Meet the ‘miners’: The shadowy group making a killing from the Bitcoin bonanza

just21 said:
There are benefits to Bitcoin. How would you survive if you lived in Venezuela, Argentina, or Zimbabwe where the government print unlimited quantities of money? What would you do if you were one of the 4 billion people not offered a bank account? The US Federal Reserve have overseen a 95% decline in the value of the dollar since it's creation in 1913. Because it happens slowly most people accept it.

More...

I would travel to Colombia to get dollars or get someone else to do it. I believe that's how it works now. Do poor Venezuelans buy food and pay for electricity using Bitcoin? I find it hard to believe.
 
just21 said:
https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

http://www.news.com.au/technology/o...n/news-story/b4ee91a802ed265a237699aa2ed4dd44
More...

Interesting. Makes me think how much of Bitcoin's value is depending on Venezuela doing badly, assuming they wouldn't mine it if the economy was doing better and electricity would cost more.
Isn't Iceland producing way more energy than needed? They could set up government bitcoin mining operations to fill their coffers.
 
Do you guys know what poor Venezuelans like? Paying $19 for bitcoin tx fee when their average monthly income is $32!

"Including Venezuela's equivalent of food stamps, the total pay package now rises to 250,531 bolivars, or $32.19 a month."

http://money.cnn.com/2017/07/02/news/economy/venezuela-minimum-wage-hike/index.html

---------------------------------

Is there a way to figure out how much of the newly mined coins enter the market right away? (let's say in the following 3-4 weeks)

I couldn't find any data on it so I estimate that probably half, but that could be way off...
 
You must log in or register to reply here.
Back
Top