Raventech
Topic Author
Posts: 162
Joined: Thu Aug 30, 2012 10:25 pm

Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 6:52 am

Here's a good one...

http://www.businessinsider.com/venezuel ... ro-2017-12

Long Story short he wants to create a crypto-currency called "petro" backed by oil to get around US sanctions, and its left me with some questions
1) If its backed by oil and other precious valuables, why not just make it a regular currency because crypto-currencies value is the fact that you can't get more just because you want it, it's naturally self limiting.
2) Whats stops the US from placing the same restrictions on "petro" since he just admitted that its a Venezuelan currency.
3) How are they going to convince people to use it given point 2 and wouldn't holding any "petro" currency practically invite an investigation of the company.
We can probably keep thinking holes all night

it just leaves me thinking
Image

The only semi-logical explanation of this is they said do this, call it a crypto-currency, and the stupid Americans won't catch on.
 
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einsteinboricua
Posts: 5927
Joined: Thu Apr 15, 2010 4:11 pm

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 12:05 pm

No one ever said that a bus driver would make a good president.
"You haven't seen a tree until you've seen its shadow from the sky."
 
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readytotaxi
Posts: 4752
Joined: Mon Dec 11, 2006 2:09 am

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 12:57 pm

Just re-arranging the deckchairs on the Titanic folks.
you don't get a second chance to make a first impression!
 
Flighty
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Joined: Thu Apr 05, 2007 3:07 am

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 1:33 pm

Under our previous president, record amounts of money were spent by the government. And Americans' living standards went down. Venezuela is the ultimate expression of the philosophy that government is good, and business is evil.
 
tommy1808
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Joined: Thu Nov 21, 2013 3:24 pm

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 1:38 pm

Flighty wrote:
Venezuela is the ultimate expression of the philosophy that government is good, and business is evil.


na, it is the ultimate expression of corrupt government in business. Like those business people that bought the tax cuts, and those GOP members that didn´t shy admitting that they are "giving" the American people the law because otherwise those corrupt business men would stop bribing them.

Venezuela is in DC and it doesn´t even bother hiding.

best regards
Thomas
NIKV69 wrote:
The race is over. Moore has over 50% of the vote with just about half the votes in. Jones can't overcome that. McConnell has 10am meeting tomorrow so they can get this guy removed. At least the seat stays Republican. That is the important thing.
:D
 
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Aesma
Posts: 9398
Joined: Sat Nov 14, 2009 6:14 am

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 3:03 pm

Not all crypto-currencies have a limited supply, several are unlimited.

The problem here is mainly that it's a crypto currency controlled by a government, when cryptos are here precisely to avoid such control.
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
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Dutchy
Posts: 4053
Joined: Sat Nov 03, 2007 1:25 am

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 6:06 pm

They already have a currency to play with, why create another one?
Many happy landings, greetings from The Netherlands!
 
luckyone
Posts: 2398
Joined: Thu Aug 21, 2008 1:50 pm

Re: Venezuela to Create Crypto-Currency

Mon Dec 04, 2017 6:30 pm

Dutchy wrote:
They already have a currency to play with, why create another one?

Beyond a few obvious things that result in currency fluctuations, I am by no means well-versed in numismatics. Having said that, I ask is it possible that a cryptocurrency could, in theory, be an attempt by the Venezuelan government to stave off further devaluations by strictly controlling who has said cryptocurrency (ie. them)?

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