Sunday, January 14, 2018

More on the Delusional Bitcoin Fanboys Who Think Bitcoin is Saving Venezuela

The latest on Venezuela from The Washington Post:
Amid severe scarcities of basic goods, some hotels here have begun rationing toilet paper. Crisis-battered Venezuelans on local escapes, meanwhile, have graduated from stealing towels to pocketing lightbulbs and even coffee makers. Some resorts force their guests to sign contract-like inventory lists and submit to detailed room inspections at check out...

The decline of the tourism industry is part of a broader economic disintegration reflected in an estimated 15 percent contraction in gross domestic product last year...

Despite the government’s iron hand, street crime is surging. Locals who can afford it are outfitting their vehicles with bulletproof glass and armor and traveling in caravans on the bandit-infested highways. In 2017, 53 people a day were killed in Venezuela, according to the Interior Ministry, making it one of the world’s most dangerous countries.

“The biggest problem now is security,” said the owner of a midsize hotel in the seaside town of Chichiriviche, who spoke on the condition of anonymity out of fear of government reprisals. “Foreign tourists are not going to come if they think they’re going to get killed...

Only 15 international airlines are still flying to Venezuela. More than 15 others have pulled out in the past two years, citing economic concerns and security troubles, including stolen luggage at airports.
Also see: Venezuela is a Perfect Example of Bitcoin Delusional Thinking



  1. It's a straw man to suggest that BTC can save "Venezuela." A country is not a physical entity that can be saved; only people can be saved. BTC is a black market in currency. When state constraints artificially limit the ability of open markets to satisfy demand, black markets -- really, "free markets" -- can fill some of the void. Venezuelans are in dire straits because the individuals in the Venezuelan government have, among other things, trashed the official currency. We should be cheering on any free market developments that can allow individual Venezuelans to get some relief, no matter how marginal, from their oppressive government, even if we personally don't want to participate in these free market developments.

  2. If you want relief, shut down the cia. They are responsible for the conditions in Ven.. They want THE OIL>>>>>>

  3. I don't think anyone has claimed Bitcoin has put a halt to the destruction of the Venezuelan economy. What has happened though is that some people are able to eek out a living with it, which is still better than everyone being hosed.