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A comment on SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund [pdf]. Parent comment

Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by sanswork on Friday March 10, 2017 @06:33PM (#13843083)
This is a non-answer.

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

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

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

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

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Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by ajmurmann on Friday March 10, 2017 @06:58PM (#13843197)
Not the parent, but what's going on right now in Venezuela speaks to this nicely: http://www.econtalk.org/archives/2017/02/turning_sociali.htm...
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Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by LyndsySimon on Friday March 10, 2017 @07:09PM (#13843258)
I sent someone in Venezuela about USD 40 in Bitcoin in October or November. They were able to convert half of it into more local currency (Bolivares?) than they made in a month at their full-time job.

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

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Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by sanswork on Friday March 10, 2017 @07:02PM (#13843216)
First up the government there have already started arresting the mining operators so probably no longer looking like that wise of an investment on their parts.

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

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

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Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by LyndsySimon on Friday March 10, 2017 @07:07PM (#13843241)
> Other than that it's a much safer bet in Venezuela to buy USD than bitcoin though and that is generally what happens.

How?

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Re:SEC Rejects Rule Change for Bitcoin Exchange-Traded Fund ... by sanswork on Friday March 10, 2017 @07:10PM (#13843261)
Black market currency exchanges if you need to convert otherwise you just take payment in USD only and basically treat it as your currency instead of the Bolivar.
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