Posted on 12/03/2017 4:08:56 PM PST by mdittmar
CARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” 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!”
(Excerpt) Read more at reuters.com ...
Here's an old song I like.
All your links are to You Tube tunes. You have no link to the actual article.
Why not tie it to the Venezuelan bolivar? /s
Isn’t crypto currency capitalism?
Maduro and his regime won’t be able to create a blockchain technology to compete with Bitcoin.
Imho.
5.56mm
I made a boo boo,hopefully the mods fix it.
Snausages
Amazing, a communist resorting to capitalism to avoid consequences for his destruction of money
This is typical. I have met a lot of leftists who vote for Obamacare and do all they can to avoid that system, starting with the craven parasites called Congressional aids
Oil reserves - high sulfur tar that they can’t get out of the ground. Production is about half of what it was before nationalization.
All you blockchain are belong to us!
How does a digital currency work in a country with so many problems providing electricity? Will you store your digital currency by using Bolivars with holes in it like punch cards?
Petros.
Today they’re worth $1 US.
Tomorrow they’ll be worth $10,000 VZ.
I think there is a typo in the headline?
Should read:
Venezuela to launch oil-backed kleptocurrency
It can only be oil-backed if it’s actually backed by oil - which if Venezuela could actually produce in sufficient amounts, such wouldn’t be needed.
And if V could produce a string crypto currency, oil backing wouldn’t be needed.
Any predictions on how many weeks until this collapses, either by inability to exchange for oil on demand, or by the crypto being cracked?
Thee are (or were) only 2 places that could deal with - refine -the heavy oil sold by Ven. One was the US.
The other, China.
I’m here to announce my new currency, the Celero.
I couldn’t make enough “Dollars” so instead I’ve fired up Photoshop and my Epson printer to bring to you a new currency - the Celero.
This is better than Turkey just “removing zeros”.
a paper currency claimed to be “backed” by ANYTHING in a dictatorship isn’t worth the paper it’s printed on ...
“He could now be seeking to pay bondholders and foreign creditors in the [fake ‘petro’] currency amid a plan to restructure the country’s major debt burden, opposition leaders said, but the plan is likely to flop.”
Why not just use Monopoly money to pay off the bonds? After all, it’s probably much more accpetable than the ‘petro’ ...
“the Celero.”
“backed” by celery, no doubt ...
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