This portrait of Hal Finney is made of real $USD (1 to 100 bills ๐Ÿ’ธ) ripped and glued on canvas by the french artist @pascalboyart ๐ŸŽจ This work is a part of the serie “Who’s Satoshi?” exhibited in Sept 2018 in Paris crypto art show #bitcoinartrevolution

This portrait of Hal Finney is made of real $  USD (1 to 100 bills ๐Ÿ’ธ) ripped and glued on canvas by the french artist @pascalboyart ๐ŸŽจ This work is a part of the serie "Who's Satoshi?" exhibited in Sept 2018 in Paris crypto art show #bitcoinartrevolution submitted by /u/Pascalboyart
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Bitcoin – The Currency of the Internet

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

submitted by /u/WorkingLime
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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 ๐Ÿ™‚

Any question let me know.

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

The World Bank stopped tracking inflation in Zimbabwe in November 2008, when it reached 79.6 billion percent. One year later, the country abandoned its currency. The exchange rate at the time was $35 quadrillion Zimbabwean to $1 USD…. inflation kills!

The World Bank stopped tracking inflation in Zimbabwe in November 2008, when it reached 79.6 billion percent. One year later, the country abandoned its currency. The exchange rate at the time was $  35 quadrillion Zimbabwean to $  1 USD.... inflation kills! submitted by /u/Crevative
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Bitcoin – The Currency of the Internet

Thus far lightningspin.com routed over 400 individual payments to our users, for a total of almost 6M satoshis. The fees? 1,300 satoshis, or less than $0.10 USD. Not for each transaction. For all 400 of them combined.

Thus far lightningspin.com routed over 400 individual payments to our users, for a total of almost 6M satoshis. The fees? 1,300 satoshis, or less than $  0.10 USD. Not for each transaction. For all 400 of them combined. submitted by /u/CosmicHemorroid
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Bitcoin – The Currency of the Internet

6,932,309,904,123 bolivares were traded in LocalBitcoin Venezuela during past week, which equals to 529 BTC. Exchange rate is around 2,500,000 Bs. per USD. Minimum monthly wage is 2,550,000 Bs. around 1 USD per month.

Hello, Venezuelan living in Venezuela.

Just posting the updated number for this week.

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

See my older posts to see the full context, any question AMA.

I just want to explain something I saw in older posts, some people say that the exchange rate is around 80,000 Bs. per USD. That is the fixed rate SET by the government, no one sells at that rate, only the government does and it's limited, they sell only around 1millon USD each two weeks which of course is NOT enough to supply the country demand.

So there is a black market / street market that works with supply and demand. Anyway, if we use the exchange rate set by the government minimum wage would be around 32 USD per month (2,550,000 / 80,000)

One kilo of meat is around 5,000,000 Bs. so using street rate that is around 2 USD using government fixed rate that is 62.5 USD, which one makes more sense?

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

Venezuela Update: Exchange rate is around 900,000 Bolivares (Bs) per USD. LocalBitcoin traded 435 BTC last week. Minium wage was raised to 3 USD / month

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

Situation worsened because the goverment started an operation called "Manos de Papel" hunting people who were trading a lot of bolivares (which the suppose come from selling USD and cryptos not using their controlled exchange rate).

Also, they took control of the biggest private bank of the country, called Banesco.

In fact, before that Localbitcoin traded the all time record of 957 BTC traded in one week.

The price of the meat was 800,000 per kg 4 weeks ago and now it's 4,500,000 kg.

It's crazy living here (and sad….)

You can see my old posts for more context

https://np.reddit.com/r/Bitcoin/comments/8e591z/venezuela_update_exchange_rate_is_around_600000/

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

Venezuela Update: Exchange rate is around 600,000 Bolivares (Bs) per USD. LocalBitcoin traded 654 BTC last week. Minium wage is 2 USD / month (reddit.com)

https://coin.dance/volume/localbitcoins/VEF/BTC You can see my old post for more context https://np.reddit.com/r/Bitcoin/comments/8cet9t/localbitcoin_venezuela_traded_663_bitcoins_last/

Bitcoin

After The Rise of its Controversial โ€Digital USDโ€ Tether Releases EURTs (news.bitcoin.com)

Tether, creator of a USDT token claimed to be backed by the U.S. dollar, has been a hot topic of conversation lately to say the least. The company has been very successful so far issuing tokens to individuals and exchanges, but many skeptics are worried the digital currency is not backed by real fiat. Skeptics aside, just recently the company has announced the issuance of a new fiat backed tether called EURT that will represent euros with ERC20 standard compatibility.
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