Half of ICOs Die Within Four Months After Token Sales Finalized

Re:Half of ICOs Die Within Four Months After Token Sales Fin... by confiscate on Monday July 09, 2018 @08:07PM (#17494428)

If crypto, being "not controlled by a central authority", solves inflation, surely it would already have replaced the default currency in Venezuela by now?

"Authorities have .. permitted trading of bitcoin in Venezuela, though they have heavily fined and detained people who use computers to earn bitcoins by auditing online cryptocurrency transactions. Such “mining” operations use immense amounts of electricity, which is heavily subsidised in Venezuela — meaning the state essentially winds up paying for the process."

"few businesses openly advertise that they accept cryptocurrency out of concern they will be extorted. It’s still difficult to make many purchases in Venezuela with bitcoin"

https://www.news.com.au/technology/online/venezuelans-seeing...

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by aclsid on Tuesday July 10, 2018 @12:28AM (#17495486)

They have a national registry that you need to subscribe to if you are a miner. That and you also need to keep in handy your customs paperwork to prove that you paid entry duties for the equipment. Otherwise you open yourself to police extortion.

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Re:Half of ICOs Die Within Four Months After Token Sales Fin... by confiscate on Tuesday July 10, 2018 @11:07AM (#17498716)

does extortion happen regardless? Because the article seems to imply that the miners were mining legally, but where extorted by police anyways

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