Re:Bitcoin and other cryptocurrencies are useless
by bb88 on Monday September 03, 2018 @01:24AM
(#17900512)
> Serious question: How do you even convert Bolivars to Bitcoin anyway? Who is selling Bitcoin for Bolivars?
The problem is that the Bolivar is so toxic it's almost radioactive. An exchange wouldn't want to deal with Bolivar's at all, since the price could drop 5% in a day, say.
Even if you could exchange Bolivar cash for black market bitcoins, the black market would have Bolivars to get rid of. And that would manifest itself back into the price of the transaction.
The problem is that the Bolivar is so toxic it's almost radioactive. An exchange wouldn't want to deal with Bolivar's at all, since the price could drop 5% in a day, say.
Even if you could exchange Bolivar cash for black market bitcoins, the black market would have Bolivars to get rid of. And that would manifest itself back into the price of the transaction.