FloresHernandez

Yes, of course. The problem here is the repressive government. But as everything, they have tools. Crypto takes one of the tools for them (Debasing the currency and strict control over local banks). Any tool we can take from them is good.

Even a not-really-hostile-goverment-but-more-like-incompetent can do a lot of damage by debasing the currency. Now the citizens have tools to fight their incompetence.

If only for this reason, is better to have crypto than not have it. I can came up for a lot of reasons why I think Tik-Tok is useless, but is useful for a lot of people, so no reason for me to to bash it.

Yes, it shields you against your own government by giving an alternative they can't stop or ban.

In some parts of the world, government is hostile towards their own population, either by incompetence or malice. Debasement of the national fiat currency is theft perpetrated by the government and crypto provides an alternative for that.

Can you just use US Dollars? Sure you can. But your government can search you for the bills. Or they can block the specific website you're using or the US banks can be hostile towards citizens of your country (Neteller, skrill and several others outright banned Venezuelan citizens, and some US banks are making difficult the process to open bank accounts)

But how about volatility? Sure is a problem. But with fiat you know is only going down, at least with crypto it can go up.

Is always interesting seeing the threads on HN on crypto and how it never considers an actual hostile government.

You can opt out of Apple ecosystem simply by changing your phone.

You can't not opt out of your government ecosystem (Or at least, it's more complicated).

This is like calling Walmart profit margin "tax" ... just buy in another store.

I've visited Colombia several times on several cities and unless you're taking illegal cabs you never feel unsafe. The legal cabs are pretty clearly marked.

Uber could give you an extra layer of safeness as you're basically recording your ride, but that does not mean the cabs are unsafe there. Having said that, if I had to take a taxi to take me to my Uber, I will really feel unsafe.

There is no gold-backed fiat currency.

They might try to crack it down. It will probably go the same way as the crack down of the dollar. Won't work. And is even easier to hide bitcoin that to hide USD cash.

The downside of dealing with local currency is too great, so people are willing to risk being caught dealing with USD or BTC.

No, I did not. Nobody I know did.

I agree it's a farce. Save from speculators, nobody is going to buy Petro as nobody trust the Venezuelan goverment. It's probably a money laundering scheme.

Maybe the government will try to force it on the population (By making certain things only payable in Petro), but nobody has any reason to invest in Petro as it is now. The next goverment will surely not recognize it and it's value will drop to zero (Maybe even before a new government steps in)

Using localbitcoin to buy them. I either send them to a wallet for long term storage or use uphold to change to usd.

I'm only buying in btc "saving money". Local currency (which my business generates) is spent either in supplies, wages, or just living here. I have yet to change some btc back to local currency (Which I might do to make a large purcharse or some emergency), but will probably just change USD cash (it will be easier).

BTC is not being used for small purchases (So no bitcoin to pay for coffee). Is really just used as "store of wealth". Most business could take USD if you want to use it for payment and some even demand USD (car repairs, construction work, that kind of stuff). Most people DO know about bitcoin, but I wouldn't say is mainstream to own it. There's still fear about volatility.

I own a small business in Venezuela. Nothing tech related, but in the food industry.

Bitcoin has been a godsend. We are able to save money again having it as hard currency. I do exchange some of my btc for dollars, using btc to help to make the transaction (Why change it? Because I respect that you shouldn't have on crypto more than you can't afford to lose).

I'm buying small amounts every day (As our currency depreciate every day as well), but it give us the chance to save and is easier and safer than buying usd in cash.

I do understand the benefits have yet to "trickle down" to the regular people (I'm after all, a business owner), but it will trickle down. Our business is safer, I can afford to raise wages and able to plan ahead (As much as you can plan ahead in a country like Venezuela).

Actually, is the other way around. It is cheaper to pay in Bolivars than Dollars. Right now is 9000 Bolivars (Around 90 Dollars) vs. 130 Dollars a night at the Marriott in Caracas.

It used to be crazy before, if you paid in Bolivars it was only 100 dollars vs 600 dollars if you paid in USD. Fun fact, even if you were paying in Bolivars way less, you still used to get Marriott points as if you were spending 600 dollars a night, so the quickest way to get a lot of points was staying at the Caracas Marriott.

Having said that, I have yet to hear about anyone bypassing the regulations by using bitcoins. Is still not that hard finding someone selling dollars.