[Cryptography] BBC on crypto-currencies in Venezuela

[Arnold Reinhold]

The BBC is running an interesting story on crypto-currencies in Venezuela:

https://www.bbc.com/news/business-47553048

What ever else one might say about Bitcoin, it does seem to be performing a useful role there, with trading volumes in February of $8.76M per week. One interesting observation from the article is that usage went down when there was a widespread power failure. This suggest a narrow niche where society has broken down to the point where regular money is useless, but basic utilities such as power and Internet connectivity are still functioning. I wonder how Venezuelans are paying for these utilities. 

People who are fleeing intolerable conditions will try anything to get some money out. When my father left Nazi Germany in 1937, he was only allowed to take out a small amount of money (200 DM iirc) and two suitcases. To maximize the value of the stuff he could bring with him, he purchased a large supply of razorblades which he then used for many years after. 

Arnold Reinhold