Re:Diary of an African Cryptocurrency Miner
by wjnc on Sunday November 05, 2017 @01:42AM
(#15628418)
If there is inflation in non-local currency, wouldn't that point to massive supply chain problems on the ground. Can't fault currencies for that.
BTC is not helping Venezuela since there is a state induced apocalypse going on. No currency can help with that.
With less extreme inflationary events, like bad monetary policy, that do not destroy all supply chains, currencies like BTC should be able to help retain wealth.
Re:Diary of an African Cryptocurrency Miner
by rbanffy on Sunday November 05, 2017 @12:15PM
(#15630343)
> wouldn't that point to massive supply chain problems on the ground
I'd like to point out such problems can be easily manufactured if some points in the supply chain are heavily concentrated.
Re:Diary of an African Cryptocurrency Miner
by dmichulke on Sunday November 05, 2017 @05:09AM
(#15628851)
> BTC is not helping much in Venezuela. basic goods are hyperinflated in both local currency, USD and BTC.
As long as imports are allowed (or at least there is a black market), importers should be willing to sell for at USD and BTC, so in theory USD and BTC are still better than local currency.
BTC is not helping much in Venezuela. basic goods are hyperinflated in both local currency, USD and BTC.
it's just that by looking at people who happens to own USD or BTC in the feel-good articles we have from there on this topic, they can afford much more than others because of better economic situation before the crisis.