Venezuela moves to issues "petro" crypto - page 4.

slyfox

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Quote from: CryptoKyddie on December 03, 2017, 09:39:09 PM

http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

They are doing this in order to avoid taking responsibility by the devaluation of their fiat, they could back their fiat with gold and all that other stuff like oil and call it a day, but since that will mean admitting their mistakes they are creating a crypto for it, but at the end is not going to work since they are going to keep printing more of it until they print it to oblivion.

maxj57634

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I dont think that is a good choice to make by the government of Venezuela considering the fact that crypto currencies are volatile compared to fiat, if they are doing this for their economy then i think they have enough knowledge at hand thats why they are going to crypto.

digaran

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🖤😏

Quote from: fabri_ag28 on December 03, 2017, 10:57:00 PM

Anything coming from those guys is going to be good, they just bought bitcoin to laundry some money years ago, got a really great return and are now talking about crypto. That currency won't be supported by anything because most of the country's oil is in debt to Russia and China. Would be interesting to see how the market reacts about it if they go through with it.

I'm from Venezuela, i despise every person in the goverment, anything coming from them is pure cancer, but maybe what the market would see is "The first crypto country" or "The first cryptocurrencie fully backed by a goverment" and make it go to the moon really fast.

Looking forward to read the point of view of the crypto experts of this forum about this topic.

Is it a good thing coming from those guys or you just hate every body in your government and whatever they do is a cancer? I might use your tactics on a girl if I could ever find one to jump, first I will go soft on her and then I will get rough, wild lol.
Petro crypto could be like the next big thing after my activity tokens though, if it's something like Ripple, no future for petro, if it's a decentralized crypto, I'll invest to become some body like Satoshi after 10 years.

kapipindot

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This maybe the solution for the failing economy of Venezuela. They wanted to get out of USA's chronosphere. Decentralization is the way to go but I had my doubt on this but i wish Venezuela the best of luck.

fabri_ag28

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Anything coming from those guys is going to be good, they just bought bitcoin to laundry some money years ago, got a really great return and are now talking about crypto. That currency won't be supported by anything because most of the country's oil is in debt to Russia and China. Would be interesting to see how the market reacts about it if they go through with it.

I'm from Venezuela, i despise every person in the goverment, anything coming from them is pure cancer, but maybe what the market would see is "The first crypto country" or "The first cryptocurrencie fully backed by a goverment" and make it go to the moon really fast.

Looking forward to read the point of view of the crypto experts of this forum about this topic.

CryptoKyddie

member

Activity: 182

Merit: 15

Yeah, but knowing Venezuela, I dont imagine the Petro dollar will be backed by anything at all. Just words and froth. Cant wait to see what happens

ivrynx

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This move will certainly help them, however in the past, those who tried to go against the petrodollar always gets into war, for no reason, i am no conspiracy theorist, but they do have a point, in this case, i hope it will be different, since we are now living in an advance age, we might see positive results this time, and if they become successful, i think most countries would follow, thus giving more value to bitcoin, however there is a catch, the price of bitcoin is volatile, there might be times that they will need more cryptocurrency or enough casg, just to compensate how much will be lacking.

bitcoinbox

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So far so good

Considering the very high volatility of crypto, I'm not sure that this is a good decision.
In my opinion, the risk is very high, especially for the poorest people.

CryptoKyddie

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http://www.bbc.com/news/world-latin-america-42217798

BBC reports Venezuela is moving to Petro coin to fix economy. Will this help? Will it hinder things? Will it bring negative light to crypto? First country to go totally crypto?

Personally, I see more inflation and Petro failing terribly.

Topic: Venezuela moves to issues "petro" crypto - page 4. (Read 1715 times)