[2018-02-22] Venezuela aims for crypto alchemy with new 'petro gold' token

okae

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northern exposure

Quote from: InvoKing on February 22, 2018, 11:54:22 AM

...Maduro is hoping cryptocurrencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy...

Sure sure this is why he created this coin...is there someone who still thinking that's his reason to create it?, this guy is just searching the way to bring more money to his cause, thats all and he look at crypto like a nice way to do it, while it is not, i hope that i'm wrong, but venezuelan citizens will suffer it in a near future...

InvoKing

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Quote from: DooMAD on February 22, 2018, 06:54:54 PM

-snip-
Team America: World Police
silly sanctions
two dictatorships[/size]

Well that is a good summary of the situation tho Wink

I do not recommend also buying it for non resident persons at least due to the high risks, i can imagine people will be jailed in some democratic countries if they will be caught trading this token. I expect also that it will not be put in any exchanges outside of Venezuela...

DooMAD

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Leave no FUD unchallenged

Venezuela's National Assembly already voted the first 'petro' unconstitutional and illegal, so I can't imagine them reacting to this new one any differently. The only reason Maduro can get away with it is that the executive branch have effectively voided parliament's actions and created a dictatorship. I'm not sure that I'm entirely comfortable with crypto being used to prop up dictatorships like this. But I would still have to defend their right to do it, as permissionlessness is one of the fundamental principles of all this. I certainly don't have to buy any, though, and obviously wouldn't recommend anyone else does either.

But I do take a small amount of consolation from the fact they're sticking it to Team America: World Police and their silly sanctions - the slightly worse of the two dictatorships.

InvoKing

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Well, this start to look like a similar thing that we experienced over here lol.
Next few months, i think we will see petro diamond, petro cash, petro pro, petro water, petro O2...
They should wait to see and evaluate the benefits of the first token first but launching a new token could be read as a negative message because simply they are afraid from negative results...

InvoKing

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CARACAS (Reuters) - Venezuela is preparing a new cryptocurrency called “petro gold” that will be backed by precious metals, President Nicolas Maduro said on Wednesday, a day after launching an oil-backed token that has been panned as a pipe dream by blockchain experts.
Maduro is hoping cryptocurrencies will help Venezuela skirt U.S. financial sanctions as it struggles under hyperinflation and a collapsing socialist economy...

Source : https://www.reuters.com/article/uk-crypto-currencies-venezuela/venezuela-aims-for-crypto-alchemy-with-new-petro-gold-token-idUSKCN1G52S2

Topic: [2018-02-22] Venezuela aims for crypto alchemy with new 'petro gold' token (Read 113 times)