Bitcoin World #6 - What Happened in Venezuela with Stephan Livera & Peter McCormack - WBD199
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 3 March 2020
⏱️ 100 minutes
🧾️ Download transcript
Summary
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.
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Transcript
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| 0:00.0 | Welcome to the What Bitcoin did podcast. |
| 0:05.0 | Hello there from Istanbul in Turkey. |
| 0:08.6 | How are you all? |
| 0:09.6 | Welcome to the What Bitcoin did podcast, |
| 0:11.2 | which brought to you by The Mighty Kraken, the best place to buy, sell |
| 0:14.5 | and trade Bitcoin and today the show is going to be slightly different. My buddy Stefan Naverra |
| 0:19.2 | from the very cool Stefan Naverra podcast is taken over as host and he's going to be asking me about my |
| 0:24.4 | experience in Venezuela and the reality of Bitcoin adoption in the once richest |
| 0:28.8 | country in South America. But before that let's get a message from all my amazing sponsors. |
| 0:34.0 | So firstly it's a new month and I've got a new sponsor. |
| 0:37.0 | Sat Street and I met these over in Uruguay in December. |
| 0:40.0 | Now Sat Street is the easiest way to send Bitcoin to everyone you know. |
| 0:44.0 | With Sat Street you can gift Bitcoin to your friends and family by email and you can send as little as one at Sat |
| 0:49.3 | for free. |
| 0:50.3 | Not only that, Sat Street gives you many ways to earn Bitcoin by bringing together all the top referral programs in the industry into one place. |
| 0:57.4 | Sats Street will also reward you for every person you invite that earns Bitcoin. |
| 1:02.4 | Newcomers get to learn about Bitcoin and earn |
| 1:04.8 | Sats at the same time and you get rewarded for helping grow the network which is |
| 1:08.4 | pretty cool right? So if you want to earn Bitcoin while helping Bitcoin grow |
| 1:12.0 | make sure you check out Sat Street today by visiting sat street.com, which is S-A-T-S-R-E-E-T-E-T-T-C-E-T.com. |
| 1:20.3 | And also with tax season upon us, Have you checked out Coin Tracker yet? |
| 1:24.0 | I've mentioned in a couple of the previous shows that this as a sponsor is triggered a few people. |
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