Venezuela to issue their own oil-backed cryptocurrency... would you trust it?
I know I personally wouldn't, because it would obviously be controlled and manipulated by the powers that be of Venezuela.
How would I know if their currency is really backed by the oil, gas, and diamonds they claim it is, and aren't just lying to increase the value of their coin, all to line their own pockets like all corrupt government officials do?
It's definitely not for me, but how about you?
Any Cryptocurrency that is either owned or run by a government body is something I would have no interest in investing. The manipulation of the coins value comes with great risk when they are involved. I suggest everybody stays away from all government coins.
I concur, especially the Chinese coin being talked about, and the Fed coin by the United States are both worthless in my opinion, and goes against why we wanted cryptocurrencies in the first place.
Exactly! We all know that they have control of the media and will push there own cryto's into the market. We have to be conscious of what we are purchasing. If not the crypto space will look like the stock market and we're all back at square one.
You're exactly right, and I foresee some dumb asses out there pumping and dumping it if it ever sees the light of day, but worst of all, I could see the politicians of Venezuela using it to make themselves even richer than they already are, while the poor become even poorer than they already are.