Venezuela launched petrol-backed "El Petro" cryptocurrency

Discussion in 'Digital Currencies' started by TreasureHunter, Feb 20, 2018.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Pointless shit
     
  3. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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  4. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    mmm....shiney! likes this.
  5. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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  6. dozerz

    dozerz Well-Known Member Silver Stacker

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    where did the 735 mil come from? more raping of the venezuelan people. a gov backed centralised crypto, what could go wrong?
     
    willrocks and mmm....shiney! like this.
  7. Gullintanni

    Gullintanni Well-Known Member

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    I guess this should be back on the front page as changes are big enough to take another look at.
    Is it going to go through the roof or flounder?
     
  8. barneyrubble

    barneyrubble Well-Known Member Silver Stacker

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  9. inmizu

    inmizu Active Member

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    We are choofed to have guessed that 'e-fiats' would be a thing. It goes back to the screaming matches in 2013 about the nature of money. At that time, the 'libertarian definition' of a crypto certainly included the notion that the supply was fixed. (At that time, the QE train to Krazee Town still gathering pace.)

    We cynically said, 'Well, plenty of 'paper dollars' are in fact electronic. So it's just not true that cryptos aren't money because they're not physical! So what if a nation that had publicly exhausted its citizens' trust in 'paper currency' simply launched a non-physical currency in tandem to its paper currency? Dang! They could QE the living daylights out of that sucker until everyone realised they'd been diddled!'

    Anyway, stay tuned, campers, we're gonna see mobs of these Franken-currencies lurching about, killing the villagers.
     
  10. TreasureHunter

    TreasureHunter Well-Known Member

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    I don't know where this crypto is being sold or bought. I guess most people don't understand anyway. Prolly most investors, most SilverStackers members have no idea, but even less people in Venezuela...

    An investment that's too complicated to buy or sell, is "good for nothing".

    At current stage cryptos are like complex IT assets which most people can't understand. They're worse than stocks, bonds, ETF's...

    "Keep it simple" should be part of the recipe. Fiat is simple, gold is simple, land is simple...
     
  11. inmizu

    inmizu Active Member

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    'I don't know where this crypto is being sold or bought.'

    Tee hee It sure is elusive! If anyone finds any right-up-to-date articles on the currency situation in Vz, please post them here.
     

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