Post
Topic
Board Announcements (Altcoins)
Re: Coinless. The cryptocurrency that replaces the Venezuelan national currency ICO
by
alyssa85
on 10/08/2017, 14:07:43 UTC
I do not know if this is a real project or if this is a joke, the currency of the Venezuelan government is not worth a thing but why someone will need to use this coin if they can use bitcoin or other coins that are more stable and more valuable than this coin is ever going to be.

it's easy, because here in Venezuela u don't have access to any crypto currency, in Venezuela the people like us can't buy USD or any international currency in a legal way.



This is absolute rubbish - Venezuelans are mining both bitcoin and ethereum, thanks to their very cheap subsidized electricity:

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

Quote
To survive, thousands of Venezuelans have taken to minería bitcoin—mining bitcoin, the cryptocurrency. Lend computer processing power to the blockchain (the bitcoin network’s immense, decentralized ledger) and you will be rewarded with bitcoin. To contribute more data-crunching power, and earn more bitcoin, people operate racks of specialized computers known as “miners.” Whether a mining operation is profitable hinges on two main factors: bitcoin’s market value—which has hit record highs this year—and the price of electricity, needed to run the powerful hardware.

Electricity, it so happens, is one thing most Venezuelans can afford: Under the socialist regime of President Nicolás Maduro, power is so heavily subsidized that it is practically free. A person running several bitcoin miners can clear $500 a month. That’s a small fortune in Venezuela today, enough to feed a family of four and purchase vital goods—baby diapers, say, or insulin—online. (Most web retailers don’t ship directly to Venezuela, but some Florida-based delivery services do.)

Venezuela’s most resourceful miners, in fact, are moving on to a new inflation-buster: the cryptocurrency ether (ETH). The profit margins are higher and, more important, the risk factor is much lower. “Mining ETH or bitcoin is pretty much the same principle: using free electricity to generate cash,” one Venezuelan miner told me. “But ETH mining is more affordable—all you need is free software and a PC with a video card. Any police officer is easily fooled into thinking your ETH miner is just a regular computer.”

If you were Venezuelan you would know this. I bet you are an outsider trying to take advantage of their situation to launch a currency for your own benefit.