So, I understand my fellow venezuelans are in NYC, and they're using a new opensource exchange software that seems to be written in Python and still in its infancy called BlinkTrade (just 5 committers, written in Python)
Hopefully with the low transactional volumes they have they won't have to start the rewrite anytime soon. Writing a true exchange requires in my opinion technology that allows for low latency transactions (Java/C++/specialized hardware to process a large amount of orders per second reliably, and that's just the tech side)
So let's suppose they get the capital to have the tech side solved, this part is doable, and I hope they can do it, for Venezuelans actually need this. The huge problem I see, and why I didn't even think of starting an exchange in Venezuela is the part of where you hold the Venezuelan FIAT.
The Venezuelan government is extremely controlling of anything related to money supply. I think in a way they'll both hurt and help Bitcoin in Venezuela by trying to open an exchange.
Once the exchange starts working and people starts depositing money into this centralized piece (which in my opinion goes against what Bitcoin stands for, and all centralized exchanges eventually will dissapear as they are the major source of the fucking volatility due to short term vision speculators), it just takes a TV appearance of the president ordering these "Imperialist Fascists who are trying to wage war on the Bolivarian Currency to have their bank accounts and all assets frozen effective immediatly"
and that's it.
But then what, now everybody knows about Bitcoin, and then there will be a "debate" on the 99% Pro Government and Corrupt Assembly to either ban bitcoin, or rule it as a currency under the same exchange laws applied to the US dollar, Euro, etc.
What that will do, will be to create awareness for Bitcoin, and then things will take the natural course I've predicted for Venezuelan Bitcoin adoption, Decentralized Adoption:
Given Venezuela's irreversible inflation tendencies, caused precisely because of their own currency exchange policies, a modest amount of Bitcoin liquidity (will turn into the Orinoco river) that will come to the country via:
- Creative Remote Labor paid for directly in Bitcoin (Designers, Programmers, Lawyers, Writers)
- People traveling to countries with Bitcoin ATMS (We'll have some waiting for you in Miami/Doral very soon guys)
- Venezuelans with existing USD accounts opening accounts in Coinbase, Circle, and existing USD/Bitcoin exchanges.
...will make Bitcoin attractive enough as a momentary store of value, DAY TO DAY TRADE, and an excellent option for capital flight in Venezuela.
So, if they don't succeed, I truly hope they stir the shit out of the media for months to come, and that in itself will be a success and we should applaud them for having the balls to even try this, as I believe they're not just at huge risk of entreprenurial failure (and I hope they pivot, or adapt and evolve), but they're putting probably their family members in Venezuela at risk by doing this.
(Spanish) An in depth reflection of how Bitcoin will be adopted in Latin America