Mr. President, this is a Crypto Miner!
A few weeks ago I was contacted by a senior officer of a state-owned bank in Venezuela. We went to university together and he knew I was into Bitcoin, so he told me that for the Venezuelan government it has become a necessity to start using cryptocurrencies because of the financial embargo the U.S. has imposed on them.
I was kind of hoping that they would adopt Bitcoin as a national currency, instead they decided to create their own coin backed by Oil, Gold and Diamonds. I see two main problems with this approach:
1.- The coin will be centralized and the emission will be controlled by a government with a track record of over printing.
2.- You are basically going to have to trust them that they have the oil, gold and diamond reserve they claim.
There is also a plan to create a “Blockchain Observatory”, composed of 50 experts that will study the best course of action. Now, I know for fact that Venezuela is one of the countries with most Crypto Users in the world, they have huge bitcoin trading volume, a large mining community and they are also amongst the biggest (if not the biggest) communities in Steemit. So I Know they are going to have some bright people working on the subject, however it remains to be seen if they will have the freedom to really dictate the path forward.
It will be interesting to see if the “Petro” will be seen in traditional crypto exchanges, I would assume that an Oil Country with a GDP of 371 Billion can bring a whole new definition of WHALE into the game.
Venezuela needs Bitshares (https://bitshares.org/). They could just create a user issued asset (UIA) called the Petro or whatever and instantly have a currency with 1.5s transactions and current throughput of over 10,000 transactions per second (scales to 100,000 tps with existing chain tech) on the fastest and most secure blockchain on the planet. See http://blocktivity.info/ for the truth about which blockchains people are actually using and can handle scaling.
There is literally no other blockchain on the planet that comes even close to having the throughput necessary to handle the transactions of an entire country - and Bitshares can do it right now (Bitshares and Steem are the highest tx blockchains in the world, more than Bitcoin or ETH).
Plus the gov can create a gateway, they can issue wallets with human-readable names (ie. mateo- martínez), they have access to bitUSD, they can borrow interest-free, etc. etc.
Muy interesante, voy a estudiar este asunto de bitshares
All we can do is hope for success to come and nothing to go wrong
But you know the historial of this president... he always do the things wrong
Man they can’t even afford all matching GPUS Lmao.
LOL.. very sloppy!
I don't see this as being a sustainable currency but with that amount of whale power it may create an opportunity to get some gains if you can get into it early enough.
I'm venezuelan and I find this a HUGE mistake but
I'm not surprised, they want to cover the sun with a finger :(
I believe it's a smart move (for once)
Venezuela will be the first country that utilizes block-chain tech.
Speculators could make a gamble and buying in as a whale, donating money to the Venezuelan economy.
Ok, Yes it's a smart move but how does it will work as a crypto if it is a centralized coin ??? The currency lose its meaning. This is not the first time that this happens, there was the "Bolivar Coin" and nobody invest because they know about the scamm.
I have to say that I'm new in all this so, if there is something that I'm missing please tell me because from my perspective it's just more crap for all of us inside Venezuela and I really would love to see this working..
This is exactly what i think too!
and the government is selling our minerals even before they can extract it
I have been heard before this news from @acidyo. Have some trouble in Venezuela. But Cryptocurrency unstoppable currently. Great movement BTC.
As Venezuelan I will hope this have success. let's wait and see
Hey, they can opt for a "petro" or a "pedo" if they want. But, the people will use what they want to use. For now, that seems to be bicoins.
On the other hand, what if another country buys petros and buys their oil in crypto (then Russia and China can forget about lugging hunks of gold around when they sell a boat load of oil. But if centralized in Venezuela? not likely to help them sell to other countries. But, the Dollar was only paper - and that worked.
Who knows?
I dont really like all this new centralized-goverment cryptocurrencies... it would be better if they used Bitcoins or any other stablished coin, but hey, why would you buy an existing currency when you can create your own?..
Centralized-goverment cryptocurrencies means they could generate any amount any time :)
They are used to creating and printing to infinity. Zimbabwe just printed a 100 trillion denomination - I think the people will still use Bitcoin.
I should write a book "when the paper smells bad." or "How to kill trees bankrupting a country."
With a crypto currency they don't even have to print extra bills.
They can just change the algorithm.
Querido amigo, este es un asunto de mucha tela que cortar. da miedo en solo pensar que van a respaldar una moneda, con las reservas del pais. es como poner a manejar un ciego, un bus de niños escolares.
mucha gente habla de manera positiva sobre este tema, pero la verdad es que esta gente son expertas robando, y ahora solo quieren adoptar las criptomonedas para no dejar rastros en sus tracalerías.
bandidos...!
Amanecerá y veremos amigos, Maduro se las trae, y creo que esta es otra estrategia para tener mas poder. Huele a peligro...Como la canción jajajaja. Saludos amigo @chitty.