Venezuelans use bitcoin ‘mining’ to escape inflation

While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year
While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year (AFP Photo/ROSLAN RAHMAN)

Caracas (AFP) – Inside a locked room in an office building in Caracas, 20 humming computers use their data-crunching power to mine bitcoins, an increasingly popular tool in the fight against Venezuela’s hyperinflation.

In warehouses, offices and homes, miners are using modified computers to perform complex computations, essentially book-keeping for digital transactions worldwide, for which they earn a commission in bitcoins.

While practiced worldwide, Bitcoin mining is part of a growing, underground effort in Venezuela to escape the worst effects of a crippling economic and political crisis and runaway inflation that the IMF says could reach 720 percent this year.

Having no confidence in the bolivar and struggling to find dollars, many Venezuelans, who are neither computer geeks nor financial wizards, are relying on the bitcoin — currently valued around $6,050, or other virtual currencies.

Continue reading Venezuelans use bitcoin ‘mining’ to escape inflation

Advertisements

Venezuela Currency Disintegrates: Down 16% in 24 hours

Venezuela Currency Disintegrates: Down 16% Today

Venezuela’s currency, the bolivar, is disintegrating at an incredible pace under the country’s political and economic crisis that has left citizens broke, desperate and in many cases, homicidal. The depreciation accelerated this week, after a disputed vote electing an all-powerful “Constituent Assembly” filled with allies of President Nicolas Maduro, which the opposition and dozens of countries have called illegitimate.

Just two days ago, on August 2, we reported that one dollar would buy 14,100 bolivars, up from 11,280 the day before.

The next day, the bolivar slumped nearly 15 percent on the black market, to 17,000 to one US dollar. Today, it has crashed again, tumbling 16% to 20,142, and down almost 40% in just the past three days.

Related Video

The rise of the greenback: unstoppable?

Continue reading Venezuela Currency Disintegrates: Down 16% in 24 hours

Venezuela’s Currency Is So Devalued that Cops Are Demanding Bribes in Colombian Pesos

Venezuela’s Currency Is So Devalued that Cops Are Demanding Bribes in Colombian Pesos

[7/12/17  SABRINA MARTÍN]  The cataclysmic devaluation of the bolivar in Venezuela and the brutal repression in the South American country now go hand in hand; state security agencies are increasingly demanding bribes in relatively strong Colombian pesos to release unjustly detained protesters.

It is already public knowledge that the Bolivarian National Guard (GNB) and the Bolivarian National Police (PNB) take advantage of opposition protests to arrest innocent young people, torture them, and then request bribes of between USD $500 and USD $1,000 to free them; however, in border states they are also increasingly charging such payments in Colombian pesos.

Continue reading Venezuela’s Currency Is So Devalued that Cops Are Demanding Bribes in Colombian Pesos

Devonshire: True Inflation Is Three Times Higher Than Officially Reported

Have you wondered why everything is “so expensive”?  Have you wondered why DEBT is loosing value so quickly?  Have you wondered why DEBT is even considered having value?

The STATE OF CALIFORNIA VITAL RECORDS calls debt “valueless”!  As even though they say their Birth Certificates are “bank notes” printed on financial “security paper”, they still aren’t worth anything but debt…   So, California is saying that debt is worthless.  We concur.

Debt being valueless is the reason for the next article:


Devonshire: True Inflation Is Three Times Higher Than Officially Reported

Tyler Durden's picture

A fascinating, recent report by the Devonshire Research Group, whose recent work on Tesla was featured here one year ago, has moved beyond the micro and tackled on of the most controversial macroeconomic topic possible: what is the true rate of inflation. What it finds is that, like others before it most notably Shadowstats and Chapwood, the accepted definition of inflation, or CPI, is dramatically understated for various reasons, both political and economic.

Continue reading Devonshire: True Inflation Is Three Times Higher Than Officially Reported

Fears for Mexico’s economy grow as the peso nears the 20 to the Federal Reserve dollar

The “FEDERAL RESERVE NOTE”s are so “STRONG” that rather than be destroyed, the notes -via the Powers That Were- are destroying national OLD WORLD corporate/religious debt-currencies?

Where are these GESARA/NESARA resets?  Is total destruction of fiat currency necessary for the global currency reset?

Fears for Mexico’s economy grow as the peso nears the 20 to the dollar mark

The battered Mexican peso has tumbled to historic new lows in recent days, nearing a psychological barrier of 20 pesos to the U.S. dollar and causing anxiety on the streets, at businesses and in the halls of government.

Among other factors, many point to the recent rise in U.S. presidential polls of Donald Trump, the Republican nominee who has vowed to build a wall along the U.S.-Mexico border and has been widely accused here of Mexico-bashing.

“There is a very clear relation with the [U.S.] electoral process,” Mexican President Enrique Peña Nieto told Radio Formula last week, linking Trump’s improved standings in the polls to the peso’s doldrums.

Continue reading Fears for Mexico’s economy grow as the peso nears the 20 to the Federal Reserve dollar

Venezuela Hyperinflation Destroying Nation, Canary in Coal Mine for World

This Is The Maximum Amount Of Cash You Can Take Out At A Venezuela ATM

For those wondering, the fistful of cash is worth about $25.

The good news: those locals lucky enough to still have money in a Venezuela bank don’t need a wheelbarrow to carry it.

The bad news: those same locals soon will.

Things are so bad in Venezuela that they are requiring FINGER PRINTS to get food. Continue reading Venezuela Hyperinflation Destroying Nation, Canary in Coal Mine for World

China says “No Dollars” for New Gold-backed Yuan

 In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars.  The new Yuan will be introduced next Tuesday, April 19, 2016.

This can only be countered with ever-increasing banker propaganda through the banker bought-out media explaining just how great things in the UNITED STATES, INC might be.  Obama himself said, “Anyone claiming that America’s economy is in decline is peddling fiction.”  Meanwhile outside of the corrupt DC culture of YES-MEN cherry picking market data, the “hidden” recession continues to hit Americans hard.  Most of America is living in poverty conditions under the forced commercial legal code of a bankrupt and foreclosed slavery corporation with guns, who have intentionally abused their own legal system for their own gains and misrepresented themselves as a “legitimate” government rather than the “governmental services corporation” that they were.

Continue reading China says “No Dollars” for New Gold-backed Yuan