural resources, diamonds ect. which are then stolen by criminal powers and their own population is starved.
Or artificial crises are produced in other ways to impoverish the people
That's why I like to support any kind of alternative money as best as I can, such as this crypto money in the hope that it helps!
greetings
@sternblitz
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Grettings dear @sternblitz
You made a spoken picture of the situation in my country.
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Brilliant comment @sternblitz
do you think that we may all experience such a artificial crisis on a global scale sometime soon?
Yours
Piotr
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I'll be traveling to Venezuela this summer! Upvoted and resteemed!
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Mine is a beautiful country. We will wait for you!
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hi @ambr.global
you've mentioned that you will also visit Colombia? when are you going buddy?
be safe,
Piotr
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I hope the situation in Venezuela will improve soon! I am sure that with Cryptos we can change the world and weaken the power of the banks. I wish you a lot of success and a successful year 2019.
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I wish you all best in 2019 my friend!
Thank you very much.
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Great post, Juan! I just want to add that crypto in Venezuela gives hope to the world, too.
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hi @oleg326756
I wonder what do you mean my friend,
Yours, Piotr
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I mean that Venezuela sets example of widespread adoption of crypto in everyday life and commerce. The way crypto gets adopted and used in Venezuela today is how it's going to look in the rest of the world in a few years from now, hopefully.
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Crypto is hope to everyone us...
Thank you dear @oleg326756
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hi @juanmolina im sorry, i don't comment on your writing, it's just that i want to say "Happy new year" hopefully in 2019 get the best for us.
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ohh ... !!! I am touched by your words.
What a beautiful gesture. Thank you.
I also wish you all the best in this next year 2019 dear @ziapase
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I grew up in hyperinflation. Being born in former republic of Yugoslavia gave me chance to have my childhood in a country lead by crazy/greedy politicians and on top of that we had wars. So, like that wasn't enough, I grew up as a Serb kid. Clinton's administration had its fun satanizing Serbs through media (CNN, Fox, Washington Post, BBC, The Guardian, you name it...). So basically my people were in war with whole western world lead by the US. That was the time when US was the sole world police officer. The time without Russia and China as global powers. My father was for 5 years absent from the home because he was fighting the war which was won by the IMF, The World Bank, big corporations, politicians and war profiteers. So, nobody give a fuck about some Serb children. As matter of fact in the western world we were considered as offsprings of the last European savages. (Although Tesla, Pupin, Milnakovic and many more were Serbs).
So, I kinda feel for Venezuelans. But, although I grew up in shitty place and still I had happy childhood. Maybe I'm just that type of person which remember only good things and forget bad stuff. But I'm thinking that I'm just raised in that way where I appreciate only those things which can't be affected by the modern consumerism. Man, when I was 8 years old we used petroleum lamp and had TV running only once a week with only 2 channels on it (end of 20th century). And we were happier than nowadays children. My 3yrs old daughter has 100€ worth tablet to use it just for fun. And still she gets angry sometimes about something. I never was angry during my whole childhood. Well, except that time when NATO bombed my country.
My point is, dear Venezuelans, yes the times are harsh. I can imagine that people not having enough medication suffer the most. But if you are healthy don't be sad not having a car or electricity. Enjoy your family, your children. Enjoy their love and the fact you are healthy. If there is no food in your stores, leave the cities, go to the country sides and grow your own food. Obviously you have access to the Internet. Learn there about homesteading, farming, hunting, fishing, off-grid living. Organize yourself in communes. Support each other.
I wish you Happy New Year! I wish you better life in 2019! You have many greetings from a Serb from the Balkans!
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Wow. Thank you for sharing your story with us @boyanpro
how is situation in your country right now? is it much better?
and is US still against your country? (I never knew there were).
ps. I've been to Croatia 2 years ago and they all seem to be quite hateful towards your people. how did Serbia manage to make so many enemies? wrong politics?
Also: would you please consider using "enter" sometimes to separate sentences? It's a bit hard to read your right now.
Yours
Piotr
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let me tell you about crypto in my country. Crypto is banned here and is illegal to use. But LOL I am still using it.
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hehehehe...
Nobody can stop you!
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Juan muy bueno tu post, mi experiencia en particular con las crypto es muy pequeña pues no poseo teléfono ni dinero para invertir, pero me encantan las faucets y han traído una fuente muy interesante de conocimiento nuevo a mi vida. Luego supe de steemit la cual utilizo mas como una herramienta de hacer terapia y adquirir mas conocimiento, todavia no he tenido una experiencia económica significativa pero lo que me ha proporcionado para enfrentar la situacion del país vale mucho. Lo que voy obteniendo en mi tiempo libre y cuando internet me deja lo veo como inversión a futuro o mas bien como ahorro. paz.
Juan very good your post, my experience in particular with the crypto is very small because I do not have phone or money to invest, but I love the faucets and have brought a very interesting source of new knowledge to my life. Then I learned about steemit, which I use more as a tool to do therapy and acquire more knowledge, I have not yet had a significant economic experience but what it has given me to face the situation of the country is worth a lot. What I am getting in my free time and when the internet leaves me I see it as an investment in the future or rather as a saving. peace.
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Bellas palabras las tuyas querida @mariita52.
Todos deberíamos tomar steemit como lo haces tú: una herramienta de crecimiento humanos que nos permite interactuar con otras personas de diferentes culturas.
El aspecto económico sólo sería añadidura.
Fine words of yours dear @mariita52.
We should all take steemit as you do: a human growth tool that allows us to interact with other people from different cultures.
The economic aspect would only be addition.
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This is really an insightful post. Thanks for sharing. Crypto can be a tool of human freedom but we still have a long way to go.
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Ofcourse only a minute of number of Venezuelans have access to cryptocurrencies, more so, transact using cryptos. So the crypto economy of Venezuela should be carried out by as many individuals and establishments to transact payments using cryptos and remitting money.
Hoping that this strategy will work, and no government interference will be on the way.
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I absolutely agree with you!! I hope that it is a way out - and also fear that the technology can be a terrible tool in the hands of dictators and others who want control of others.
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Hola @juanmolina excelente artículo. Una información valiosa para todos nuestros hermanos hoy fuera del país de manera involuntaria. Ciertamente esta es una gran oportunidad para enviar remesas sin tener que pasar por tantas humillaciones y tantos obstáculos como los que utilizan las instituciones dirigidas por un gobierno autoritarísta. De estas informaciones radica la importancia de seguir animando a las personas a participar en este hermoso ecocistema financiero que tanto beneficios trae. Debemos unirnos a estas publicaciones para que cada vez sean más las personas haciendo fuerza para mantenerla y seguir gozando de ella. Gracias amigo, nos das una lucecita para seguir manteniendo la esperanza de que cada muchacho nuestro, trabajando duro fuera del país, podrán lograr sus objetivos, ayudar a sus familiares aquí en Venezuela. Abrazos y bendiciones.
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I really hope crypto can solve problems like this one lived in venezuela.
The reality is that crypto is just beginning, and we have seen how bad the "el petro" coin failed.... miserable attempt to implement technology and help the country's economic recession.
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Hi @diogosantos
Crypto cannot solve such a problems, because crypto is only a tool in hands of powerful people. But surely it should help some Venezuelians to make $$$ online and store their value in something more stable than Bolivar.
cyu in 2019 buddy :)
Yours
Piotr
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Thanks a lot for share with us this info @juanmolina...
I read the complete info and that´s look pretty bad for your Country....
I know Venezuela ranks as the 23rd most severe hyperinflation, Venezuela is suffering from the ravages of hyperinflation....
Governments can use price controls to help manage periods of hyperinflation, yet goods at these prices can be scarce and black markets often emerge. Scrapping the old currency and replacing it with a new one or a foreign currency is one way out.
Ultimately governments must restore stability through economic reforms and commitments to reduce the money supply. Boosting economic growth to balance the budget deficit, or using austerity and privatisations to raise money for the state to close the gap, are among the options available.
I saw in your post where you´re asking for a new platform where you can work like steemit, So, I´m working at the same time like on Steemit here: https://deals.weku.io/pick_account?referral=edgarare1
Here you can get rewards to help more people or share with all of them, you can get your account instantly, right now if you can see the platform inside...
Also I wrote a post a couple days ago talking about future of bitcoin and similar info like your post https://steemit.com/blockchain/@edgarare1/future-of-bitcoin may be interesting for you and get more ideas how to change our world or how cryptocurrency is working and why we can take advantage of everything....
I want to say thank you so much to @crypto.piotr because he always is helping people, and I want to do the same sharing some articles with info that can help us, and help everybody on steemit ....
Have an amazing time ....!!!
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Hi appreciated @ edgarare1, thank you for devoting part of your time to reading my article.
I know that Venezuela is the highest inflation in the world today. We are in the guiness record book.
Regarding the platform weku and whaleshare, I have friends and family who have been working on them for a while. I think that even your tokens has not been released so the market value is speculative.
But it could be considered an investment in the future.
Thank you for sharing your conicimientos dear friend.
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hi @edgarare1
As always your comment is a pleasure to read. Getting to know you lately was definetly one of the better things that happend to me in late 2018 :)
23? were there 22 countries affected more than V?
ps.
I was told that posting same content on Steemit and WEKU can get you banned from Weku. So please be careful.
Cyu in 2019 :)
Piotr
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That´s right @crypto.piotr ... but the bad thing is that Venezuela sadly is on the top more affected for the inflation .....
How we can stop that, difficult for us because nothing is in our hands, governments are not working well...
Many people are suffering and that is really sad ... and more from Venezuela ...!!!
Yeah, I posted a couple days something about future of bitcoin, feel free to read please, the info is for everyone...!!!
about Weku, thank you so much for your recommendation ...
Have an incredible New Year ...!!! All the best for you and your family...
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hi @edgarare1
I read it already. Veryyyy long read hahaha :)
yours
Piotr
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yeah, I know ...!!! let me know your new project for this 2019, I´m excited to hear about something especial to help many people here on Steemit...!!!
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I have upvoted this for you mate sorry busy at the moment will read later when I get time. Lucks good the mate!
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Only hope for Venezuela is a common sense. Socialism kill them. Look at this https://www.businessinsider.com/nicolas-maduro-ate-steak-at-salt-bae-restaurant-venezuela-starves-2018-9?IR=T
Create discussion or poll on Discut.io
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Thanks for your comment @discutio and for sharing that link.
Yours
Piotr
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I think that one way to look at this is history. In 1920's Germany the inflation was so bad that one could not put enough money into a Wheelbarrow to buy another Wheelbarrow. You could however, put enough money in a Wheelbarrow to buy a loaf of bread.
Cause of the hyper inflation: unreasonable war reparations (outside forces).
Solution to hyper inflation: Hitler.
Ok, not really, but have a good look at where Hitler got the money to rebuild Germany while at the same time creating the most powerful Military organization of it's time (in 7 years no less). It didn't come out of thin air, so why don't the history books reveal where Hitler got the money?
Did he find a big Pot filled with Gold at the end of a Rainbow? Did he get a visit from a very generous Tooth Fairy? Santa?
I won't tell you; you'll never believe me anyway.
All I can do is support Venezolanos to the best of my ability.
Saludos! Thank you for your time.
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Dear @onnovocks
Your suggested solution blow my mind. Hahaha
If they only had a blockchain around that time, right? :)
Yours
Piotr
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Gold leaves no trails and tells no tales. Business Career - Union Banking Corporation.
https://en.wikipedia.org/wiki/Prescott_Bush
Happy New Year!
Onno.
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Hi @juanmolina. I think cryptoadoption Will be helpful even in Cúcuta, because Colombian merchants could accept Crypto as a payment method in order to supply food and other stuff. On the other hand, I have seen some small businesses here in Colombia that are managed by Venezuelans. Maybe they can add Crypto as an alternative payment option, so they can send Crypto directly to their home country. This would benefit both countries. In short, Venezuela could export/expand cryptobusinesses to Colombia and Latam countries.
These are just crazy ideas. I Hope they can be useful. Thanks to @crypto.piotr for sharing this article. The topic covered here is extremely important for Venezuela and Latam countries.
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hi @caribehub
are you from Colomibia? is crypto quite accepted by their goverment? I wonder.
Thx for sharing your thought my friend,
Piotr
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Hi @crypto.piotr.
The only legal currency in Colombia is the Colombian peso (COP).
I'm not an expert in law but i know there is a foreign exchange regime which allows transactions in other currencies under some cases or for international trade. However, Colombian central bank (Banco de la república) says that Crypto is not a "currency" and Colombians should stay away from them because they are "risky".
On the other hand there is not a law which prohibits the holding of Crypto for individuals or non-financial institutions.
Tax authority also says that realized gain in the sale of Crypto is subject to income tax.
Taking into account the above mentioned, some people consider there is a gray zone in law so everyone should review his/her particular case. Usually individuals are free to hold and trade in compliance with Anti money laundering rules (AML). If you want to know why AML is sensitive here just google why Colombia has bad reputation.
All of the above mentioned and other factors lead to have a game field without clear rules. For example, a crypto exchange company (Buda.com) closed withdrawals operations for colombians users because banks suspended their accounts. Colombian Banks often can do this without giving clear reasons of their decisions. Colombian banks don't trust you when you're involved in Crypto, because they think you're doing illegal activities when in fact the average Colombian is a honest and hardwork person who is figuring out how to leave the rat race legally.
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Thank you for your amazing reply @caribehub
Just one more question: is it possible / difficult to cash out your STEEM in Colombia? Apparently, it's possible in Venezuela.
yours
Piotr
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Hi @crypto.piotr Happy new year! I hope things become better this year.
Regarding your question,it is difficult to cashout steem directly to Colombian peso because there is not market. Only a very very small part of colombians are in steemit, some of them are not quite active due to price falling and small earnings. For cashout you need to convert steem to bitcoin and then to COP by using localbitcoin.com or with a friend.
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Thanks @caribehub for taking the time to explain it to me.
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Hi @crypto.piotr Happy new year!
Regarding your question, it is difficult to cashout steem directly to Colombian peso because there is not market. Only a very small part of colombians are in steemit, some of them are not active due to price falling and lack of profit. In my case i just write to share my thoughs. For cashout you need to convert steem to bitcoin and then to COP by using localbitcoin.com or with a friend.
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Hi @crypto.piotr, I forget to mention that there are some bitcoin ATM in colombia
https://www.criptonoticias.com/colecciones/latinoamerica-cajeros-automaticos-criptoactivos-bitcoin/
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Thx for sharing that link with me @caribehub
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Regards appreciated @caribehub
By your words I notice that you are in Colombia.
What you think sounds great!
It really would be something innovative and avant-garde to give that commercial exchange sponsored in crypto.
Super cool!
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The most terrible is regime,
Take My place as an example,
crop Often owed harvest,
Neighboring neighbors are cheap and low in shipping costs,
As a result, the government went to a farther place to buy more expensive crop.
So the crux is still the attitude of the government.
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And to think that the only obligation that governors have is to provide welfare to the population.
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God bless you all
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Amén...
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Thanks friend. alternative, exit, different path, hope. As you mention it is really like this, I think that the cryptos are gaining more ground in Venezuela and more and more Venezuelans are looking for ways to inform us of how to access any cryptocurrency, especially to combat inflation and the accelerated devaluation of our currency . Hopefully the crypto will be more and more accessible to all and we will really have financial "independence".
God bless you, thank you for sharing and @ crypto.piotr for recommending your article. Very good!
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We must look for the options to earn and capitalize cryptos. For example here in steemit we have an alternative. But we must educate ourselves and handle several scenarios, making transactions in the exchanges we can obtain FIAT and solve as much as possible.
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Dear @crypto.piotr, Thanks for the memo really appreciate.
I find it hard to believe that the inflation is 1million percent, i wonder how bad or worst the standard of living will be there.
"It is vital that we adopt electronic money as a tool to preserve the quality of money among peers for future generations. With the evolution of Blockchain platforms, each day will be easier to use and more accessible."
@juanmolina, how will the electronic money preserve the quality of money in your country if the inflation rate is not dealt with.
Am pretty sure the exchange rate will be worst due to inflation.
Please i need answers.
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The exchange rate is established according to the value of the dollar. Here a dollar costs 100,000,000, or bolivars. Cryptocurrencies are not affected by hyperinflation, so every time the national currency is devalued, the reverse effect of the cryptocurrencies increases their value. Saving in national currency is the same as losing money. However, a saving in crypto is a guarantee of solidity.
I hope I have clarified your doubts dear friend @oclinton
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Yes, i now understand.
Thanks
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you´re welcome my friend.
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Hi @oclinton
I also found it hard to imagine and believe. It's like 1mln bolivar would at the beginning of the year are worth only 1 bolivar at the end of same year? Insane.
Cheers
Piotr
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Thanks friend
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Great post and I've also benefited by reading the comments.
I would say the best way to prepare in advance would be to do what I've been doing and advising others to do for months now:
This is in answer to your question about knowing it's coming and preparing. To speak to your broader point about what is happening in Venezuela right now, where it is already a collapsing currency, I do think crypto is a big part of the answer.
Whenever currencies fail, they are always replaced by another currency people trust more. In the past that has often been that the government changes and institutes a currency backed by gold. Your president tried to get back Venequela's gold stored in England recently, but the US interfered and stopped the transfer for made up reasons (couldn't get insurance for the shipment).
It seems they suspected that instead of returning the wealth to the people of the country, Maduro intended to run off with the gold. Who knows, but in any case the gold of Venezuela is mostly not in Venezuela. But you could still back a currency with your oil. Maduro is supposedly doing that, but he isn't really doing it, so it isn't working. Plus the rest of the world is not going to let anything work for him.
Perhaps if there was a change of govt. other countries would start being more supportive. Right now other countries are joining in the persecution of Venezuela, including sanctions on oil sales. They are trying to pressure the people of Venezuela to rise up and overthrow their government. It doesn't look like things are headed in that direction though, so I don't know how this thing ends there.
In the meantime, the more crypto is accepted for payment for goods people need to live on, the better. You can also use the currencies of other countries, and for a while the USD will be good. Our currency is the best of a bad lot. All the fiat currencies are really terrible. In the short run the USD is probably most stable. Personally I'm getting out of USD to a great extent, buying the things I noted above and also for fiat currency the Swiss Franc. It's probably the most sound fiat currency out there right now, but there isn't that much of it in circulation because they're a small country and not the world's reserve currency like USD.
Well this is a super long comment, so I'll stop. I do see a lot of possibilities for Venezuela with crypto though. There is a need for education, but look at all these smart people right here! I am very hopeful for your country, even though sadly I'm not that hopeful nations like the US will help while Maduro is in power.
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Dear @indigoocean
I cannot express how grateful I am for your comment. You put so much time and effort in it. OMG. Seriously mindblowing.
May I ask you one more question? My impression is that whenever crisis happen then most major countries will do fine (at the end of the day) but emerging markets will suffer the most. Do you think it's a pattern or just my own observation, which may not even be real?
Any idea why Venezuela is being targeted with sanctions so heavily? I mean: US do not put sanctions on every country that isn't friendly with them. Why Venezuela?
Yours
Piotr
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Socialism. Think about how many lives were lost in the multi-decade Cold War between the USA and USSR. Think about all the decades of sanctions and forbidden travel with Cuba. The US considers Socialism it's mortal enemy. The government tries to overthrow or assassinate any Socialist leader in its back yard (the Americas and Caribbean). And really to a lesser extent anywhere in the world it tries to undermine Socialist governments.
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Dear @indigoocean
Does situation in Venezuela have anything to do with cold war? I hope it's not a silly question.
Somehow cuba seem to be doing way better than Venezuela. Strange.
ps. so bottom line is that if ruling party in Venezuela would change and become more "capitalistic" then we could possibly experience super growth of this country, right?
Happy new year,
Piotr
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Your first question I can answer for the US govt in that it sees all Socialist or Communist governments as threats. Period.
The Cold War was decades of fighting with the influence of the USSR, which was both. That only ended when the USSR split up and Russia in particular became capitalist. (other changes too, but that was the most important one to America, which is ruled by its corporate interests).
America has undermined Cuba for decades, including many assassination attempts. America has destabilized and sought to overthrow every communist or socialist government. It's just that sometimes it succeeds and sometimes it doesn't.
So America won't be helping with anything other than a coup so long as a socialist is the leader.
As for your last question, I can't tell if you're asking what I think or what my government thinks, which is not the same thing.
My govt. would definitely say that you can do all right in Venezuela as soon as Venezuela becomes a capitalist free market able to be reliably exploited by global conglomerates again. They in fact are probably willing to lend a lot of support once Venezuela goes down that route to create immediate improvement for many people.
I personally am not so keen on the brand of exploitative, extractive capitalism they practice. I would love to see Venezuela evolve into a crypto economy of democratized money. The opportunity is there within the chaos. Instead of stabilizing by going backward, stability might come from moving forward. But it probably isn't that likely, because not enough Venezuelans are involved in crypto yet and even with the Petro coin, I don't think it will gain wide adoption before things simply have to change. I fear an invasion may be coming. That would force Venezuela back into the capitalist system that governs most of the world right now. Immediately this would create more access to food, medicines, etc. But it would just be going back to what was before the socialists came to power, along with all the problems the global economy is going to be facing in the coming years as monetarist capitalism is shown to be fundamentally unstable.
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Dear @indigoocean
Thank you for yet another amazing comment.
How does US govt sees current Chinese administration? I presume also as a threat.
I wonder why they didnt try to put someone in charge of Venezuela once Chavez died and there has been obviously no other leader to replace him.
That's what I would expect.
BIG THX again,
Piotr
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Congratulations @juanmolina!
Your post was mentioned in the Steem Hit Parade in the following category:
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Wow @juanmolina, Venezuela is such a fascinating country! In my opinion current crisis is a great opportunity for win-win situation. Venezuela could adopt this technology in order to improve its economy and blockchain could get new users.
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Dear @neavy, interesting comment. I agree with that.
In fact, the approach of my publication encompasses the fact of adoption by the population. It is a phenomenon that is already taking place in my country, although on a very low scale.
The ideal would be the implementation of blockchain by the public administration. The fields of applicability are endless: in addition to the mineral and hydrocarbon wealth of Venezuela, we also have an incredible tourist potential.
The administration is developing a government blockchain with its own cryptomoneda "Petro" backed by oil reserves.
But we must consider the background and allegations of corruption. This does not generate the confidence necessary for the backup of any cryptoactive.
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People don’t get it till it’s in there back yard.
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Dear @elsurtidor
I noticed that you're spaming everyones account with same message. For that reason Im downvoting your comment to remove it from comment secion.
Regards
Piotr
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