Venezuela update: One BTC is around 620,000 BsS. Minimum wage is around 20 USD per month. LocalBitcoin and Airtm are the way of going FIAT.

Hello guys, it has been the same since last week. Coindance hasn't updated yet.

Dolarbeta shows that 64 BTC were traded the last 24h (using localBTC data).

http://dolarbeta.com/

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

From start to finish, Bitcoin payment is solid and irreversible; your business has no further worries as to chargebacks or fees imposed at random. There are no membership or month to month expenses, reducing business costs, thereby increasing profit margins.

From start to finish, Bitcoin payment is solid and irreversible; your business has no further worries as to chargebacks or fees imposed at random. There are no membership or month to month expenses, reducing business costs, thereby increasing profit margins. submitted by /u/njscoro1
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Bitcoin – The Currency of the Internet

Whoever has just added 6+Exahash power to BTC in the last month, thank you from the BCH community

I thank you for not diverting your hash rate to BCH and doing an overwhelming attack on the BCH network that would cost BCH investors unaware of this real risk a small fortune.

It would clearly be trivial to rob anyone who was daft enough to put money into the BCH network these days now that sort of power has been wielded.

For instance someone controlling that sort of hashing power (6+Exahashes) could easily pull off a 51% attack on the insecure BCH network with a mere 4 Exahashes protecting it.

A simple deposit of say 1000 BCH (Today's value of around $ 600k) to an exchange, wait for 2-3 blocks of deposit time, exchange to BTC, withdraw the BTC (Around 85BTC at writing), now fork the BCH chain to reissue the last 5-6 BCH blocks (perhaps taking 1-2 hours) merely omitting your original BCH transaction and ta-dah you have that 1000BCH back to double spend on another exchange and gained $ 600k of real value. If people were still in la-la land believing BCH was secure and continued using it you could simply repeat-rinse until they got the message.

Yes that exchange would bar you from depositing BCH again but nothing stopping others opening accounts and doing the same since the BCH network is simply pwned at this stage. (I have no idea how a decentralised exchange could even offer any protection out there for BCH holders at the moment other than merely dropping the coin).

The fact that you haven't done this and making meagre profits mining (6ExaHash/54Exahash = 11% of the block rewards = $ 11% of $ 12m per day = $ 1m per day) even though you could generate probably $ 1m+ in an hour of attacking BCH shows you believe in BTC and have ethics.

I'm not confident other miners would be so selfless so perhaps this is more a PSA that if you own any BCH this is a very real risk to be aware of as the attack would happen quickly.

submitted by /u/5tu
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Bitcoin – The Currency of the Internet

Last week 604 BTC were traded using Localbitcoin Venezuela, one BTC is around 28,700,000,000 Bs. (Bolivares), minimum wage is 17,350 satoshis per month.

Hi guys, living here.

I make more than minimum wage, but it's never enough here (there is inflation even in USD!).

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

In 3 weeks government will knockoff 5 zeroes from the currency (original plan was 3)

https://coin.dance/volume/localbitcoins/VEF/BTC

Any question AMA.

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet

Back here, last week in Venezuela LocalBitcoin traded 597 BTC for a total amount 11,884,027,816,113 Bolivares. Inflation is still rising, gov increased minimum wage from 3,000,000 to 5,000,000 Bs per month. 1 USD in the black market is between 3,500,000 and 4,000,000 Bs.

Hi guys, I was off some weeks, had several problems with the internet (the payment I made each month is almost zero so no maintenance), people are stealing copper wires from ADSL or power and selling them in the back market.

Government wanted to shave off 3 zeroes from the currency but had to delay that because there were no new bills, now they are thinking in shaving off 6 zeroes.

Inflation has continued increasing, while minimum wage per month is 5,000,000 Bs, one kilo of meat is around 8,000,000 Bs. One month ago was 5,000,000 Bs.

By the way, gasoline is free here in some service stations they don't require you to pay, you just fill the tank and go. One liter is 6Bs. which is 1.714285714285714e-6 USD.

One BTC trades around 25,000,000,000 Bolivares.

While government doesn't recognize officially the 3,500,000 / 4,000,000 black market exchange, they gave the authorization of Zoom (that works with Western Union) of do the exchange at 2,500,000 Bs. per USD.

You can read this articles (i recommend these sites)

https://www.caracaschronicles.com/2018/07/16/zulia-seeks-a-blaze-of-light-during-power-cut-collapse/

https://www.caracaschronicles.com/2018/07/17/the-not-so-silent-shakedown-of-venezuelan-radio-broadcasting/

https://www.caracaschronicles.com/2018/07/18/venezuelan-nurses-strike-sparks-the-streets-of-caracas/

https://www.caracaschronicles.com/2018/07/18/corruption-and-kleptocracy-keep-the-government-going/

https://www.caracaschronicles.com/2018/07/13/caraquenos-trade-food-for-water-during-shortage/

https://www.caracaschronicles.com/2018/07/13/getting-an-apostille-for-your-documents-might-land-you-in-jail/

https://www.caracaschronicles.com/2018/07/10/sand-and-negligence-consume-whats-left-of-paraguana-peninsula/

https://www.caracaschronicles.com/2018/07/01/some-classes-struggle-more-than-others/

https://www.caracaschronicles.com/2018/07/02/culture-and-art-resist-the-dictatorship/

BTW, some people asked me about some Venezuelan bills, here is it illegal to ship them (maybe if you send one bill inside a book nothing will happen) but shipping anything more than that will get me in jail. I have one friend that lives in the states, he had some bills in his backpack when he left (no more than 20 bills), with his help maybe I can ship some bills, of course the main idea is to pay shipping cost and get something extra (remember, 100000 satoshis here can get me a kilo of meat, rice, pasta and beans). I already shipped with my friend some bills to https://www.reddit.com/user/Lord_Saren PM if you want to know more.

submitted by /u/WorkingLime
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Bitcoin – The Currency of the Internet