Hacker News Reader

The charts are using volume of transactions in Bolivar. The bolivar is being devaluated at a crazy rate, for sure the bitcoin transaction volume value IN BOLIVAR would be skyrocketing as well. This should look at the equivalent in USD or just pure number of transactions.

View on HN

Yeah, this seems pretty dodgy when they're showing just pure bolivar expenditure. I think cryptocurrency could probably be a good deal for Venezuelans right now, too. It avoids being subject to poor economic decisions by their government while still also avoiding being at the mercy of an economic hegemon. The more likely case though is that they're probably primarily using USD, along with other regional currencies, far more than cryptocurrency. They're a lot easier to use, too, than cryptocurrency.

Here is the correct answer ^^^^^

If there are 100,000 transactions for 500,000,000 BOLIVAR ($1 USD on June 8th), and 100,000 transactions for 1,000,000,000 BOLIVAR ($1 USD on June 9th), then demand is unchanged, and the Bolivar is losing value.

NOTE: I used a random number for Bolivar exchange rate. That's not the real exchange rate.

Reply on news.ycombinator.com