moopy Posted August 16, 2017 Report Share Posted August 16, 2017 So I've been seeing a lot about how Venezuelans are mining Bitcoin/Ethereum to supplement their income. Now, mining Bitcoin isn't very profitable at a small scale due to electricity costs... which Venezuleans seem to not have to worry about (essentially)... but due to the difficulty of mining the larger cryptocurrencies I was thinking surely it would be more profitable for them to mine an altcoin? Especially since they are mostly using GPUs to mine, cos they don't exactly have the startup capital for a bunch of ASICs. The government is cracking down on their mining efforts currently, but they are continuing to mine... just stealthily. (i.e. no major warehouse setups I would imagine) I have a feeling that Denarius is a perfect fit here (please correct me if I'm wrong) since it is A) ASIC resistant B) CPU mineable C) You can stake your coins to gain further coins. I know a problem would be if a bunch of people start mining it to dump it for cash could negativley impact the price, but I think DNR is capable of replacing the Venezulean Bolivar as a day to day spending alternative. It has it's super-fast transaction times, stealth addresses (hide from the government) and doesn't have to be denominated into 8 decimals... yet The state of Venezuela is in a dangerous place, they are approaching 1600% inflation of their currency... giving them a crypto alternative to use (that just so happens to sound like "Dinero") could quite literally liberate them, no? If they are mining it to use as currency, rather than mining it to turn into another currency, the value will only increase surely? This is just a shower thought, so let me know if I'm wrong or if I'm delusional... I'm open to the discussion But if you never plant seeds you'll never get trees. Â Quote Link to comment Share on other sites More sharing options...
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