My Bitcoin power fantasy about Venezuela

247 Bitcoin

Bitcoin News Search

1 News - 247 News - 247 Bitcoin - 1 Search


So apparently Venezuela is chewing through its last $10 billion and international bankers are supposedly circling like vultures ready to swoop in and make a lucrative deal once funds run out. Obviously in return for a profitable loan they will demand everything that isn't nailed down as collateral.

Bear with me: I thought maybe the btc community could organize a group loan and see if a sizable sum of BTC could be collected to be loaned to Venezuela instead of bankers money. Obviously it wouldn't amount to much at current prices, even $1B worth would be a lot. BUT here's the thing: our loan would have only one stipulation – make Bitcoin the national currency. Suddenly the loan would be worth much more not to mention our hodlings.

The infrastructure and throughput of bitcoin services is probably not nearly there yet to be able to handle being a national currency of any nation, not to mention we would have to activate segwit (and it and LN would have to work) plus volatility and all the other stuff I didn't think about.

But still enjoyed thinking about this power fantasy, hope you enjoyed reading it. Yes I know it's stupid. Yes I know there are probably a million things that I didn't consider that I either didn't know about or didn't think about.

The post that inspired me: https://np.reddit.com/r/worldnews/comments/5wzbdf/venezuela_is_down_to_its_last_10_billion/

tl;dr loan btc to keep vz afloat in return for making btc natl currency

submitted by /u/tzimisce
[link] [comments]

247 Bitcoin

Bitcoin News Search

1 News - 247 News - 247 Bitcoin - 1 Search


Leave a Reply