According to
this article, the Senate Bill 1025 will provide the blueprint on how to ban a cryptocurrency, and some think the ban will come all the way to bitcoin!
And now we have an interesting revelation....
The petro was supposed to be the savior of the Venezuelan resistance against the evil US by allowing them to avoid sanctions.
So, if the US can still sanction anyone that deals with the Venezuelan Petro, aren't we back at square one?
I lost count of how many times I have told people here that just by inventing a new way of payment won't matter, it's the outcome of dealing with Venezuela that others try to avoid, it's not like the US has gunships all around the country and shoots everyone with a suitcase of $.
But banning Petro may open the way for banning other cryptocurrencies, eventually, or maybe even first, making its way to bitcoin.
Trump banning bitcoin..common, let's be serious. He has no reason why, nothing to gain from and I'm 99% sure he doesn't really have a clue how it works.
His actions against the petro are only because the moron in Caracas managed to draw all attention on it and labeled it as the 128121721th dollar killer.
Maduro blames everything on "US Imperialism", but its actually 95% his own fault and of his close associates. Regardless of that, of course any decent crypto can help "evade sanctions", same is true for any country, but you don't need to make your very own altcoin for that. Bitcoin works perfectly fine.
Back in 2014, Maduro ran out of money and he simply ordered "printing", not unlike Mugabe did in Zimbabwe, with the very same results. Simple reason is they made a budget for oil prices around 100 USD per barrel, but oil went down, and rather than reduce expenses, he blame it on "US aggression" (free market), and "capitalism threatening socialism" because reduce expenses for socialism = less social programs, and that is clearly capitalism fault...
There is something inside the head of the so called "socialists", which is simply too hard to explain here. Their minds are broken, or at the very least, they make others believe so. it is very simple: its unsustainable. Besides corruption in this country is one of the highest in the world, so most is lost anyway and they do nothing but blame "US sanctions" on everything, because their own people stealing is something only a traitor would even think about (although that's the truth).
The altcoin, like most ICOs, raised a good amount of money, but this money is all gone. Petro ended being a State ICO scam. And yes, they are still happy to take your money, if you use fiat you have to spend like 1k $/€ or so, or abound 100$/€ equivalent if using Bitcoin or a few other altcoins. Petro is the most centralized altcoin there is, worse than ripple. There is only one online wallet, and a mobile "app" that simply is an UI to the same server. Everything is hidden, in-spite their own law that states any State software development must be source code published. It is known they used Dash code, there is no software available for people to run nodes or wallets of their own. This is the third revision, earlier they made Petro using a NEM token, and even earlier using ETH tokens, each time replacing the development team (and even the original Petro proponents).
Petro is, without any Trump "aid", one the most dangerous altcoins, not as in evading "US sanctions" (who cares), but as in people losing their money.
This year Maduro gave Putin a lot of gold from the country's reserves, as payment for different debts (mostly weapons related). This is a gold that had been the reserves for decades, and was brought from US and Europe at great expense by Chávez when he was still alive. This transaction was done physically, they sent a "military" (passenger) plane for that, they took ingots in it. But they wouldn't take Petro's, cause Putin isn't stupid...
The country is now almost reserve-less, money is printed like there is no tomorrow, and its oil production that used to be 3 million barrel/day a decade or two ago, is under 1 million now (which is why losing didn't Citgo didn't matter at this point anyway). Under Maduro's rule, everything has gone broken. But of course, THEY have the guns, not the people, and when there were protests a couple of years ago, they were sure to use said guns against protesters. But you didn't see the local "socialists" defending those like they do with, say, Hong Kong. Doesn't matter, after hundreds of deaths people gave up and emigrated en-masse to whatever country would accept them, near and sometimes not so near...
Guesstimates of emigration is from 3 million to 6 million in the past few years, meaning from 10% to 20% the population. Not only people cannot protest against the inept gov, the inept gov made sure healthcare, education and justice don't work, even basic administrative things like getting a passport became impossible (which is why so many immigrants have turned illegal).
Socialism indeed...
And Trump, what an useless liar, full of empty threats. His ridiculous sanctions against a few people of the regime did nothing to end it, and the regime use it as their everyday scapegoat for hide their own wrongdoings. Just like, i don't know, the failed half century policy against Cuba. Do Americans ever learn?
