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A comment on Venezuela's Inflation to Reach 1M Percent. Parent comment

Re:Venezuela's Inflation to Reach 1M Percent by gtt on Tuesday July 24, 2018 @07:19AM (#17599951)
Is not that they don't have money to eat, they don't have enough food to eat. As I see it, at the hear of the issue is broken economics. Sound money, like bitcoin, could be a great solution to several problems of economics of Venezuela.
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Re:Venezuela's Inflation to Reach 1M Percent by JumpCrisscross on Tuesday July 24, 2018 @07:28AM (#17600000)
> bitcoin, could be a great solution to several problems of economics of Venezuela

Bitcoin's volatility is the opposite of what Venezuela needs. About the only proven solution for hyperinflating countries with poor institutions is a currency board [1]. You peg the local currency 1:1 to an external currency. If that doesn't work, you switch to a hard currency.

[1] https://en.wikipedia.org/wiki/Currency_board

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Re:Venezuela's Inflation to Reach 1M Percent by isostatic on Tuesday July 24, 2018 @08:01AM (#17600213)
Indeed. Stable currencies, USD, EUR, CHF, JPY, GBP (even with brexit)

Many other currencies are also stable - the NZD for example, but I suspect (with no proof either way) a large change in their use may cause issues.

Typically USD is chosen, as that is the international currency of oil. EUR is I think second, mainly for political reasons.

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