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RE: The Ongoing Crisis in Venezuela and the "Petro Coin"
If adoption of petro is a good move depends on how the coin is set up. If it can be freely mined, then the government would basically be giving away their oil for free. Then why not instead adopt bitcoin, or some less popular one with cheap transaction fees (byteball??).
So there is something wrong and there probably something in the petro to make is another maduro scam.
Is the petro open source? Anyone know some details?
Venezuelan's did start mining BitCoin but their government was not going to allow a citizen to get rich. They had to start registering that they where mining all the while miners where being hunted by the government. Police have arrested BTCmine operators on spurious charges.
The scam of the Petro is Maduro said he would make a coin backed by oil but never plans to actually give any oil...