Venezuela in “chaos” as President Maduro Announces 95% “Currency Devaluation” —- reason #999 why cryptos are necessary
What image to people need to see what happens when paper fiat plans run amok.
Venezuelan’s again are shocked as Maduro announced this weekend: a plan which devalues existing Bolivars by 95%, increases taxes and gas but a higher wage.
What does this look like when somebody wants to convert to the USD....see chart below:
Don’t worry...they are raising minimum wages by 3000%...so now it is around $30/month
As you can imagine the price fro Bitcoin is soaring ....and so has the weekly trading of Bitcoin:
Yestersay it took 44 Billion Bolivars to buy a Bitcoin ...today it takes 59 Billion Bolivars (source: https://bitcoinist.com/venezuela-inflation-100000-bitcoin/)
There are many calls to educate the people on the use/value of cryptos as they need to stabilize 1000% inflation rate.
Bitcoin and others can be seen as “deflationary currency” — there are only so many that will be mined.
Even with the BTC downturn, it is still up 55% from last year.
And as we know going back to 2010 the comparisons are ridiculous— what will it be in 3 more years?
Another reason not to hold fiat, it is fully controlled by the people who print it. And they decide how much it's worth and how many percent you are allowed to keep, sounds like slavery
It’s a nice system for those who benefit. Not so nice for people holding the currency losing money.
All is good in Venezuela government to the rescue. Everyone can eat cake.
It really is a train wreck over there. I feel bad for the people.
It really is a
Train wreck over there. I feel
Bad for the people.
- floridanow
I'm a bot. I detect haiku.
I feel sad for the citizens over there, must be a really hard time right now.
I feel the same way. We want to bring awareness to what happens when a currency devalues. It means something.
Very nice charts!! Looking very frightening!
How can people survive in a few months' time?!
Oh...this has been going on for a long time. It gets harder and harder.
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