Bitcoin and other cryptocurrencies are useless

Re:Bitcoin and other cryptocurrencies are useless by PacifyFish on Sunday September 02, 2018 @08:11PM (#17899373)

This is something I assume to be true (based on the assumption that most of Venezuela’s population has open internet access), but it probably only applies to people with at least cursory technical knowledge. Maybe ~5% of the population, optimistically.

But you can extrapolate from present-day Venezuela to future runaway-inflation crises, at which time (again, making an assumption here) bitcoin and the internet will be more accessible/prevalent.

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Re:Bitcoin and other cryptocurrencies are useless by maxerickson on Sunday September 02, 2018 @08:22PM (#17899413)

But who do the savvy internet users purchase the Bitcoin from and what do they exchange?

Someone in country will likely be happy to exchange the Bitcoin for Bolivars at some discounted exchange rate, but that doesn't solve the problem of how they get Bitcoin.

You can have a few people working remotely for Bitcoin and the like, but that isn't going to support other people moving lots of money out of Bolivars.

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