Venezuela gets into the crypto currency...petro-style
DrBuster
Posts: 5,409 ✭✭✭✭✭
Crisis-ridden Venezuela is launching an oil-backed cryptocurrency Tuesday that it hopes will help circumvent U.S. financial sanctions and resurrect the country’s moribund economy.
The pre-sale of the “petro,” which will represent a barrel of crude from a specific division in the country’s Orinoco oil belt, started Tuesday morning. Investors were offered $60 “tokens” at discounted rates that they can exchange for petros during what is being dubbed an “initial coin offering,” or ICO, in March.
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why not back their regular currency?
With the criminals in charge, why would anyone invest in a country they have already destroyed...Why not just walk down the street and hand out your money to people as you pass... Cheers, RickO
Sounds slippery.
I would never trust any currency from that country.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Who backs bitcoin?
Knowledge is the enemy of fear
+1
the point still is, if Venezuela wants to back a currency, why create a digital currency that may or may not be accepted. also there is the bad optics of resorting to the currency hype of the day.
and that is another good point.
the Venezuelan government has seized and shifted control such that they coyuld easily declare they changed their mind on the currency and stop backing it.
perhaps they could simply sell in ground reserves for us dollars and cut out the digital currency middle man.
but they won't do that. they want the digital currency price appreciation they've witnessed in other cryptos. hype of the day. it smacks of desperation.
This is the desperation of a failed government/economy.... socialism is the choice of greedy tyrants.... and the system of choice for the ignorant and lazy. Cheers, RickO
What sane person or company would buy their in-ground oil reserves? Once they cash your check they would just find some excuse to confiscate it......again.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I spotted the Fox News watcher!
@Pokermandude .... No, just an educated, informed individual. ""The goal of socialism is communism." - Vladimir Lenin. Lenin was honest about it... and a study of history proves that socialism fails... sometimes very quickly as in Venezuela. Cheers, RickO
I just spotted the CNN and MSNBC watcher.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Because Venezuela cannot back a currency, but is hoping its oil can. They are coming to grips with their impotence.
Knowledge is the enemy of fear