[2019-01-25] Venezuela’s New Interim President is Anti-Petro and Pro-Bitcoin

timerland

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I think that it's pretty much impossible at this stage to say what exactly this interim is going to do in regards to bitcoin policy. But if the report is accurate and that he has indeed expressed disdain towards Petro, then it's definitely something positive to look out for.

The fact of the matter is that Maduro has been trying to make Petro sound like a nationalistic version of bitcoin, which it is really not. It is centralized, it's not a store of value, and it's completely impractical.

Though there are no guarantees. Even if he may be supportive of bitcoin doesn't mean that changes will be made to push bitcoin adoption and regulation to create an incentivized environment for bitcoin businesses or bitcoin acceptance, though that would be the logical thing to do given the state of Venezuela's own currency and economy.

Quote

Quite literally. Since its near impossible to purchase the actual coin (in its latest form, those who partook in the NEM version launch are just SOL), the government is issuing IOUs to people who want to buy petros... I'm starting to think the coin might not actually exist at all...

Yep. They say it's backed by oil, but it's really not since IIRC it's impractical to extract that oil from the ground. So essentially, it's no different to Bolivars, except the government also gets foreign funding from this.

Snaic

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Quote from: deisik on January 26, 2019, 08:24:25 PM

Quote from: gentlemand on January 25, 2019, 12:47:41 PM

This guy is going nowhere other than out the back of a plane in flight.

The Venezuelan army leadership have backed Maduro, though gawd knows why. That's the only opinion that truly matters. Unless the army changes its mind or splinters things will stay as they are

Things don't look exactly that way

Just yesterday I read in the news that his bodyguards consist of around 400 Russian mercenaries which arrived in a few groups on the eve of the riot. Why would he want to use mercenaries if the army were 100% loyal to him? Obviously, he doesn't trust his generals because they are going to betray him instantly as soon as they come to understand that Maduro doesn't stand a chance and his days are over

Remember that dude from Iraq?

Indeed, Maduro does not trust his army very much, since a few days ago there was an attempted coup by the military. In Venezuela, for the protection of Maduro, they came from the so-called Wagner’s Russian private army, whose tanks and other equipment had been beaten by Americans in Syria not so long ago and they showed shelling of their moving column on the Internet. However, this is a fairly efficient group, has already visited the war in the Donbas in Ukraine. Russia has previously assisted its specialists in the creation of El-Petro, and now they are protecting this cryptocurrency with Maduro with the help of their military.

deisik

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Quote from: gentlemand on January 25, 2019, 12:47:41 PM

This guy is going nowhere other than out the back of a plane in flight.

The Venezuelan army leadership have backed Maduro, though gawd knows why. That's the only opinion that truly matters. Unless the army changes its mind or splinters things will stay as they are

Things don't look exactly that way

Just yesterday I read in the news that his bodyguards consist of around 400 Russian mercenaries which arrived in a few groups on the eve of the riot. Why would he want to use mercenaries if the army were 100% loyal to him? Obviously, he doesn't trust his generals because they are going to betray him instantly as soon as they come to understand that Maduro doesn't stand a chance and his days are over

Remember that dude from Iraq?

nutildah

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Quote from: Slow death on January 25, 2019, 12:04:18 PM

https://bitcoinist.com/venezuela-guaido-president-bitcoin/

" To him, El Petro is just another way for Maduro to "scam his own people. "

Quite literally. Since its near impossible to purchase the actual coin (in its latest form, those who partook in the NEM version launch are just SOL), the government is issuing IOUs to people who want to buy petros... I'm starting to think the coin might not actually exist at all...

veleten

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Quote from: gentlemand on January 25, 2019, 12:47:41 PM

This guy is going nowhere other than out the back of a plane in flight.

The Venezuelan army leadership have backed Maduro, though gawd knows why. That's the only opinion that truly matters. Unless the army changes its mind or splinters things will stay as they are.

And the most surefire way imaginable to unite the country behind Maduro is for the US to make an aggressive attempt to get rid of him.

exactly my thoughts
I think the US have overthrown enough legitimate goverments to attempt this with Venezuela military style
but since both China and Russia expressed their support for Maduro
and with the defence minister being Maduro's close friend and ally, this puppet "interim president"
is nothing more than a puppet he is, but it is sad to see yet another country to slide into a possible civil war

gentlemand

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Welt Am Draht

This guy is going nowhere other than out the back of a plane in flight.

The Venezuelan army leadership have backed Maduro, though gawd knows why. That's the only opinion that truly matters. Unless the army changes its mind or splinters things will stay as they are.

And the most surefire way imaginable to unite the country behind Maduro is for the US to make an aggressive attempt to get rid of him.

matthewio

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bitcoin is great

Having a state owned cryptocurrency such as the Petro does not really solve the hyper inflation because basically, there is very little that will stop the government from running it same way as traditional banks create fiats.Bitcoin is always a good choice- as a supplement however

Slow death

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Quote from: Jgilpulg on January 25, 2019, 07:21:24 AM

Because of the severe economic crisis afflicting Venezuela for several years, Bitcoin has been used as a safe-haven asset, allowing many Venezuelans to escape hyperinflation.

https://bitcoinist.com/venezuela-guaido-president-bitcoin/

" To him, El Petro is just another way for Maduro to "scam his own people. "

he was right in his words. If Venezuelans want to thrive and be free, then they must remove Maduro and create a true democracy where people can have access to health, education, employment and freedom of expression. The new government could also create laws favorable for the people of venezuela to buy bitcoin easily and legally

Quote from: hatshepsut93 on January 25, 2019, 10:37:58 AM

because Maduro still controls everything.

that's why I'm of the opinion that they should only celebrate when they remove Maduro and their group

Tylev

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Quote from: hatshepsut93 on January 25, 2019, 10:37:58 AM

Quote from: Kemarit on January 25, 2019, 10:18:51 AM

Well it's a welcoming news if indeed the new Interim President is Pro-Bitcoin. But I guess its not that important though, he really needs a lot of help to contained the worsening crisis in his country.

Yep, it's not very important, because the guy is only Interim President, and he actually doesn't have any power, because Maduro still controls everything. Even in best case scenario when Maduro is ousted, there would still be an election and it's unknown what candidates would participate and who would win. But still it's a good thing that there are pro-Bitcoin and anti-govcoin politicians in this world.

And why is Maduro silent and inactive now, if he strangled a military coup attempt on the eve and several dozen military men were arrested? In my opinion, Maduro will not simply give up his power. If Guaydo entrenches in power, then El-Petro will come to an end. The National Assembly of Venezuela has already outlawed this coin. Pensioners are probably satisfied with the change of power. Maduro after all ordered to pay them pensions forcibly only in El Petro.

hatshepsut93

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Quote from: Kemarit on January 25, 2019, 10:18:51 AM

Well it's a welcoming news if indeed the new Interim President is Pro-Bitcoin. But I guess its not that important though, he really needs a lot of help to contained the worsening crisis in his country.

Yep, it's not very important, because the guy is only Interim President, and he actually doesn't have any power, because Maduro still controls everything. Even in best case scenario when Maduro is ousted, there would still be an election and it's unknown what candidates would participate and who would win. But still it's a good thing that there are pro-Bitcoin and anti-govcoin politicians in this world.

Kemarit

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Well it's a welcoming news if indeed the new Interim President is Pro-Bitcoin. But I guess its not that important though, he really needs a lot of help to contained the worsening crisis in his country. Will Venezuelan's continue to invest on Bitcoin? We don't know. At least Venezuelan's have something to cheer about because they have been clamoring for changes for quite some time now so let's see how everything turns out for them. One thing is for sure, Bitcoin has proven that it can be an hedge, like what we have seen in this case.

Jgilpulg

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Because of the severe economic crisis afflicting Venezuela for several years, Bitcoin has been used as a safe-haven asset, allowing many Venezuelans to escape hyperinflation.

https://bitcoinist.com/venezuela-guaido-president-bitcoin/

Topic: [2019-01-25] Venezuela’s New Interim President is Anti-Petro and Pro-Bitcoin (Read 212 times)