Bitcoin World #6 - What Happened in Venezuela with Stephan Livera & Peter McCormack

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“I was wrong about Bitcoin in Venezuela. The name of the game is survival, get me Bolivars and Dollars and let me eat. I don’t fucking need Bitcoin right now.”
— Peter McCormack

SHOW DESCRIPTION

Location: Skype
Date: Thursday 27th Feb
Project: What Bitcoin Did & Defiance
Role: Host

Venezuela is in the midst of a political crisis. For 20 years the country has been governed by the socialist party, led by Hugo Chavez from 1999 until his death in 2013. Following his death, Nicolás Maduro, his preferred successor, took control of the country following a much-disputed election.

Under Manduro, the economy and local currency have collapsed, with extreme hyperinflation reaching unprecedented levels. The inflation rate reached 69% in 2014, and by 2018 grew to an astonishing 1,698,488%, leading to significant growth in poverty, hunger and mass migration, with millions leaving the country to find work, food and medical supplies. 

With the collapse of the Bolivar, many Bitcoiners, including myself, asked whether Bitcoin could help. Could Bitcoin reduce the impact of hyperinflation? Could locals mine Bitcoin at low energy costs to earn an income? I visited Venezuela to find the answers to some of these questions and asked fellow podcaster Stephan Livera to interview me about my experience. We discuss the realities of life in Venezuela and the myths and truths of Bitcoin adoption.

TIMESTAMPS

00:06:26: Introductions
00:06:58: Why go to Venezuela?
00:08:47: Pre-travel thoughts and research
00:13:36: Travel to Venezuela
00:16:49: Cúcuta
00:21:47: NGOs in the area
00:24:02: Smuggling across the border
00:31:43: Bitcoin in Venezuela
00:36:07: Current status of Bitcoin usage
00:42:14: Various currencies in Venezuela
00:43:55: Import restrictions
00:49:59: Caracas
00:56:28: Citizens’ views on Maduro and Guaidó
01:03:26: Slums in Caracas
01:09:24: Can Bitcoin help Venezuelan people?
01:13:43: Dash
01:17:32: Lightning
01:20:28: Education of technology
01:21:27: Objectively looking at Venezuela
01:27:23: Bitcoin around the world
01:31:10: Hyperbitcoinization
01:33:18: Final comments

 

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SHOW NOTES

PodcastPeter McCormack