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Venezuelans Flock To Cryptocoins Amid Spiralling Inflation (bloomberg.com)
An anonymous reader quotes Bloomberg:
Demand for digital coins is soaring in Venezuela amid an escalating political crisis that has protesters demanding that President Nicolas Maduro step down. Inflation has spiraled to the triple digits, debasing the bolivar and depleting savings, while citizens struggle to find everything from food to medicine on store shelves. "If you're going to be in something volatile, you might as well be in something that's volatile and rising than volatile and falling," says Ryan Taylor, chief executive officer of crypto currency Dash Core, the third-largest digital coin by number of transactions... Bitcoin trading volume in Venezuela jumped to $1.3 million this week, about double the amount that changed hands two months ago, according to LocalBitcoins.com...
Venezuela's currency has become nearly worthless in the black market, where it takes more than 6,000 bolivars to buy $1, while bitcoin surged 53 percent in the past month alone. But it's not just about shielding against the falling bolivar, as some Venezuelans are using crypto currencies to buy and sell everyday goods and services, according to Jorge Farias, the CEO of Cryptobuyer.
Venezuela's currency has become nearly worthless in the black market, where it takes more than 6,000 bolivars to buy $1, while bitcoin surged 53 percent in the past month alone. But it's not just about shielding against the falling bolivar, as some Venezuelans are using crypto currencies to buy and sell everyday goods and services, according to Jorge Farias, the CEO of Cryptobuyer.
Chile collapsed so quick that Friedman had to cry that he meant to do that.
Bullcrap. Pinochet ruled Chile for 17 years, while the economy prospered, and then peacefully transitioned Chile to democracy. He was a brutal but competent dictator.
Germany and China had the benefit of being strong, economically robust states
More bullcrap. Germany was a basket case when Hitler took over. He immediately launched a massive Keynesian expansion that pulled not just Germany, but much of Europe out of the Great Depression.
Under communism, China was one of the world's poorest countries, and experienced the worst famine in all of history. Then in 1979, they switched to capitalism while keeping the authoritarianism in place. Since then, their economy has expanded ten-fold.
Look at the graph on this page: Historical GDP of China. Under communism, China's economy was flat for decades. Then in 1979 it was like turning on a light switch from "poverty" to "prosperity". There is a clear inflection point.