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

And they ask why BTC… My bank got closed this week.

We all here these tales of how banks and govt screw you over, so here's mine. This week the bank that I hold my business account with has been closed, had their license suspended etc. Satabank if you wanna check that. This is a bank in the EU. They broke the rules, now I can't pay my suppliers, my salary, insurance or taxes as along with many other customers I have had all services cut off and there's no access to online banking. Those that turned up at the bank this week found locked doors and emails are being replied to with a standard template of how things are out of their hands blah blah. I run a 100% legal, incorporated and tax paying business within the EU and I, along with many more customers have had access to all cash and services cut off.

This is modern business is it? This is the way forward is it? This is how we encourage business development?

It's a disgrace.

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