In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche
The greatest danger from Venezuela is a refugee crisis provoked by hunger. Frighteningly, the Brookings Institution predicts up to eight million refugees could feel Venezuela, The Miami Herald reports.
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Therefore, the greatest opportunities for cryptocurrency in North America are central bank issued crypto coins, and altcoins linked directly to fiat currencies.
Not surprisingly, American companies are behind stablecoins (fiat-backed altcoins) like Tether (USDT) and the Dai (DAI). Individuals could use stablecoins as a savings or as a hedge against inflation. An obvious use for stablecoins is transmitting money to and from other countries.
Other opportunities include protocols that quickly convert cryptocurrency into fiat currency. Notably, the most promising of these is Uphold.
To explain, Uphold is an application programming interface (API) that enables fast conversion of currencies. Uphold currently converts major cryptocurrencies like the Swiss Franc and the US Dollar.
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The mining tax is potentially revolutionary because it gives governments a means of profiting from cryptocurrency. Nations with cheap electricity can levy such a tax on mining operations, or pools. Then deposit the proceeds in a wealth fund or the national treasury. Value investors should consider buying national and taxable cryptocurrencies – because they have a lot of potential for growth.
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One of the strangest paradoxes of hyperinflation is that it often leads to serious shortages of cash. When hyperinflation hits, people need vast amounts of cash to buy groceries or pay bills which the central bank has to provide.
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Given the problems created by cyberwarfare we need to think carefully about cryptocurrency warfare. Its advent might give outsiders or foreign governments the ability to totally disrupt an economy or a nation at the touch of a button.
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Venezuela is now facing one of the weirdest effects of hyperinflation – a serious shortage of cash.
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This could be a major game changer because it could allow people to send untraceable bitcoin payments at the touch of a button. If it works as advertised; StartChat would enable a person in a nation with strict financial controls; such as China or Argentina, to move all of her money out of the country with a smartphone.
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Hopefully, we will not end up being nostalgic for the good old days when Vladimir Putin at least maintained an illusion of order in Russia. Cheap oil could soon bring him down and cause the Russian Federation to collapse in the process.
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