Quote from: Mxrider420z on September 25, 2017, 10:38:53 PM

Quote from: Azazel333 on September 25, 2017, 09:58:44 PM

Quote from: Mxrider420z on September 25, 2017, 06:20:40 PM

Quote from: jproto on September 25, 2017, 02:09:59 PM

While I feel bad for the people of Venezuela, it is refreshing to read an article that states that crypto is a legitimate currency because the fiat alternative has a black market.

https://cointelegraph.com/news/first-bitcoinization-of-a-sovereign-state-is-happening-now

Cool article, funny thing though they are arresting or fining miners there because you can make a lot of money by mining cryptos way more than by just working since their currency lost like 99,4% of its value since 2012, they are saying its because of the eletricity that they are arresting people but i dont think thats the case.

Imagine how hard is to buy a mining rig when you get around 30 dollars a month by working full time.

Brazil is getting huge numbers of refugees that are crossing the border so they can have a better life over here.

From what i heard you can pay for your basic needs if you mine cryptos and work over there, but if you are only working there it will be really hard for earning enough money just to survive.

Does the government subsidize electricity costs?

Yep it does, state-subsidized electricity is so cheap its virtually free.

Here is an article from march of what is happening there
https://www.washingtonpost.com/news/worldviews/wp/2017/03/10/bitcoin-mining-is-big-business-in-venezuela-but-the-government-wants-to-shut-it-down/?utm_term=.3b34649c41d6

In a perfect world without bureaucracy, special interests and if people collaborated for the greater good it is clearly
amazing what could be accomplished in most every area. In this instance if there is not enough capacity for the public then
mining could be considered a bit selfish in relation to your neighbor not being able to keep their food cold or
run their well pump so all things are relative...
But if there is the capacity then why not allow the public to better themselves financially as it could only spur
economic spending driving jobs and possibly better the mean earnings for everyone.
But there in turn is the caveat, Is there the electrical capacity to handle that and what would be
the cost to the public to have the GOV increase that capacity.

MikeMike