Hacker News new | ask | show | jobs
by Ironchefpython 3213 days ago
> Venezuela.

Great example, if bitcoin suddenly developed magic powers that could unseat a dictator, write a new constitution, educate the electorate, and protect the rule of law.

Seriously though, two things.

One, Venezuela has significant problems that magically giving everyone a bitcoin wallet isn't going to solve.

And two, currently the biggest use of Bitcoin in Venezuela is to evade currency controls. Which is criminal activity. Which is one of the only two things Bitcoin has a usecase for (the other being speculation)

So yeah, while a lot of people might be better off if they engaged in criminal activity, you can't use Venezuela as an example of a legitimate use-case for bitcoin.

1 comments

> currently the biggest use of Bitcoin in Venezuela is to evade currency controls

False, it's actually to mine bitcoin using some of the world's cheapest electricity, thanks to local subsidies.