Topic: [2017-12-04]venezuela to launch it own cryptocurrency ''petro'' backed by gold,o (Read 3469 times)
December 05, 2017, 11:10:42 AM
Who believes the currency of Venezuela? This is ridiculous. Where do they get the gold? Oil is now at a low level so she can't be a guarantor of the stability of the currency. I don't know how many diamonds in Venezuela but I see that they did not help the inhabitants of Venezuela have a decent life.
December 05, 2017, 07:03:09 AM
who will need such a crypto currency? and how does the bolivar differ from petro? Why not use bitcoin? It is constantly growing and will increase the country's budget in a few years, it will already be a huge sum. They are so not all very well in the country with an economy
December 05, 2017, 05:02:36 AM
Stupid idea. First of all, they need to get rid of the idea of communism and universal equality. The introduction of its cryptocurrency will not change the situation.
I am wishing Venezuela all the best and if it is possible that introducing their own version of a cryptocurrency can help shore up their ailing and damned economy so be it. However, judging on the many problems of the country's economy, it is worthless to be having a coin issued by the state or the failing government. Where will the confidence and trust be coming from? We have to remember that this PETRO is actually the digitized version of their fiat money whether they admit or not. It would be interesting then to watch this coin and how the market would be reacting to it. Once its failure can be established it would be serving a big lesson to all of how jumping into something without first thinking many times over can be the worst decision the country's leaders can make.
December 05, 2017, 04:13:57 AM
So far many governments issued statements that they are going to create their own "national cryptocurrency", but none of them gave any info about technical details of their projects, so it's time for some speculation!
There's option A - they will release a cryptocurrency on some existing protocol, or create their own but very similar protocol with the same properties - decentralization and openness. Then they will support their cryptocurrency by encouraging its use in their country and stabilizing its price on exchanges.
There's also option B - they create some centralized abomination, with a couple of big data centers as full nodes, mining owned by the governments (no PoW or PoS, they can just add new blocks as they please), they would also manage private keys to "protect users from accidentally losing them" - so essentially it's a centralized payment system like Visa or PayPal.
There's also some middle ground between A and B - some governments might choose to centralize only some aspects, or install secret backdoors, to make it more appealing to users who understand what crypto's are all about.
There's option A - they will release a cryptocurrency on some existing protocol, or create their own but very similar protocol with the same properties - decentralization and openness. Then they will support their cryptocurrency by encouraging its use in their country and stabilizing its price on exchanges.
There's also option B - they create some centralized abomination, with a couple of big data centers as full nodes, mining owned by the governments (no PoW or PoS, they can just add new blocks as they please), they would also manage private keys to "protect users from accidentally losing them" - so essentially it's a centralized payment system like Visa or PayPal.
There's also some middle ground between A and B - some governments might choose to centralize only some aspects, or install secret backdoors, to make it more appealing to users who understand what crypto's are all about.
December 04, 2017, 01:39:50 PM
Providing a national currency with gold and oil, this is something original. This is a peculiar combination of cryptovata and ordinary fiat money. I think, no matter how much the president of Venezuela is criticized, such an experiment must be supported and watched closely. We need similar experiments to choose the best model for the functioning of the crypto currency.
December 04, 2017, 10:10:38 AM
Terrible decision that will end badly.
They can't take care of their own fiat currency that they can print at will.
How will they be able to take care of a deflationary public cryptocurrency?
They can't take care of their own fiat currency that they can print at will.
How will they be able to take care of a deflationary public cryptocurrency?
December 04, 2017, 02:45:12 AM
Why on earth would anybody trust a country whose government has made a mess of the monetary and fiscal policies, and run the economy into the ground? If people dont trust the Venezuelan Bolivar, then there is no reason to trust this cryptocurrency petro.
December 04, 2017, 02:23:02 AM
Stupid idea. First of all, they need to get rid of the idea of communism and universal equality. The introduction of its cryptocurrency will not change the situation.
December 03, 2017, 11:50:41 PM
Oh man I bet it will be epic terrible!!!
Do you think it will have built in redistribution of wealth, economy seizing features, and massive taxes?
Do you think it will have built in redistribution of wealth, economy seizing features, and massive taxes?
December 03, 2017, 11:41:46 PM
venezuela to launch it own cryptocurrency ''petro'' backed by gold,oil and diamond
In order to circumvent U.S financial sanctions on the country,Venezuelan President Nicolas Maduro looked to the world of digital currency announcing on Sunday the launch of its state own cryptocurrency called "petro" that will be backed by oil reserves to shore up a collapsed economy.
The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that "the 21st century has arrived!"
Read More: https://bitzamp.com/venezuela-to-launch-it-own-cryptocurrency/
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