Half of ICOs Die Within Four Months After Token Sales Finalized

Re:Half of ICOs Die Within Four Months After Token Sales Fin... by chrisco255 on Monday July 09, 2018 @07:49PM (#17494357)

aris is technically correct. They are not legally allowed to bring a ton of USD into the country (if they're even well enough off to do so). And legally, they have to do so at government-mandated exchange rates (which no one does, because everyone buys/sells on the black market). Surely people are using USD where possible. But likely, they're HODLing their USDs (against the rapidly inflating Bolivares) wherever possible, too.

Meanwhile, no doubt some are using crypto to supplement their incomes/savings as well.

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by dragonwriter on Monday July 09, 2018 @08:15PM (#17494464)

> aris is technically correct.

No,“can” and “are legally allowed to” don't, technically, mean the same thing.

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by chrisco255 on Monday July 09, 2018 @10:26PM (#17494973)

For most Venezuelans, getting access to cash is not a practical reality, even if it's a theoretical one. I went to Venezuela in 2011 and you couldn't even bring $1K USD worth of goods into the country without being taxed to death on it (or paying off some government official). How about cash? Also, I'd rather carry a USB stick with a private key on it than a wad of cash in one of the world's most violent countries (in the middle of an economic depression).

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by aclsid on Tuesday July 10, 2018 @12:31AM (#17495497)

Well the thing is that cash is nowhere to be found so you just go around with your debit card and you are fine.

The other part is that we Venezuelans never walk anywhere. Going somewhere without a car feels dangerous. Oh and in big cities, if the car is armored the better. Plenty of shops now to convert your SUVs.

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by Azeralthefallen on Monday July 09, 2018 @11:15PM (#17495155)

And how do you buy things with your usb stick?

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by chrisco255 on Monday July 09, 2018 @11:51PM (#17495295)

You buy things via the internet. USB stick (or whatever, paper wallet even) is just cold storage for the private keys of ETH, QTUM, BTC, wallet, etc.

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by Azeralthefallen on Tuesday July 10, 2018 @12:20AM (#17495444)

But can't i do the same thing from wherever i am and have it delivered? Or have it mailed as a gift? Even with the situation in Venezuela, Fedex/DHL still ship there.

Furthermore how does that allow you to pay for food, water, utilities, or even fuel for your car?

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by chrisco255 on Tuesday July 10, 2018 @01:17AM (#17495656)

Do what? Order things with paper money or are you talking about some VISA/MC-backed debit/credit card? Where do you sign up for a USD-based bank account in Venezuela? How do you pass KYC checks? You got a family member or friend who lives in the States you can trust to escrow that for you?

Shipping Fedex/DHL in Venezuela isn't nearly as reliable as shipping in the United States. Nor is it cheap.

Energy and gas are super cheap in Venezuela (38 cents a gallon). I'm not sure where you're going with your argument there.

You can hold crypto as a hedge against the Bolivares, convert to fiat as needed, just like any other fungible asset.

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