Venezuelan update: One BTC is around 1,524,000 BsS. (Bolivares, more than 100% increase in around 1 month), monthly minimum wage is around 8 USD -0.0013 BTC- and inflation keeps going on (even in USD). 915 BTC were traded last week using Localbitcoin data.

Hello,

You can check the "Coffee with milk index made by Bloomberg" https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Government "set" the prices of some goods and what happens is that they set the price is under the production cost. But now people just don't care, price is set at 90 BsS. per kilo (which is around 45 usd cents) none wants to sell at that price, people is selling it at around 700 Bs. (3 USD) and nothing happens.

Government ordered all the banks to show your balance in petro cryptocurrency as well (Government cryptocurrency), if you have 3600 BsS. (15 USD) in your account it will show 1 Petro. Even BBVA and Citibank had to do this.

You can check the 24h volume here http://dolarbeta.com/ and the last week volumen using Coindance

AMA anything

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Bitcoin – The Currency of the Internet

Venezuelan update: One BTC is around 700,000 BsS. (Bolivares), monthly minimum wage is around 19 USD -0.003 BTC- and inflation keeps going on (even in USD). 72 BTC were traded in the last 24h using Localbitcoin.

Hello,

You can check the "Coffee with milk index made by Bloomberg" https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Government "set" the prices of some goods and what happens is that they set the price is under the production cost.

One example is meat, there is not meat anywhere, price is set at 90 BsS. per kilo (which is around 90 usd cents) none wants to sell at that price.

Another problem (which I "think" could help to "fix" economy) is that some prices (in USD) are the same of more expensive than the international price. For example one soda can (Coke) is around 1 USD. One Mcflurry ice cream is 4-5 USD and so on. (I use these examples, so you can compare easily). But remember minimum wage is 19 USD per MONTH. So it's really had for people to live here, even if you have family abroad and they used to send 50$ per month and people used that to live here now more USD are needed….

You can check the 24h volume here http://dolarbeta.com/

Sadly Coindance has updated anymore since 5 zeroes where knocked off from the Bolivar.

I have a with debt with u/AliResurrector ( u/rodown ) he sent me a donation of 10 AUD using BTC (by the way it was HIS first real use of bitcoin!!) (the price he pays here for a coffee) and I will post what I was able of buying here (including the coffee itself) will post soon that update 🙂

Any question let me know.

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Bitcoin – The Currency of the Internet

Bitcoin ETF? Stop begging for it!!! We don’t need it, seriously folks!!! Because Bakkt ICE Futures U.S. offers physically delivered daily futures contracts on Bitcoin traded in BTC/USD (subject to CFTC regulatory approval, NOT SEC approval). It’s coming this November.

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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.

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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.

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Bitcoin – The Currency of the Internet